PROSPECTUS SUPPLEMENT
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PROSPECTUS SUPPLEMENT |
Filed Pursuant to Rule 424(b)(7) |
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(To Prospectus dated December 21, 2005) |
Registration No. 333-130549 |
A filing fee of $177,869.00, calculated in accordance
with Rule 457(r), has been transmitted to the
SEC in connection with the securities offered by
means of this prospectus supplement.
NRG Energy, Inc.
Common Stock
This prospectus supplement relates to the sale by selling
stockholders of up to an aggregate of 35,406,292 shares of
our common stock. We will not receive any of the proceeds from
the sale of the shares sold pursuant to this prospectus
supplement.
Shares of our common stock are listed on the New York Stock
Exchange under the symbol NRG. On July 18,
2006, the last reported closing sale price of our common stock
was $47.00 per share.
See Risk Factors beginning on page S-4 and
in the documents incorporated by reference herein, including our
Annual Report on
Form 10-K, to read
about risks that you should consider before buying shares of our
common stock.
We expect that these shares of common stock may be sold or
distributed from time to time by or for the account of the
holders through underwriters or dealers, through brokers or
other agents, or directly to one or more purchasers, at market
prices prevailing at the time of sale or at prices otherwise
negotiated on a continuous or delayed basis. The holders may
also sell shares under Rule 144 under the Securities Act,
if available, rather than under this prospectus supplement. The
registration of these shares for resale does not necessarily
mean that the selling stockholders will sell any of their
shares. See Plan of Distribution beginning on
page S-11.
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or determined if this prospectus supplement is
truthful or complete. Any representation to the contrary is a
criminal offense.
Information concerning the selling stockholders may change from
time to time and any changed information will be set forth in
supplements to this prospectus supplement if and when necessary.
The date of this prospectus supplement is July 20, 2006
TABLE OF CONTENTS
Prospectus Supplement
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S-9 |
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S-11 |
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Prospectus |
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About This Prospectus
Supplement
This document consists of two parts. The first part is this
prospectus supplement, which describes the specific terms of
this offering. The second part is the accompanying prospectus,
which describes more general information, some of which may not
apply to this offering. You should read both this prospectus
supplement and the accompanying prospectus, together with
additional information described below under the headings
Where You Can Find More Information and
Incorporation of Certain Documents by Reference.
If the description of the offering varies between this
prospectus supplement and the accompanying prospectus, you
should rely on the information in this prospectus supplement.
Any statement made in this prospectus supplement or in a
document incorporated or deemed to be incorporated by reference
in this prospectus supplement will be deemed to be modified or
superseded for purposes of this prospectus supplement to the
extent that a statement contained in this prospectus supplement
or in any other subsequently filed document that is also
incorporated or deemed to be incorporated by reference in this
prospectus supplement modifies or supersedes that statement. Any
statement so modified or superseded will not be deemed, except
as so modified or superseded, to constitute a part of this
prospectus supplement. See Incorporation of Certain
Documents By Reference.
Where You Can Find More
Information
NRG files annual, quarterly and special reports, proxy
statements and other information with the Securities and
Exchange Commission, or the SEC. You can inspect and copy these
reports, proxy statements and other information at the Public
Reference Room of the SEC, 100 F Street, N.E.,
Washington, D.C. 20549. Please call the SEC at
1-800-SEC-0330 for
further information on the operation of the public reference
room. NRGs SEC filings will also be available to you on
the SECs website at http://www.sec.gov and through the New
York Stock Exchange, 20 Broad Street, New York, NY 10005,
on which NRGs common stock is listed.
This prospectus supplement and the accompanying prospectus,
which forms a part of the registration statement, do not contain
all the information that is included in the registration
statement. You will find additional information about us in the
registration statement. Any statements made in this prospectus
supplement or the accompanying prospectus concerning the
provisions of legal documents are not necessarily complete and
you should read the documents that are filed as exhibits to the
registration statement or otherwise filed with the SEC for a
more complete understanding of the document or matter.
Incorporation Of
Documents By Reference
The SEC allows the incorporation by reference of the
information filed by NRG with the SEC into this prospectus
supplement, which means that important information can be
disclosed to you by referring you to those documents and those
documents will be considered part of this prospectus supplement.
