PRINCETON, N.J.--(BUSINESS WIRE)--$NRG #earnings--NRG Energy, Inc. (NYSE: NRG) today reported full year 2020 income from continuing operations of $510 million, or $2.07 per diluted common share. Adjusted EBITDA for the full year of 2020 was $2.0 billion, cash from continuing operations was $1.8 billion and Free Cash Flow Before Growth (FCFbG) was $1.5 billion.
“Our priority today is both helping our Texas communities recover and working with all necessary stakeholders to improve the resilience of the energy system,” said Mauricio Gutierrez, NRG President and Chief Executive Officer. “We continue to advance our customer-focused strategy with the completion of the Direct Energy acquisition and today’s announced sale of 4.8 GW non-core fossil generating assets. Our integrated platform performed well in 2020 and continues to perform through unprecedented conditions, further validating our business model.”
Consolidated Financial Resultsa
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
(In millions)
|
|
12/31/20
|
|
12/31/19
|
|
12/31/20
|
|
12/31/19
|
Income/(Loss) from Continuing Operations
|
|
$
|
(173)
|
|
$
|
3,463
|
|
$
|
510
|
|
$
|
4,120
|
Cash From Continuing Operations
|
|
$
|
451
|
|
$
|
516
|
|
$
|
1,837
|
|
$
|
1,405
|
Adjusted EBITDA
|
|
$
|
330
|
|
$
|
384
|
|
$
|
2,004
|
|
$
|
1,977
|
Free Cash Flow Before Growth Investments (FCFbG)
|
|
$
|
387
|
|
$
|
539
|
|
$
|
1,547
|
|
$
|
1,212
|
a. In accordance with GAAP, 2019 results have been recast to reflect the discontinued operations
of the South Central Portfolio and Carlsbad Energy Center
|
Segment Results
|
Table 1: Income/(Loss) from Continuing Operations
|
(In millions)
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
Segment
|
|
|
12/31/20
|
|
|
12/31/19
|
|
|
12/31/20
|
|
12/31/19
|
Texas
|
|
$
|
(1)
|
|
$
|
215
|
|
$
|
799
|
|
$
|
972
|
East
|
|
|
52
|
|
|
7
|
|
|
371
|
|
|
287
|
West/Othera
|
|
|
(224)
|
|
|
3,241
|
|
|
(660)
|
|
|
2,861
|
Income/(Loss) from Continuing Operationsb
|
|
$
|
(173)
|
|
$
|
3,463
|
|
|
510
|
|
$
|
4,120
|
a. Includes Corporate Segment
|
b. In accordance with GAAP, 2019 results have been recast to reflect the discontinued
|
operations of the South Central Portfolio and Carlsbad Energy Center
|
Table 2: Adjusted EBITDA
|
(In millions)
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
Segment
|
|
|
12/31/20
|
|
|
12/31/19
|
|
|
12/31/20
|
|
12/31/19
|
Texas
|
|
$
|
231
|
|
$
|
251
|
|
$
|
1319
|
|
$
|
1339
|
East
|
|
|
86
|
|
|
103
|
|
|
459
|
|
|
484
|
West/Othera
|
|
|
13
|
|
|
30
|
|
|
226
|
|
|
154
|
Adjusted EBITDAb
|
|
$
|
330
|
|
$
|
384
|
|
$
|
2004
|
|
$
|
1977
|
a. Includes Corporate Segment
|
b. In accordance with GAAP, 2019 results have been recast to reflect the
discontinued operations of the South Central Portfolio and Carlsbad Energy Center
|
Texas: Fourth quarter Adjusted EBITDA was $231 million, $20 million lower than fourth quarter of 2019. This decrease is driven by a reduction of load primarily due to weather, increase in bad debt expenses related to COVID-19; partially offset by lower supply costs.
East: Fourth quarter Adjusted EBITDA was $86 million, $17 million lower than fourth quarter of 2019. This decrease is driven by lower capacity revenues and higher operating expenses, partially offset by lower supply costs.
West/Other: Fourth quarter Adjusted EBITDA was $13 million, $17 million lower than fourth quarter of 2019. This decrease is driven by lower realized pricing at our Cottonwood facility.
