NRG Energy Inc. has reported third quarter 2013 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter of the year (Q3'13) of $1 billion compared with $678 million for the third quarter of 2012 (Q3'12). Year-to-date adjusted cash flow from operations totaled $1.175 billion, yielding a net loss of $74 million compared to net income of $43 million for the first nine months of 2012.
Of the $1 billion, wholesale business contributed $741 million, retail contributed $176 million and NRG Yield contributed $83 million, the company says.
In the alternative energy sector, NRG reports Q3'13 EBITDA of $52 million, an increase of $29 million over Q3'12. Solar gross margin was $74 million, a $32 million increase from the prior year. NRG attributes the increase in part to the addition of new phases of the company's Agua Caliente and California Valley Solar Ranch facilities. NRG says its improved margin was partially offset by costs relating to continued development efforts for solar and new business.
‘NRG has been intensely focused on delivering exceptional performance during the critical third quarter, and I am pleased to report that our hard work produced satisfactory financial results notwithstanding the moderate summer weather, which led to little scarcity pricing and a weakened forward price curve,’ says David Crane, NRG president and CEO, in a statement. ‘We also were able during the quarter to build our strategic platform with the GenOn integration and the Gregory acquisition, the successful [initial public offering] of NRG Yield, and through the purchase of demand-side firm Energy Curtailment Specialists. I expect these additions, the pending [Edison Mission Energy] acquisition and other successes achieved during the quarter will be extremely important as we position NRG for continued success going forward.’