HOUSTON, Nov. 9 /PRNewswire-FirstCall/ -- Reliant Energy, Inc. reported
a loss from continuing operations before income taxes of $254 million for
the third quarter of 2006, compared to a loss from continuing operations
before income taxes of $464 million for the same period of 2005. The
reported numbers include net losses from unrealized energy derivatives of
$355 million and $354 million, and a $35 million and $351 million charge
for western states settlement for 2006 and 2005, respectively.
Open EBITDA (earnings before interest, income taxes, depreciation and
amortization) was $461 million for the third quarter of 2006, compared to
$551 million for the third quarter of 2005. Improved retail adjusted gross
margin, driven by higher unit margins in all customer classes, was
partially offset by lower wholesale open gross margin and increased
expenses. Adjusted EBITDA, which includes the effect of historical
wholesale hedges and gains on sales of emission allowances, was $338
million for the third quarter of 2006, compared to $462 million for the
third quarter of 2005. The reduction to adjusted EBITDA was primarily
related to the same factors described above for open EBITDA and lower net
gains on sales of emission allowances, partially offset by reduced losses
related to historical wholesale hedges.
"Our businesses delivered strong third quarter results, and we have
completed or are on track to meet or exceed our priorities for 2006," said
Joel Staff, chairman and chief executive officer. "Notably, our 2007 and
2008 outlook for the wholesale business has improved slightly. Improvements
in heat rate, a decline in coal prices, a new capacity contract for one of
our power plants and progress on the development of a capacity market in
PJM have more than offset a decline in forward power prices," Staff added.
Reliant Energy, Inc. reported a loss from continuing operations before
income taxes of $296 million for the first nine months of 2006, compared to
$413 million for the same period of 2005. The reported numbers include net
losses from unrealized energy derivatives of $280 million and $91 million,
and a $35 million and $351 million charge for western states settlement for
2006 and 2005, respectively. The first nine months of 2005 also included an
$8 million charge related to the settlement of shareholder class action
lawsuits.
Open EBITDA was $764 million for the first nine months of 2006 compared
to $786 million for the same period of 2005. Adjusted EBITDA was $588
million for the first nine months of 2006 compared to $649 million for the
same period of 2005. The decline in adjusted EBITDA was primarily due to
higher expenses, higher losses related to historical wholesale hedges and
lower wholesale open gross margin. These were partially offset by improved
retail adjusted gross margin and higher gains on sales of emission
allowances.
During the first nine months of 2006, the company reported cash
provided by continuing operations from operating activities of $40 million,
compared to $519 million use of cash in continuing operations from
operating activities for the same period of 2005. Free cash flow from
continuing operations after emission allowances activity was $109 million
for the first nine months of 2006, compared to $291 million for the same
period of 2005. The declines in free cash flow from continuing operations
after emission allowances activity were primarily due to changes in working
capital, partially offset by increased sale proceeds from and lower
purchases of emission allowances.
OUTLOOK
Reliant Energy's outlook for open EBITDA is $856 million, $1,051
million and $1,190 million for the years ending December 31, 2006, 2007 and
2008, respectively. Adjusted EBITDA, which includes the impact of
historical wholesale hedging activity and gains on the sales of emission
allowances is $618 million, $825 million and $1,090 million for the same
periods. The outlook for free cash flow from continuing operations after
emission allowances activity is $99 million, $154 million and $336 million
for the years ending December 31, 2006, 2007 and 2008, respectively.
This outlook is based on forward commodity prices on September 22, 2006
and assumptions and estimates by Reliant Energy.
Open EBITDA
Outlook Reconciliation
($ millions) 2006E 2007E 2008E
Income (loss) from
continuing operations
before income taxes (a) ($119) $431 $403
Delivery of product underlying
the unrealized (gains) losses
on energy derivatives (50) (321) (54)
Depreciation and amortization 378 393 446
Interest expense, net 409 322 295
Adjusted EBITDA (a) $618 $825 $1,090
Historical wholesale hedges (b) 397 226 100
Gains on sales of emission
allowances (a),(c) (159) -- --
Open EBITDA (a) $856 $1,051 $1,190
(a) Certain factors that could affect GAAP financial measures are not
accessible on a forward-looking basis, but could be material to future
reported earnings.
(b) Historical wholesale hedges were entered into to primarily hedge the
economics of our wholesale operations. These amounts primarily relate
to settlements of forward power and fuel hedges, long-term tolling
purchases, long-term natural gas transportation contracts, storage
contracts and our legacy energy trading. These amounts are derived
based on methodology consistent with the calculation of open EBITDA
through September 30, 2006 and forward commodity prices as of
September 22, 2006.
(c) Sales through September 30, 2006.
Free Cash Flow from Continuing Operations Before and After
Emission Allowances Activity Outlook Reconciliation
($ millions) 2006E 2007E 2008E
Operating cash flow from
continuing operations (a) $1,165 $458 $771
Change in margin deposits (b) (1,284) --- ---
Western states and Cornerstone
settlement payments 160 35 (c) ---
Capital expenditures (122) (253) (280)
Free cash flow from continuing
operations before emission
allowances activity ($81) $240 $491
Proceeds from sales of emission
allowances (b),(d), (e) 205 --- ---
Purchases of emission allowances(e) (25) (86) (155)
Free cash flow from continuing
operations after emission
allowances activity(e) $99 $154 $336
(a) Outlook assumes no changes in working capital.
(b) Certain factors that could affect GAAP financial measures are not
accessible on a forward-looking basis, but could be material to future
reported earnings.
(c) In October 2006, we reached a tentative settlement of some class
action natural gas cases. We expect to pay this amount in the first
quarter of 2007.
(d) Sales through September 30, 2006.
(e) Consistent with SEC guidance to the industry, purchases and sales of
emission allowances are classified as cash flows from investing
activities for GAAP purposes.
NON-GAAP FINANCIAL MEASURES
This press release and the attached financial tables include the
following non-GAAP financial measures:
Gross margin
Adjusted gross margin
Open energy gross margin
Open wholesale gross margin
Open gross margin
Adjusted contribution margin
Open contribution margin
Adjusted other general and administrative expenses
EBITDA
Adjusted EBITDA
Open EBITDA
Free cash flow from continuing operations before emission allowances
activity
Free cash flow from continuing operations after emission allowances
activity
Adjusted net debt
A reconciliation of these financial measures and the most directly
comparable GAAP measures is included above or in the attached financial
tables. Additional information regarding these measures, including a
discussion of their usefulness and purpose, is included in the Form 8-K
furnished along with this press release.