Liquidity and Capital Resources
|
Table 3: Corporate Liquidity
|
(In millions)
|
|
2/26/21
|
|
12/31/20
|
|
12/31/19
|
Cash and Cash Equivalents
|
|
$
|
1,923
|
|
$
|
3,905
|
|
$
|
345
|
Restricted Cash
|
|
|
12
|
|
|
6
|
|
|
8
|
Total
|
|
$
|
1,935
|
|
$
|
3,911
|
|
$
|
353
|
Total credit facility availability
|
|
|
1,865
|
|
|
3,129
|
|
|
1,794
|
Total Liquidity, excluding collateral received
|
|
$
|
3,800
|
|
$
|
7,040
|
|
$
|
2,147
|
As of December 31, 2020, NRG cash was at $3.9 billion, and $3.1 billion was available under the Company’s credit facilities. Total liquidity was $7.0 billion, including restricted cash. Overall liquidity as of year-end 2020 was approximately $4.9 billion higher than at the end of 2019, driven by $2.9 billion in financings and a $1.5 billion increase in credit facilities to fund the Direct Energy acquisition of which $1.4 billion was issued in the fourth quarter. The increases in credit facility and Put Option Agreement facility became available coincident with the closing of the Direct Energy acquisition. As of February 26, 2021, NRG had $3.8 billion of liquidity available to continue to support its operations.
NRG Strategic Developments
Extreme weather event in Texas during February 2021
During February 2021, Texas experienced unprecedented cold temperatures for a prolonged duration, resulting in a power emergency, blackouts, and an estimated all-time peak demand of 77 GWs (without load shed). Ahead of the event, NRG launched residential customer communications calling for conservation across all of its brands, and initiated residential and commercial and industrial demand response programs to curtail customer load. The Company maximized available generating capacity and brought in additional resources to supplement in-state staff with technical and operating experts from the rest of its U.S. fleet. NRG is committed to working with all necessary stakeholders on a comprehensive, objective, and exhaustive root cause analysis of the entirety of the energy system.
The estimated financial impact is still preliminary, due to customer meter and settlement data not being finalized, as well as potential customer and counterparty risk and expected ERCOT default allocations. Based on a preliminary analysis, Winter Storm Uri’s financial impact is expected to be within NRG’s current guidance range. The Company separately stress-tested assumptions and although at a lower probability, this stress-test analysis indicated a potential plus or minus $100 million to guidance ranges. NRG’s integrated platform continues to deliver stable results through unprecedented events.
Sale of 4.8GW of fossil generation assets in East and West regions
On February 28, 2021 the Company entered into a definitive purchase agreement with Generation Bridge, an affiliate of ArcLight Capital Partners, to sell approximately 4,850 MWs of fossil generating assets from its East and West regions of operations for total proceeds of $760 million, subject to standard purchase price adjustments and certain other indemnifications. As part of the transaction, NRG is entering into a tolling agreement for its 866 MW Arthur Kill plant in New York City through April 2025.
The transaction is expected to close in the fourth quarter of 2021, and is subject to various closing conditions, approvals and consents, including Federal Energy Regulatory Commission (FERC), New York State Public Service Commission (NYSPSC), and antitrust review under Hart-Scott-Rodino.
Closed sale of remaining ownership in Agua Caliente
On November 19, 2020, the Company entered into an agreement to sell its 35% ownership in Agua Caliente to Clearway Energy for $202 million. The sale of the solar project closed on February 3, 2021.
Closed acquisition of Direct Energy
On January 5, 2021, the Company closed on the Direct Energy acquisition, paying an aggregate purchase price of $3.625 billion in cash, subject to a purchase price adjustment of $77 million. As part of the acquisition, Direct Energy had cash and margin collateral totaling $385 million. The Company funded the acquisition using $715 million of cash on hand, $166 million draw on its corporate revolver and approximately $2.9 billion in newly issued secured and unsecured corporate debt. In addition, the Company completed the expansion of its liquidity facilities by $3.4 billion.
COVID-19
NRG continues to remain focused on protecting the health and well-being of its employees, while supporting its customers and the communities in which it operates and assuring the continuity of its operations. In June 2020, summer-critical office employees returned to the offices and safety protocols were successfully implemented. The Company will continue to evaluate additional return to normal work operations on a location by location basis as COVID-19 conditions evolve.
2021 Guidance
Following the closing of the Direct Energy acquisition, NRG updated 2021 guidance to reflect the combination of NRG and Direct Energy based on NRG’s previously disclosed guidance. NRG is maintaining its Adjusted EBITDA, Adjusted Cash from Operations and Free Cash Flow before Growth Investments (FCFbG) guidance for 2021.
Table 4: 2021 Adjusted EBITDA, Adjusted Cash from Operations, and FCFbG Guidance
|
|
2021
|
(In millions)
|
|
Guidance
|
Adjusted EBITDAa
|
|
$2,400-$2,600
|
Adjusted Cash From Operations
|
|
$1,630-$1,830
|
FCFbG
|
|
$1,440-$1,640
|
a. Non-GAAP financial measure; see Appendix Tables A-8 for GAAP Reconciliation to Net Income that excludes
fair value adjustments related to derivatives. The Company is unable to provide guidance for Net Income
due to the impact of such fair value adjustments related to derivatives in a given year.
|
Capital Allocation Update
As part of the Company's long-term capital allocation policy, the return of capital to shareholders during the twelve months ending December 31, 2020 was comprised of a quarterly dividend of $.30 per share, or $295 million, and share repurchases of $228 million at an average price of $33.05 per share.
On January 21, 2021, NRG declared an 8% increase to its quarterly dividend on the Company's common stock from $0.30 per share to $0.325 per share, which was paid on February 16, 2021 to stockholders of record as of February 1, 2021, representing $1.30 per share on an annualized basis. This increase is in-line with the Company's previously announced annual dividend growth rate target of 7-9% per share.
The Company's common stock dividend, debt reduction and share repurchases are subject to available capital, market conditions and compliance with associated laws and regulations.
Earnings Conference Call
On March 1, 2021, NRG will host a conference call at 9:00 a.m. Eastern to discuss these results. Investors, the news media and others may access the live webcast of the conference call and accompanying presentation materials by logging on to NRG’s website at http://www.nrg.com and clicking on “Investors” then "Presentations & Webcasts." The webcast will be archived on the site for those unable to listen in real time.
About NRG
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to millions of customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy.
Forward-Looking Statements
In addition to historical information, the information presented in this presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks and uncertainties and can typically be identified by terminology such as “may,” “should,” “could,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “expect,” “intend,” “seek,” “plan,” “think,” “anticipate,” “estimate,” “predict,” “target,” “potential” or “continue” or the negative of these terms or other comparable terminology. Such forward-looking statements include, but are not limited to, statements about the Company’s future revenues, income, indebtedness, capital structure, plans, expectations, objectives, projected financial performance and/or business results and other future events, and views of economic and market conditions.
Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated herein include, among others, the potential impact of COVID-19 or any other pandemic on the Company’s operations, financial position, risk exposure and liquidity, general economic conditions, hazards customary in the power industry, weather conditions and extreme weather events, competition in wholesale power markets, the volatility of energy and fuel prices, failure of customers or counterparties to perform under contracts, changes in the wholesale power markets, changes in government or market regulations, the condition of capital markets generally, our ability to access capital markets, cyberterrorism and inadequate cybersecurity, unanticipated outages at our generation facilities, adverse results in current and future litigation, failure to identify, execute or successfully implement acquisitions, repowerings or asset sales, our ability to implement value enhancing improvements to plant operations and company wide processes, our ability to achieve our net debt targets our ability to maintain investment grade credit metrics, our ability to proceed with projects under development or the inability to complete , the construction of such projects on schedule or within budget, the inability to maintain or create successful partnering relationships, our ability to operate our business efficiently, our ability to retain retail customers, our ability to realize value through our commercial operations strategy, the ability to successfully integrate businesses of acquired companies, including Direct Energy, our ability to realize anticipated benefits of transactions (including expected cost savings and other synergies) or the risk that anticipated benefits may take longer to realize than expected, and our ability to execute our Capital Allocation Plan. Achieving investment grade credit metrics is not a indication of or guarantee that the Company will receive investment grade credit ratings. Debt and share repurchases may be made from time to time subject to market conditions and other factors, including as permitted by United States securities laws. Furthermore, any common stock dividend is subject to available capital and market conditions.
NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The adjusted EBITDA and free cash flow guidance are estimates as of March 1, 2021. These estimates are based on assumptions the company believed to be reasonable as of that date. NRG disclaims any current intention to update such guidance, except as required by law. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this presentation should be considered in connection with information regarding risks and uncertainties that may affect NRG's future results included in NRG's filings with the Securities and Exchange Commission at www.sec.gov.