WEBCAST OF EARNINGS CONFERENCE CALL
Reliant Energy has scheduled its third-quarter 2006 earnings conference
call for Thursday, November 9, 2006, at 9:00 a.m. CT. Interested parties
may listen to a live audio broadcast of the conference call at
http://www.reliant.com/corporate. A replay of the call can be accessed
approximately two hours after the completion of the call. A copy of the
presentation accompanying the call is also available at this Website
address.
Reliant Energy, Inc. (NYSE: RRI) based in Houston, Texas, provides
electricity and energy services to retail and wholesale customers in the
United States. In Texas, the company provides service to approximately 1.9
million retail electricity customers, including residential and small
business customers and commercial, industrial, governmental and
institutional customers. Reliant also serves commercial, industrial,
governmental and institutional customers in the PJM (Pennsylvania, New
Jersey and Maryland) market.
The company is one of the largest independent power producers in the
nation with approximately 16,000 megawatts of power generation capacity in
operation across the United States. These strategically located generating
assets utilize natural gas, fuel oil and coal. For more information, visit
http://www.reliant.com/corporate.
This news release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are statements that contain projections,
estimates or assumptions about our revenues, income and other financial
items, our plans for the future, future economic performance, transactions
and dispositions and financings related thereto. Forward-looking statements
relate to future events and anticipated revenues, earnings, business
strategies, competitive position or other aspects of our operations or
operating results. In many cases you can identify forward-looking
statements by terminology such as "anticipate," "estimate," "believe,"
"continue," "could," "intend," "may," "plan," "potential," "predict,"
"should," "will," "expect," "objective," "projection," "forecast," "goal,"
"guidance," "outlook," "effort," "target" and other similar words. However,
the absence of these words does not mean that the statements are not
forward-looking.
We have based our forward-looking statements on management's beliefs
and assumptions based on information available to management at the time
the statements are made. Actual results may differ materially from those
expressed or implied by forward-looking statements as a result of many
factors or events, including legislative and regulatory developments, the
outcome of pending lawsuits, governmental proceedings and investigations,
the effects of competition, financial market conditions, access to capital,
the timing and extent of changes in commodity prices and interest rates,
weather conditions, changes in our business plan and other factors we
discuss or reference to in the "Risk Factors" section of our 2005 Form 10-K
and the "Management Discussion and Analysis of Financial Condition and
Results of Operations" section of our third quarter 2006 Form 10-Q filed
with the Securities and Exchange Commission.
Each forward-looking statement speaks only as of the date of the
particular statement and we undertake no obligation to update or revise any
forward-looking statement, whether as a result of new information, future
events or otherwise.
Reliant Energy, Inc. and Subsidiaries
Consolidated Statements of Operations
(Thousands of Dollars, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
Revenues:
Revenues (including
$(14,579), $(226,509),
$187,320 and $(326,849)
unrealized gains (losses)
on energy derivatives) $3,305,568 $2,963,021 $8,533,156 $7,111,730
Expenses:
Purchased power, fuel and
cost of gas sold
(including $(340,886),
$(127,367), $(467,288)
and $235,483 unrealized
gains (losses) on energy
derivatives) 2,989,956 2,697,009 7,473,913 5,877,446
Operation and maintenance 220,460 178,393 635,990 556,106
Selling and marketing 37,415 25,415 91,738 66,325
Bad debt expense 35,049 22,687 67,909 43,827
Total 3,282,880 2,923,504 8,269,550 6,543,704
Contribution Margin 22,688 39,517 263,606 568,026
Other general and
administrative 44,001 50,983 119,248 131,830
Western states settlement 35,000 350,805 35,000 350,805
Gains on sales of assets
and emission allowances, net (3,457) (91,874) (159,787) (115,793)
Depreciation and
amortization 108,256 124,159 279,853 336,530
Total 183,800 434,073 274,314 703,372
Operating Loss (161,112) (394,556) (10,708) (135,346)
Other Income (Expense):
Income of equity
investments, net 1,268 27,029 3,655 23,185
Other, net (163) 62 666 (22,817)
Loss Before Interest and
Taxes (160,007) (367,465) (6,387) (134,978)
Interest expense (100,840) (99,774) (312,446) (293,680)
Interest income 6,889 3,228 22,784 15,280
Loss from Continuing Operations
Before Income Taxes (253,958) (464,011) (296,049) (413,378)
Income tax benefit (100,135) (197,226) (25,886) (155,228)
Loss from Continuing
Operations (153,823) (266,785) (270,163) (258,150)
Income (loss) from
discontinued operations (1,340) (3,512) (4,911) 61,655
Loss Before Cumulative Effect
of Accounting Change (155,163) (270,297) (275,074) (196,495)
Cumulative effect of
accounting change,
net of tax - - 968 -
Net Loss $(155,163) $(270,297) $(274,106) $(196,495)
Basic Earnings (Loss) Per
Share:
Loss from continuing
operations $(0.50) $(0.88) $(0.88) $(0.86)
Income (loss) from
discontinued operations - (0.01) (0.01) 0.21
Cumulative effect of
accounting change, net of
tax - - - -
Net loss $(0.50) $(0.89) $(0.89) $(0.65)
Diluted Earnings (Loss)
Per Share:
Loss from continuing
operations $(0.50) $(0.88) $(0.88) $(0.86)
Income (loss) from
discontinued operations - (0.01) (0.01) 0.21
Cumulative effect of
accounting change, net of
tax - - - -
Net loss $(0.50) $(0.89) $(0.89) $(0.65)
Weighted Average Common
Shares Outstanding (in
thousands):
- Basic 307,975 303,043 306,804 301,587
- Diluted 307,975 303,043 306,804 301,587
Reference is made to Reliant Energy, Inc.'s Annual Report
on Form 10-K for the year ended December 31, 2005.
Reliant Energy, Inc. and Subsidiaries
Results of Operations by Segment - As Reported
(Millions of Dollars)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 Change 2006 2005 Change
Retail Energy:
Revenues $2,571 $2,288 $283 $6,475 $5,309 $1,166
Purchased power 2,473 2,125 348 6,003 4,570 1,433
Gross margin (1) 98 163 (65) 472 739 (267)
Operation and maintenance 68 55 13 177 142 35
Selling and marketing 38 25 13 92 66 26
Bad debt expense 34 21 13 70 42 28
Contribution margin -
Retail Energy (42) 62 (104) 133 489 (356)
Wholesale Energy:
Revenues 896 886 10 2,505 2,242 263
Purchased power, fuel and
cost of gas sold 679 784 (105) 1,919 1,752 167
Gross margin (1) 217 102 115 586 490 96
Operation and maintenance 151 124 27 458 412 46
Bad debt expense 1 2 (1) (2) 2 (4)
Contribution margin -
Wholesale Energy 65 (24) 89 130 76 54
Other Operations:
Revenues - 1 (1) 1 4 (3)
Purchased power, fuel and
cost of gas sold - - - - (1) 1
Gross margin (1) - 1 (1) 1 5 (4)
Operation and maintenance - - - - 2 (2)
Contribution margin - Other
Operations - 1 (1) 1 3 (2)
Eliminations:
Revenues (162) (212) 50 (448) (443) (5)
Purchased power, fuel and
cost of gas sold (162) (212) 50 (448) (443) (5)
Gross margin (1) - - - - - -
Consolidated:
Revenues 3,305 2,963 342 8,533 7,112 1,421
Purchased power, fuel and
cost of gas sold 2,990 2,697 293 7,474 5,878 1,596
Gross margin (1) 315 266 49 1,059 1,234 (175)
Operation and maintenance 219 179 40 635 556 79
Selling and marketing 38 25 13 92 66 26
Bad debt expense 35 23 12 68 44 24
Contribution margin -
Consolidated 23 39 (16) 264 568 (304)
Other general and
administrative 44 50 (6) 119 132 (13)
Western states settlement 35 351 (316) 35 351 (316)
Gains on sales of assets and
emission allowances, net (3) (92) 89 (159) (116) (43)
Depreciation and
amortization 108 124 (16) 280 336 (56)
Total 184 433 (249) 275 703 (428)
Operating loss (161) (394) 233 (11) (135) 124
Income of equity
investments, net 2 27 (25) 4 23 (19)
Other, net (1) - (1) - (23) 23
Loss before interest and
income taxes (160) (367) 207 (7) (135) 128
Interest expense (101) (100) (1) (312) (293) (19)
Interest income 7 3 4 23 15 8
Loss from continuing
operations before income
taxes (254) (464) 210 (296) (413) 117
Income tax benefit (100) (197) 97 (26) (155) 129
Loss from continuing
operations (154) (267) 113 (270) (258) (12)
Income (loss) from
discontinued operations (1) (3) 2 (5) 62 (67)
Cumulative effect of
accounting change, net of
tax - - - 1 - 1
Net loss $(155) $(270) $115 $(274) $(196) $(78)
(1) Gross margin (revenues less purchased power, fuel and cost of gas
sold) excludes depreciation, amortization, labor and other product
costs.
Reference is made to Reliant Energy, Inc.'s Annual Report
on Form 10-K for the year ended December 31, 2005.
Reliant Energy, Inc. and Subsidiaries
Results of Operations by Segment - Adjusted and Open
(Millions of Dollars)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 Change 2006 2005 Change
Retail Energy:
Gross margin (1) $98 $163 $(65) $472 $739 $(267)
Unrealized (gains)
losses on energy
derivatives 338 181 157 368 (81) 449
Adjusted gross margin
- Retail Energy 436 344 92 840 658 182
Operation and
maintenance 68 55 13 177 142 35
Selling and marketing 38 25 13 92 66 26
Bad debt expense 34 21 13 70 42 28
Adjusted contribution
margin - Retail
Energy 296 243 53 501 408 93
Wholesale Energy:
Gross margin (1) 217 102 115 586 490 96
Unrealized (gains)
losses on energy
derivatives 17 173 (156) (88) 172 (260)
Changes in California
-related receivables
and reserves - - - - (2) 2
Historical wholesale
hedges 126 181 (55) 335 253 82
Open gross margin -
Wholesale Energy 360 456 (96) 833 913 (80)
Operation and
maintenance 151 124 27 458 412 46
Bad debt expense 1 2 (1) (2) 2 (4)
Open contribution
margin - Wholesale
Energy 208 330 (122) 377 499 (122)
Other Operations:
Gross margin (1) - 1 (1) 1 5 (4)
Operation and
maintenance - - - - 2 (2)
Contribution margin
- Other Operations - 1 (1) 1 3 (2)
Consolidated:
Adjusted gross margin
- Retail Energy 436 344 92 840 658 182
Open gross margin -
Wholesale Energy 360 456 (96) 833 913 (80)
Gross margin - Other
Operations - 1 (1) 1 5 (4)
Open gross margin -
Consolidated 796 801 (5) 1,674 1,576 98
Operation and
maintenance 219 179 40 635 556 79
Selling and marketing 38 25 13 92 66 26
Bad debt expense 35 23 12 68 44 24
Open contribution
margin - Consolidated 504 574 (70) 879 910 (31)
Adjusted other general
and administrative (44) (50) 6 (119) (124)(2) 5
Income of equity
investments, net 2 27 (25) 4 23 (19)
Other, net (1) - (1) - (23) 23
Open EBITDA $461(3) $551(3) $(90) $764(3) $786(3) $(22)
Historical wholesale
hedges:
Power (104) (224) 120 (284) (321) 37
Fuel 7 26 (19) 19 105 (86)
Tolling/other (29) 17 (46) (70) (37) (33)
(126) (181) 55 (335) (253) (82)
Gains on sales of
assets and emission
allowances, net 3 92 (89) 159 116 43
Adjusted EBITDA $338 $462 $(124) $588 $649 $(61)
Unrealized losses on
energy derivatives (355) (354) (1) (280) (91) (189)
Western states
settlement (35) (351) 316 (35) (351) 316
Changes in California
-related receivables and
reserves - - - - 2 (2)
Settlement of shareholder
class action lawsuits - - - - (8) 8
EBITDA $(52) $(243) $191 $273 $201 $72
Depreciation and
amortization (108) (124) 16 (280) (336) 56
Interest expense (101) (100) (1) (312) (293) (19)
Interest income 7 3 4 23 15 8
Loss from continuing
operations before
income taxes $(254) $(464) $210 $(296) $(413) $117
(1) Gross margin (revenues less purchased power, fuel and cost of gas
sold) excludes depreciation, amortization, labor and other product
costs.