NRG ENERGY, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
For the Year Ended December 31,
|
|
(In millions, except per share amounts)
|
|
|
2020
|
|
2019
|
|
2018
|
|
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
|
|
|
9,093
|
|
$
|
|
9,821
|
|
$
|
|
9,478
|
|
Operating Costs and Expenses
|
|
Cost of operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
6,540
|
|
|
|
7,303
|
|
|
|
7,108
|
|
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
435
|
|
|
|
373
|
|
|
|
421
|
|
Impairment losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
75
|
|
|
|
5
|
|
|
|
99
|
|
Selling, general and administrative costs . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
933
|
|
|
|
827
|
|
|
|
799
|
|
Reorganization costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
—
|
|
|
|
23
|
|
|
|
90
|
|
Development costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
8
|
|
|
|
7
|
|
|
|
11
|
|
Total operating costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
7,991
|
|
|
|
8,538
|
|
|
|
8,528
|
|
Other income - affiliate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Gain on sale of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
3
|
|
|
|
7
|
|
|
|
32
|
|
Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
1,105
|
|
|
|
1,290
|
|
|
|
982
|
|
Other Income/(Expense)
|
|
Equity in earnings of unconsolidated affiliates . . . . . . . . . . . . . . . . . . . . .
|
|
|
17
|
|
|
|
2
|
|
|
|
9
|
|
Impairment losses on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
(18)
|
|
|
|
(108)
|
|
|
|
(15)
|
|
Other income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
67
|
|
|
|
66
|
|
|
|
18
|
|
Loss on debt extinguishment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
(9)
|
|
|
|
(51)
|
|
|
|
(44)
|
|
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
(401)
|
|
|
|
(413)
|
|
|
|
(483)
|
|
Total other expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
(344)
|
|
|
|
(504)
|
|
|
|
(515)
|
|
Income from Continuing Operations Before Income Taxes . . . . . . . . . . . . . .
|
|
|
761
|
|
|
|
786
|
|
|
|
467
|
|
Income tax expense/(benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
251
|
|
|
|
(3,334)
|
|
|
|
7
|
|
Income from Continuing Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
510
|
|
|
|
4,120
|
|
|
|
460
|
|
Income from discontinued operations, net of income tax . . . . . . . . . . . . . . . .
|
|
|
—
|
|
|
|
321
|
|
|
|
(192)
|
|
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
510
|
|
|
|
4,441
|
|
|
|
268
|
|
Less: Net income attributable to noncontrolling interest
and redeemable interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
|
—
|
|
|
|
3
|
|
|
|
—
|
|
Net Income Attributable to NRG Energy, Inc. . . . . . . . . . . . . . . . . . . . . . $
|
|
|
510
|
|
$
|
|
4,438
|
|
$
|
|
268
|
|
Earnings/(Loss) Per Share Attributable to NRG Energy, Inc. Common
Stockholders
|
|
|
Weighted average number of common shares outstanding — basic . . . . . . . . .
|
|
|
245
|
|
|
|
262
|
|
|
|
304
|
|
Income from continuing operations per weighted average common share —
basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
|
|
|
2.08
|
|
$
|
|
15.71
|
|
$
|
|
1.51
|
|
Income/(loss) from discontinued operations per weighted average common
share — basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
|
|
|
—
|
|
$
|
|
1.23
|
|
$
|
|
(0.63)
|
|
Net Income per Weighted Average Common Share — Basic . . . . . . . . . $
|
|
|
2.08
|
|
$
|
|
16.94
|
|
$
|
|
0.88
|
|
Weighted average number of common shares outstanding — diluted . . . . . . .
|
|
|
246
|
|
|
|
264
|
|
|
|
308
|
|
Income from continuing operations per weighted average common share —
diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
|
|
|
2.07
|
|
$
|
|
15.59
|
|
$
|
|
1.49
|
|
Income/(loss) from discontinued operations per weighted average common
share — diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
|
|
|
—
|
|
$
|
|
1.22
|
|
$
|
|
(0.62)
|
|
Net Income per Weighted Average Common Share — Diluted . . . . . . . .
|
$ |
2.07
|
|
$ |
16.81
|
|
$ |
0.87
|
|
NRG ENERGY, INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|
For the Year Ended December 31,
|
(In millions)
|
2020
|
|
2019
|
|
2018
|
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
$ |
510
|
|
$
|
4,441
|
|
$
|
268
|
Other Comprehensive Income/(Loss), net of tax . . . . . . . . . . . . . . . . . . . .
|
Unrealized gain on derivatives, net of income tax . . . . . . . . . . . . . . .