(2) Adjusted other general and administrative excludes $8 million for
settlement of shareholder class action lawsuits for the nine months
ended September 30, 2005.
(3) Open EBITDA excludes $35 million and $351 million for the Western
states settlement for the three and nine months ended September 30,
2006 and 2005, respectively.
Reference is made to Reliant Energy, Inc.'s Annual Report
on Form 10-K for the year ended December 31, 2005.
Reliant Energy, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Thousands of Dollars)
September 30, December 31,
2006 2005
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $66,670 $88,397
Restricted cash 10,409 26,906
Accounts and notes receivable, principally
customer, net of allowance of $52,602
and $34,054 1,390,954 1,171,673
Inventory 283,620 299,099
Derivative assets 448,755 725,964
Margin deposits 1,495,326 1,716,035
Accumulated deferred income taxes 333,879 361,547
Prepayments and other current assets 128,462 137,498
Current assets of discontinued operations 6,253 203,332
Total current assets 4,164,328 4,730,451
Property, plant and equipment, gross 7,160,153 7,112,684
Accumulated depreciation (1,381,810) (1,178,624)
Property, Plant and Equipment, net 5,778,343 5,934,060
Other Assets:
Goodwill 386,594 386,594
Other intangibles, net 433,877 510,582
Derivative assets 258,872 527,799
Prepaid lease 279,085 259,412
Other 329,782 339,112
Long-term assets of discontinued operations - 880,796
Total other assets 1,688,210 2,904,295
Total Assets $11,630,881 $13,568,806
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt and
short-term borrowings $483,958 $789,325
Accounts payable, principally trade 794,934 886,965
Derivative liabilities 1,068,776 1,219,954
Margin deposits 15,200 15,588
Other 519,992 397,942
Current liabilities of discontinued
operations 24,446 96,456
Total current liabilities 2,907,306 3,406,230
Other Liabilities:
Derivative liabilities 567,009 812,695
Other 363,193 389,083
Long-term liabilities of discontinued
operations - 779,678
Total other liabilities 930,202 1,981,456
Long-term Debt 4,095,470 4,317,427
Commitments and Contingencies
Temporary Equity Stock-based
Compensation 1,330 -
Stockholders' Equity:
Preferred stock; par value $0.001 per share
(125,000,000 shares authorized; none
outstanding) - -
Common stock; par value $0.001 per share
(2,000,000,000 shares authorized;
308,424,830 and 304,900,193 issued) 69 66
Additional paid-in capital 5,906,298 5,846,747
Retained deficit (1,972,610) (1,698,504)
Accumulated other comprehensive loss (237,184) (284,281)
Accumulated other comprehensive
loss of discontinued operations - (335)
Total stockholders' equity 3,696,573 3,863,693
Total Liabilities and Equity $11,630,881 $13,568,806
Reference is made to Reliant Energy, Inc.'s Annual Report
on Form 10-K for the year ended December 31, 2005.
Reliant Energy, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30,
2006 2005
(in thousands)
Cash Flows from Operating Activities:
Net loss $(274,106) $(196,495)
(Income) loss from discontinued operations 4,911 (61,655)
Net loss from continuing operations and
cumulative effect of accounting change (269,195) (258,150)
Adjustments to Reconcile Net Loss to
Net Cash Used in Operating
Activities:
Cumulative effect of accounting change (968) -
Depreciation and amortization 279,853 336,530
Deferred income taxes (58,324) (177,844)
Net changes in energy derivatives 351,711 101,107
Amortization of deferred financing costs 12,101 11,208
Gains on sales of assets and
emission allowances, net (159,787) (115,793)
Western states settlement 35,000 350,805
Income of equity investments, net (3,655) (23,185)
Other, net 12,657 24,960
Changes in other assets and liabilities:
Accounts and notes receivable and
unbilled revenue, net (187,224) (329,166)
Inventory 13,698 (21,224)
Margin deposits, net 220,321 (881,568)
Net derivative assets and liabilities (127,512) 170,208
Western states and Cornerstone
settlement payments (159,885) -
Accounts payable 25,712 298,690
Other current assets 14,972 51,546
Other assets (25,598) (62,263)
Taxes payable/receivable (8,141) 1,788
Other current liabilities 77,330 (21,140)
Other liabilities (3,341) 23,949
Net cash provided by (used in) continuing
operations from operating activities 39,725 (519,542)
Net cash provided by (used in) discontinued
operations from operating activities (45,093) 105,307
Net cash used in operating activities (5,368) (414,235)
Cash Flows from Investing Activities:
Capital expenditures (63,887) (59,117)
Proceeds from sales of assets, net 1,417 149,345
Proceeds from sales of emission allowances 205,186 130,040
Purchases of emission allowances (12,443) (142,794)
Restricted cash 16,497 29,593
Other, net 5,750 2,500
Net cash provided by continuing operations
from investing activities 152,520 109,567
Net cash provided by discontinued operations
from investing activities 967,566 39,112
Net cash provided by investing activities 1,120,086 148,679
Cash Flows from Financing Activities:
Payments of long-term debt (331,028) (42,164)
Increase (decrease) in short-term borrowings
and revolving credit facilities, net (189,364) 227,446
Proceeds from issuances of stock 21,947 25,975
Net cash provided by (used in) continuing
operations from financing activities (498,445) 211,257
Net cash used in discontinued operations
from financing activities (638,000) -
Net cash provided by (used in)
financing activities (1,136,445) 211,257
Net Change in Cash and Cash Equivalents (21,727) (54,299)
Cash and Cash Equivalents at
Beginning of Period 88,397 105,054
Cash and Cash Equivalents at End of Period $66,670 $50,755
Free Cash Flow Reconciliation
(Unaudited)
Nine Months Ended
September 30,
2006 2005
(in millions)
Operating cash flow from continuing operations $40 $(519)
Western states and Cornerstone settlement payments 160 -
Change in margin deposits, net (220) 882
Capital expenditures (64) (59)
Free cash flow before emission allowances activity (84) 304
Proceeds from sales of emission allowances 205 130
Purchases of emission allowances (12) (143)
Free cash flow after emission allowances activity $109 $291
Reference is made to Reliant Energy, Inc.'s Annual Report
on Form 10-K for the year ended December 31, 2005.
Reliant Energy, Inc. and Subsidiaries
Retail Energy Data
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 Change 2006 2005 Change
(in millions) (in millions)
Mass gross margin (1) $315 $274 (2) $41 $606 $563 (2) $43
Commercial and
Industrial gross margin 134 68 (2) 66 234 110 (2) 124
Market usage adjustments (13) 2 (15) - (15) 15
Total retail energy
gross margin (1),
excluding unrealized
gains (losses) on
energy derivatives 436 344 92 840 658 182
Unrealized gains
(losses) on energy
derivatives (338) (181) (157) (368) 81 (449)
Total retail energy
gross margin (1) 98 163 (65) 472 739 (267)
Operation and
maintenance 68 55 13 177 142 35
Selling and marketing 38 25 13 92 66 26
Bad debt expense 34 21 13 70 42 28
Total retail energy
contribution margin $(42) $62 $(104) $133 $489 $(356)
Three Months Nine Months
Ended September 30, Ended September 30,
2006 2005 2006 2005
(gigawatt hours) (gigawatt hours)
Electricity Sales to
End-Use Retail
Customers:
Mass:
Residential:
Houston 5,403 6,339 12,635 14,428
Non-Houston 2,680 2,294 6,206 4,973
Small Business:
Houston 1,116 1,027 (2) 2,888 2,780 (2)
Non-Houston 463 279 (2) 1,093 605 (2)
Total Mass 9,662 9,939 22,822 22,786
Commercial and
Industrial:
ERCOT (3) 9,283 8,307 (2) 25,415 25,030 (2)
Non-ERCOT 1,334 1,959 4,488 4,518
Total Commercial and
Industrial 10,617 10,266 29,903 29,548
Market usage adjustments (115) (65) 12 (241)
Total 20,164 20,140 52,737 52,093
Three Months Nine Months
Ended September 30, Ended September 30,
2006 2005 2006 2005
(in thousands, (in thousands,
metered locations) metered locations)
Weighted Average Retail
Customer Count:
Mass:
Residential:
Houston 1,147 1,233 1,184 1,270
Non-Houston 516 403 492 373
Small Business:
Houston 131 137 (2) 133 140 (2)
Non-Houston 29 17 (2) 28 15 (2)
Total Mass 1,823 1,790 1,837 1,798
Commercial and
Industrial:
ERCOT (3) 75 68 (2) 75 71 (2)
Non-ERCOT 1 2 1 2
Total Commercial and
Industrial 76 70 76 73
Total 1,899 1,860 1,913 1,871
September 30, December 31,
2006 2005
(in thousands, metered locations)
Retail Customers:
Mass:
Residential:
Houston 1,126 1,213
Non-Houston 532 462
Small Business:
Houston 129 137 (2)
Non-Houston 30 29 (2)
Total Mass 1,817 1,841
Commercial and
Industrial:
ERCOT (3) 75 70 (2)
Non-ERCOT 1 2
Total Commercial and
Industrial 76 72
Total 1,893 1,913
(1) Gross margin (revenues less purchased power) excludes depreciation,
amortization, labor and other product costs.
(2) Beginning in the first quarter of 2006, we recategorized financial
and operational data for customers with a peak demand between 200-250
kilowatts and one MW from small business within mass to commercial and
industrial. The 2005 data is presented on a comparable basis.
(3) Includes customers of the Texas General Land Office for whom we
provide services.
Reference is made to Reliant Energy, Inc.'s Annual Report
on Form 10-K for the year ended December 31, 2005.
Reliant Energy, Inc. and Subsidiaries
Wholesale Energy Data
(Unaudited)
Three Months Ended September 30,
2006 2005
GWh % Economic(1) GWh % Economic(1)
Economic Generation
Volume (2):
PJM Coal 6,009.7 82% 6,146.7 84%
MISO Coal 1,683.3 61% 2,020.9 71%
PJM/MISO Gas 669.0 9% 831.8 12%
West 1,350.6 24% 913.3 15%
Other 1,481.6 87% 1,682.1 68%
Total 11,194.2 46% 11,594.8 45%
Commercial Capacity
Factor (3):
PJM Coal 86.1% 84.8%
MISO Coal 85.0% 82.6%
PJM/MISO Gas 96.8% 83.6%
West 73.3% 92.4%
Other 99.5% 97.3%
Total 86.8% 86.7%
Generation Volume (4): GWh GWh
PJM Coal 5,171.7 5,213.2
MISO Coal 1,431.5 1,668.6
PJM/MISO Gas 647.8 695.5
West 990.2 843.5
Other 1,474.1 1,636.6
Total 9,715.3 10,057.4
Unit Margin ($/MWh) (5):
PJM Coal $32.48 $46.61
MISO Coal 27.24 47.35
PJM/MISO Gas 46.31 27.32
West 17.17 NM (6)
Other NM (6) NM (6)
Weighted Average Total $26.66 $34.70
Three Months Ended September 30,
2006 2005 Change
(in millions)
Open Energy Gross Margin (7):
PJM Coal $168 $243 $(75)
MISO Coal 39 79 (40)
PJM/MISO Gas 30 19 11
West 17 (5) 22
Other 5 13 (8)
Total Open Energy Gross Margin 259 349 (90)
Other Margin (8):
PJM Coal 11 6 5
MISO Coal 5 4 1
PJM/MISO Gas 18 16 2
West 39 58 (19)
Other 28 23 5
Total Other Margin 101 107 (6)
Total Open Wholesale Gross
Margin 360 456 (96)
Historical Wholesale Hedges (9):
Power (104) (224) 120
Fuel 7 26 (19)
Tolling/other (29) 17 (46)
Total Historical Wholesale
Hedges (126) (181) 55
Unrealized gains (losses) on
energy derivatives (17) (173) 156
Changes in California-related
receivables and reserves - - -
Total Wholesale Energy Gross
Margin 217 102 115
Operation and maintenance 151 124 27
Bad debt expense 1 2 (1)
Total Wholesale Energy
Contribution Margin $65 $(24) $89
Nine Months Ended September 30,
2006 2005
GWh % Economic(1) GWh % Economic(1)
Economic Generation
Volume (2):
PJM Coal 17,686.0 81% 17,197.3 81%
MISO Coal 4,734.9 57% 5,223.5 62%
PJM/MISO Gas 996.6 4% 1,388.2 6%
West 2,623.4 14% 1,114.2 7%
Other 4,356.8 88% 4,423.1 60%
Total 30,397.7 40% 29,346.3 38%
Commercial Capacity Factor (3):
PJM Coal 81.0% 78.8%
MISO Coal 84.6% 85.8%
PJM/MISO Gas 87.2% 77.3%
West 84.6% 93.6%
Other 92.4% 94.0%
Total 83.7% 82.8%
Generation Volume (4): GWh GWh
PJM Coal 14,330.3 13,543.1
MISO Coal 4,005.2 4,480.4
PJM/MISO Gas 868.7 1,073.0
West 2,218.4 1,042.8
Other 4,027.6 4,156.7
Total 25,450.2 24,296.0
Unit Margin ($/MWh) (5):
PJM Coal $28.89 $32.05