|
|
—
|
|
|
—
|
|
|
23
|
Foreign currency translation adjustments, net of income tax
|
|
8
|
|
|
(1)
|
|
|
(11)
|
Available-for-sale securities, net of income tax
|
|
—
|
|
|
(19)
|
|
|
1
|
Defined benefit plans, net of income tax
|
|
(22)
|
|
|
(78)
|
|
|
(35)
|
Other comprehensive (loss)
|
|
(14)
|
|
|
(98)
|
|
|
(22)
|
Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
496
|
|
|
4,343
|
|
|
246
|
Less: Comprehensive income attributable to noncontrolling interests
and redeemable noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . .
|
|
—
|
|
|
3
|
|
|
14
|
Comprehensive Income Attributable to NRG Energy, Inc. . . . . . . . . . . .
|
$ |
496
|
|
$
|
4,340
|
|
$
|
232
|
NRG ENERGY, INC. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
|
As of December 31,
|
(In millions)
|
2019
|
|
2020
|
ASSETS
|
|
|
|
Current Assets
|
|
|
|
|
|
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
$ |
3,905
|
|
$ |
345
|
Funds deposited by counterparties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
19
|
|
|
32
|
Restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
68
|
|
|
68
|
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
904
|
|
|
1,025
|
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
327
|
|
|
383
|
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
560
|
|
|
860
|
Cash collateral posted in support of energy risk management activities . . . . . .
|
|
50
|
|
|
190
|
Prepayments and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
257
|
|
|
245
|
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
6,028
|
|
|
3,088
|
Property, plant and equipment, net
|
|
2,547
|
|
|
2,593
|
Other Assets
|
|
|
|
|
|
Equity investments in affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
346
|
|
|
388
|
Operating lease right-of-use assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
301
|
|
|
464
|
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
579
|
|
|
579
|
Intangible assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
668
|
|
|
789
|
Nuclear decommissioning trust fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
890
|
|
|
794
|
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
261
|
|
|
310
|
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
3,066
|
|
|
3,286
|
Other non-current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
216
|
|
|
240
|
Total other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
6,327
|
|
|
6,850
|
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
$ |
14,902
|
|
$ |
12,531
|
NRG ENERGY, INC. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS (Continued)
|
|
As of December 31,
|
(In millions, except share data)
|
2020
|
|
2019
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
Current portion of long-term debt and finance lease . . . . . . . . . . . . . . . . . . . . .
|
$ |
1
|
|
$ |
88
|
Current portion of operating lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
69
|
|
|
73
|
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
649
|
|
|
722
|
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
499
|
|
|
781
|
Cash collateral received in support of energy risk management activities . . . .
|
|
19
|
|
|
32
|
Accrued expenses and other current liabilities . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
678
|
|
|
663
|
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
1,915
|
|
|
2,359
|
Other Liabilities
|
|
|
|
|
|
Long-term debt and finance lease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
8,691
|
|
|
5,803
|
Non-current operating lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
278
|
|
|
483
|
Nuclear decommissioning reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
303
|
|
|
298
|
Nuclear decommissioning trust liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
565
|
|
|
487
|
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
385
|
|
|
322
|
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
19
|
|
|
17
|
Other non-current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
1,066
|
|
|
1,084
|
Total other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
11,307
|
|
|
8,494
|
Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
13,222
|
|
|
10,853
|
Redeemable noncontrolling interest in subsidiaries . . . . . . . . . . . . . . . . . . . . .
|
|
—
|
|
|
20
|
Commitments and Contingencies
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
Common stock; $0.01 par value; 500,000,000 shares authorized;
423,057,848 and 421,890,790 shares issued; and 244,231,933 and
248,996,189 shares outstanding at December 31, 2020 and 2019 . . . . . . . . . .
|
|
4
|
|
|
4
|
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
8,517
|
|
|
8,501
|
Accumulated deficit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
(1,403)
|
|
|
(1,616)
|
Treasury stock, at cost; 178,825,915 and 172,894,601 shares at
December 31, 2020 and 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
(5,232)
|
|
|
(5,039)
|
Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
(206)
|
|
|
(192)
|
Total Stockholders' Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
|
1,680
|
|
|
1,658
|
Total Liabilities and Stockholders' Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
$ |
14,902
|
|
$ |
12,531
|
Contacts
Media:
Candice Adams
609.524.5428
Investors:
Kevin L. Cole, CFA
609.524.4526
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