MISO Coal 23.22 33.03
PJM/MISO Gas 42.59 34.48
West 6.76 NM (6)
Other NM (6) NM (6)
Weighted Average Total $22.12 $25.81
Nine Months Ended September 30,
2006 2005 Change
(in millions)
Open Energy Gross Margin (7):
PJM Coal $414 $434 $(20)
MISO Coal 93 148 (55)
PJM/MISO Gas 37 37 -
West 15 (11) 26
Other 4 19 (15)
Total Open Energy Gross Margin 563 627 (64)
Other Margin (8):
PJM Coal 28 27 1
MISO Coal 9 9 -
PJM/MISO Gas 31 31 -
West 122 148 (26)
Other 80 71 9
Total Other Margin 270 286 (16)
Total Open Wholesale Gross
Margin 833 913 (80)
Historical Wholesale Hedges (9):
Power (284) (321) 37
Fuel 19 105 (86)
Tolling/other (70) (37) (33)
Total Historical Wholesale
Hedges (335) (253) (82)
Unrealized gains (losses) on
energy derivatives 88 (172) 260
Changes in California-related
receivables and reserves - 2 (2)
Total Wholesale Energy Gross
Margin 586 490 96
Operation and maintenance 458 412 46
Bad debt expense (2) 2 (4)
Total Wholesale Energy
Contribution Margin $130 $76 $54
(1) Percent economic is economic generation volume divided by
maximum generation at 100% plant availability.
(2) Economic generation volume is estimated generation at 100% plant
availability based on an hourly analysis of when it is economical to
generate based on the price of power, fuel, emission allowances and
variable operating costs.
(3) Commercial capacity factor is the generation volume divided by the
economic generation.
(4) Excludes generation volume related to power purchase agreements, which
includes tolling agreements.
(5) Represents open energy gross margin divided by generation volume.
(6) NM is not meaningful.
(7) Open energy gross margin is calculated using the power sales prices
received by the plants less delivered spot fuel prices. This figure
excludes the effects of our historical wholesale hedges and prices
actually paid for fuel.
(8) Other margin represents power purchase agreements, capacity payments,
ancillary revenues and West region hedges.
(9) Historical wholesale hedges were entered into to primarily hedge the
economics of our wholesale operations. These amounts primarily relate
to settlements of forward power and fuel hedges, long-term tolling
purchases, long-term natural gas transportation contracts, storage
contracts and our legacy energy trading. These amounts are derived
based on methodology consistent with the calculation of open energy
gross margin.
Reference is made to Reliant Energy, Inc.'s Annual Report
on Form 10-K for the year ended December 31, 2005.
Reliant Energy, Inc. and Subsidiaries
PJM Coal and MISO Coal (1)
(Unaudited)
Summer/Winter
Average Heat Q3 economic generation
Capacity Rate volume(GWh)
Unit Name (MW) (MMBtu/MWh) 2006 2005
Cheswick 580 10.0 1,014.8 966.8
Conemaugh (2) 280 9.4 605.6 605.8
Elrama 466 11.3 688.6 701.8
Keystone (2) 282 9.5 606.4 607.3
Portland 400 10.1 649.5 720.5
Seward 521 9.7 1,114.2 1,087.2
Shawville (2) 566 10.3 987.6 1,065.8
Titus 246 10.8 343.0 391.5
PJM Coal Total 3,341 6,009.7 6,146.7
Q3 commercial Q3 generation
capacity factor volume (GWh)
Unit Name 2006 2005 2006 2005
Cheswick 91.1% 85.0% 924.8 821.7
Conemaugh (2) 97.0% 82.4% 587.2 499.4
Elrama 76.4% 83.8% 526.2 588.2
Keystone (2) 97.3% 95.3% 589.8 578.7
Portland 75.4% 90.9% 489.6 654.9
Seward 77.9% 83.5% 868.0 907.8
Shawville (2) 88.3% 73.5% 872.4 783.4
Titus 91.5% 96.8% 313.7 379.1
PJM Coal Total 86.1% 84.8% 5,171.7 5,213.2
Summer/Winter
Average Heat Q3 economic generation
Capacity Rate volume(GWh)
Unit Name (MW) (MMBtu/MWh) 2006 2005
Avon Lake 721 9.8 1,067.7 1,208.8
New Castle 328 10.7 316.8 461.3
Niles 208 10.5 298.8 350.8
MISO Coal Total 1,257 1,683.3 2,020.9
Q3 commercial Q3 generation
capacity factor volume (GWh)
Unit Name 2006 2005 2006 2005
Avon Lake 85.2% 79.7% 909.3 963.8
New Castle 79.6% 88.2% 252.3 407.0
Niles 90.3% 84.9% 269.9 297.8
MISO Coal Total 85.0% 82.6% 1,431.5 1,668.6
Summer/Winter
Average Heat Q3 YTD economic generation
Capacity Rate volume(GWh)
Unit Name (MW) (MMBtu/MWh) 2006 2005
Cheswick 580 10.0 2,782.1 2,453.6
Conemaugh (2) 280 9.4 1,812.2 1,800.5
Elrama 466 11.3 2,267.6 2,015.7
Keystone (2) 282 9.5 1,763.0 1,774.8
Portland 400 10.1 1,875.3 1,937.4
Seward 521 9.7 3,307.7 3,059.4
Shawville (2) 566 10.3 2,907.7 3,100.0
Titus 246 10.8 970.4 1,055.9
PJM Coal Total 3,341 17,686.0 17,197.3
Q3 YTD commercial Q3 YTD generation
capacity factor volume (GWh)
Unit Name 2006 2005 2006 2005
Cheswick 73.4% 85.3% 2,041.3 2,093.6
Conemaugh (2) 97.5% 92.2% 1,766.4 1,659.9
Elrama 67.9% 50.6% 1,540.3 1,020.4
Keystone (2) 86.8% 92.8% 1,530.0 1,647.5
Portland 85.4% 82.7% 1,600.6 1,601.9
Seward 69.6% 73.1% 2,302.2 2,235.8
Shawville (2) 90.9% 75.9% 2,643.3 2,351.9
Titus 93.4% 88.3% 906.2 932.1
PJM Coal Total 81.0% 78.8% 14,330.3 13,543.1
Summer/Winter
Average Heat Q3 YTD economic generation
Capacity Rate volume(GWh)
Unit Name (MW) (MMBtu/MWh) 2006 2005
Avon Lake 721 9.8 2,938.9 3,175.5
New Castle 328 10.7 972.9 1,163.4
Niles 208 10.5 823.1 884.6
MISO Coal Total 1,257 4,734.9 5,223.5
Q3 YTD commercial Q3 YTD generation
capacity factor volume (GWh)
Unit Name 2006 2005 2006 2005
Avon Lake 87.0% 85.6% 2,555.9 2,718.7
New Castle 77.3% 87.7% 752.5 1,020.4
Niles 84.7% 83.8% 696.8 741.3
MISO Coal Total 84.6% 85.8% 4,005.2 4,480.4
(1) Unless otherwise indicated, the Company owns a 100% interest in each
facility listed.
(2) The Company leases a 100% interest in the Shawville facility, a
16.67% interest in the Keystone facility and a 16.45% interest in the
Conemaugh facility under facility interest lease agreements, which
expire in 2026, 2034 and 2034, respectively.
Reference is made to Reliant Energy, Inc.'s Annual Report
on Form 10-K for the year ended December 31, 2005.
Reliant Energy, Inc. and Subsidiaries
PJM/MISO Gas (1)
(Unaudited)
Summer/Winter
Average Heat Q3 economic generation
Capacity Rate volume(GWh)
Unit Name (MW) (MMBtu/MWh) 2006 2005
Aurora 942 10.5 38.4 57.1
Blossburg 23 14.6 0.6 1.6
Brunot Island 315 10.4 11.4 8.0
Gilbert 614 11.0 53.2 118.1
Glen Gardner 184 14.6 6.5 6.8
Hamilton 23 14.8 1.2 1.1
Hunterstown 71 14.8 3.5 5.3
Hunterstown CCGT 833 7.0 491.3 522.3
Mountain 47 14.3 7.9 4.7
Orrtanna 23 14.4 1.6 1.2
Portland 185 11.2 6.3 22.2
Sayreville 264 13.8 17.4 5.5
Shawnee 23 14.0 0.3 0.1
Shawville 5-7 (2) 6 10.2 - -
Titus 35 17.4 - 0.4
Tolna 47 14.2 2.2 8.4
Werner 252 13.8 6.1 7.0
Shelby 356 9.8 21.1 62.0
PJM/MISO Gas Total 4,243 669.0 831.8
Q3 commercial Q3 generation
capacity factor volume (GWh)
Unit Name 2006 2005 2006 2005
Aurora 100.0% 99.8% 38.4 57.0
Blossburg 100.0% 100.0% 0.6 1.6
Brunot Island 99.1% 100.0% 11.3 8.0
Gilbert 94.2% 86.5% 50.1 102.1
Glen Gardner 98.5% 97.1% 6.4 6.6
Hamilton 100.0% 100.0% 1.2 1.1
Hunterstown 100.0% 100.0% 3.5 5.3
Hunterstown CCGT 96.8% 77.3% 475.4 403.8
Mountain 100.0% 100.0% 7.9 4.7
Orrtanna 87.5% 100.0% 1.4 1.2
Portland 87.3% 97.7% 5.5 21.7
Sayreville 98.3% 90.9% 17.1 5.0
Shawnee 100.0% 100.0% 0.3 0.1
Shawville 5-7 (2) 0.0% 0.0% - -
Titus 0.0% 100.0% - 0.4
Tolna 100.0% 96.4% 2.2 8.1
Werner 96.7% 97.1% 5.9 6.8
Shelby 97.6% 100.0% 20.6 62.0
PJM/MISO Gas Total 96.8% 83.6% 647.8 695.5
Summer/Winter
Average Heat Q3 YTD economic generation
Capacity Rate volume(GWh)
Unit Name (MW) (MMBtu/MWh) 2006 2005
Aurora 942 10.5 46.4 103.4
Blossburg 23 14.6 1.8 2.8
Brunot Island 315 10.4 8.4 5.0
Gilbert 614 11.0 95.4 204.9
Glen Gardner 184 14.6 8.5 7.5
Hamilton 23 14.8 1.4 1.3
Hunterstown 71 14.8 4.1 6.5
Hunterstown CCGT 833 7.0 752.9 898.3
Mountain 47 14.3 9.3 5.8
Orrtanna 23 14.4 1.9 1.6
Portland 185 11.2 8.2 41.4
Sayreville 264 13.8 22.2 9.7
Shawnee 23 14.0 0.3 0.3
Shawville 5-7 (2) 6 10.2 - -
Titus 35 17.4 - 0.6
Tolna 47 14.2 3.1 10.7
Werner 252 13.8 5.7 7.4
Shelby 356 9.8 27.0 81.0
PJM/MISO Gas Total 4,243 996.6 1,388.2
Q3 YTD commercial Q3 YTD generation
capacity factor volume (GWh)
Unit Name 2006 2005 2006 2005
Aurora 87.5% 94.9% 40.6 98.1
Blossburg 100.0% 100.0% 1.8 2.8
Brunot Island 98.8% 100.0% 8.3 5.0
Gilbert 60.0% 81.6% 57.2 167.2
Glen Gardner 96.5% 94.7% 8.2 7.1
Hamilton 100.0% 100.0% 1.4 1.3
Hunterstown 100.0% 100.0% 4.1 6.5
Hunterstown CCGT 90.0% 69.9% 677.9 628.0
Mountain 100.0% 100.0% 9.3 5.8
Orrtanna 89.5% 100.0% 1.7 1.6
Portland 84.1% 98.8% 6.9 40.9
Sayreville 89.6% 94.8% 19.9 9.2
Shawnee 100.0% 100.0% 0.3 0.3
Shawville 5-7 (2) 0.0% 0.0% - -
Titus 0.0% 100.0% - 0.6
Tolna 100.0% 97.2% 3.1 10.4
Werner 96.5% 97.3% 5.5 7.2
Shelby 83.3% 100.0% 22.5 81.0
PJM/MISO Gas Total 87.2% 77.3% 868.7 1,073.0
(1) Unless otherwise indicated, the Company owns a 100% interest in each
facility listed.
(2) The Company leases a 100% interest in the Shawville facility under
facility interest lease agreement, which expires in 2026.
Reference is made to Reliant Energy, Inc.'s Annual Report
on Form 10-K for the year ended December 31, 2005.
Reliant Energy, Inc. and Subsidiaries
West and Other (1)
(Unaudited)
Summer/Winter
Average Heat Q3 economic generation
Capacity Rate volume(GWh)
Unit Name (MW) (MMBtu/MWh) 2006 2005
Bighorn (2) 598 7.2 - -
Coolwater 622 10.1 427.1 253.1
Ellwood (2) 54 13.3 - -
Etiwanda (2) 640 10.0 - -
Mandalay (2) 560 10.9 236.4 170.9
Ormond Beach 1,516 9.6 687.1 489.3
West Total 3,990 1,350.6 913.3
Q3 commercial Q3 generation
capacity factor volume (GWh)
Unit Name 2006 2005 2006 2005
Bighorn (2) 0.0% 0.0% - -
Coolwater 91.7% 100.0% 391.7 253.1
Ellwood (2) 0.0% 0.0% - -
Etiwanda (2) 0.0% 0.0% - -
Mandalay (2) 97.2% 100.0% 229.7 170.9
Ormond Beach 53.7% 85.7% 368.8 419.5
West Total 73.3% 92.4% 990.2 843.5
Summer/Winter
Average Heat Q3 economic generation
Capacity Rate volume(GWh)
Unit Name (MW) (MMBtu/MWh) 2006 2005
Channelview 830 6.1 1,481.6 1,466.0
Indian River (2) 587 10.5 - 145.8
Osceola (2) 470 11.0 - 70.3
Other Total 1,887 1,481.6 1,682.1
Q3 commercial Q3 generation
capacity factor volume (GWh)
Unit Name 2006 2005 2006 2005
Channelview 99.5% 100.0% 1,474.1 1,466.0
Indian River (2) 0.0% 69.8% - 101.7
Osceola (2) 0.0% 98.0% - 68.9
Other Total 99.5% 97.3% 1,474.1 1,636.6
Summer/Winter
Average Heat Q3 YTD economic generation
Capacity Rate volume(GWh)
Unit Name (MW) (MMBtu/MWh) 2006 2005
Bighorn (2) 598 7.2 938.4 -
Coolwater 622 10.1 536.8 304.3
Ellwood (2) 54 13.3 0.1 0.1
Etiwanda (2) 640 10.0 - -
Mandalay (2) 560 10.9 322.5 242.5
Ormond Beach 1,516 9.6 825.6 567.3
West Total 3,990 2,623.4 1,114.2
Q3 YTD commercial Q3 YTD generation
capacity factor volume (GWh)
Unit Name 2006 2005 2006 2005
Bighorn (2) 99.4% 0.0% 933.0 -
Coolwater 93.2% 100.0% 500.1 304.3
Ellwood (2) 100.0% 100.0% 0.1 0.1
Etiwanda (2) 0.0% 0.0% - -
Mandalay (2) 96.8% 99.3% 312.3 240.8
Ormond Beach 57.3% 87.7% 472.9 497.6
West Total 84.6% 93.6% 2,218.4 1,042.8
Summer/Winter
Average Heat Q3 YTD economic generation
Capacity Rate volume(GWh)
Unit Name (MW) (MMBtu/MWh) 2006 2005
Channelview 830 6.1 4,347.0 3,849.6
Indian River (2) 587 10.5 - 442.0
Osceola (2) 470 11.0 9.8 131.5
Other Total 1,887 4,356.8 4,423.1
Q3 YTD commercial Q3 YTD generation
capacity factor volume (GWh)
Unit Name 2006 2005 2006 2005
Channelview 92.4% 100.0% 4,017.8 3,849.6
Indian River (2) 0.0% 52.2% - 230.9
Osceola (2) 100.0% 57.9% 9.8 76.2
Other Total 92.4% 94.0% 4,027.6 4,156.7
(1) Unless otherwise indicated, the Company owns a 100% interest in
each facility listed.
(2) Excludes generation volume during periods the unit operated under
power purchase agreements.
Reference is made to Reliant Energy, Inc.'s Annual Report
on Form 10-K for the year ended December 31, 2005.
Reliant Energy, Inc. and Subsidiaries
Adjusted Net Debt
(Unaudited)
(in millions)
September 30, 2006
Debt:
Senior secured revolver $189
Senior secured term loans 531
Senior secured notes 1,850
Convertible senior subordinated notes 275
Orion Power 12% notes (1) 441
PEDFA fixed-rate bonds for Seward plant due 2036 500
Channelview 343
Receivables facility 450
Warrants (1)
Other (2) 1
REMA operating leases (off-balance sheet) 480
Total debt and debt equivalents (3) 5,059
Less:
Cash and cash equivalents (67)
Restricted cash (10)
Net margin deposits (1,480)
Adjusted Net Debt $3,502
(1) Orion 12% notes include purchase accounting adjustments of $41
million.
(2) Other subsidiary debt.
(3) Debt equivalents include off-balance sheet REMA leases of $480
million.
Reference is made to Reliant Energy, Inc.'s Annual Report
on Form 10-K for the year ended December 31, 2005.
SOURCE Reliant Energy, Inc.
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Related links:
http://www.reliant.com/corporate
CONTACT:
Dennis Barber of Reliant Energy, Inc.,
+1-713-497-3042
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