Information that NRG files later with the SEC will automatically
update and supersede the previously filed information. The
documents listed below and any future filings NRG makes with the
SEC under Sections 13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934, as amended, or the Exchange
Act, after the date of this prospectus supplement but before the
end of the offerings that may be made under this prospectus
supplement, are incorporated by reference herein:
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NRGs annual report on
Form 10-K for the
year ended December 31, 2005 (filed on March 7, 2006)
as amended by the
Form 10-K/ A filed
on March 27, 2006. |
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NRGs quarterly report on
Form 10-Q for the
quarter ended March 31, 2006 (filed on May 9, 2006). |
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NRGs Definitive Proxy Statement on Schedule 14A filed
on March 24, 2006. |
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NRGs current reports on
Form 8-K filed on
January 4, 2006,
Form 8-K filed on
January 5, 2006,
Form 8-K/ A filed
on January 5, 2006,
Form 8-K filed on
January 13, 2006,
Form 8-K filed on
January 23, 2006,
Form 8-K/ A filed
on January 23, 2006,
Form 8-K/ A filed
on January 26, 2006,
Form 8-K filed on
January 27, 2006,
Form 8-K filed on
February 6, 2006,
Form 8-K filed on
February 8, 2006,
Form 8-K filed on
March 10, 2006,
Form 8-K filed on
March 16, 2006,
Form 8-K filed on
April 6, 2006,
Form 8-K filed on
May 3, 2006,
Form 8-K filed on
May 4, 2006 and
Form 8-K filed on
May 31, 2006. |
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The description of NRGs common stock contained in the
Registration Statement on
Form 8-A dated
December 10, 2003 and amended on March 22, 2004 filed
with the SEC to register such securities under the Securities
and Exchange Act of 1934, as amended, including any amendment or
report filed for the purpose of updating such description. |
If you make a request for such information in writing or by
telephone, NRG will provide you, without charge, a copy of any
or all of the information incorporated by reference in this
prospectus. Any such request should be directed to:
NRG Energy, Inc.
211 Carnegie Center
Princeton, New Jersey 08540
(609) 524-4500
Attention: General Counsel
You should rely only on the information contained in this
prospectus supplement, the attached prospectus, the documents
incorporated by reference and any written communication from us
specifying the final terms of the offering. NRG has not, and the
selling stockholders have not, authorized any other person to
provide you with different information. If anyone provides you
with different or inconsistent information, you should not rely
on it. NRG is not, and the selling stockholders are not, making
an offer to sell these securities in any jurisdiction where the
offer or sale is not permitted. You should assume that the
information appearing in this prospectus supplement is accurate
as of the date on the front cover of this prospectus supplement
only. NRGs business, financial condition, results of
operations and prospects may have changed since that date.
Cautionary Statement
Regarding Forward Looking Statements
This prospectus supplement, and the documents incorporated
herein by reference, may contain forward-looking statements
within the meaning of Section 27A of the Securities Act and
Section 21E of the Exchange Act. The words
believes, projects,
anticipates, plans, expects,
intends, estimates and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause our
actual results, performance and achievements, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statement. These factors, risks and
uncertainties include, but are not limited to, the factors
described in the Risk Factors contained or incorporated by
reference in this prospectus supplement or the accompanying
prospectus, including:
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General economic conditions, changes in the wholesale power
markets and fluctuations in the cost of fuel or other raw
materials; |
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Hazards customary to the power production industry and power
generation operations such as fuel and electricity price
volatility, unusual weather conditions, catastrophic
weather-related or other damage to facilities, unscheduled
generation outages, maintenance or repairs, unanticipated
changes to fossil fuel supply costs or availability due to
higher demand, shortages, transportation problems or other
developments, environmental incidents, or electric transmission
or gas pipeline system constraints and the possibility that we
may not have adequate insurance to cover losses as a result of
such hazards; |
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The effectiveness of NRGs risk management policies and
procedures, and the ability of NRGs counterparties to
satisfy their financial commitments; |
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Counterparties collateral demands and other factors
affecting NRGs liquidity position and financial condition; |
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Our ability to operate our businesses efficiently, manage
capital expenditures and costs tightly (including general and
administrative expenses), and generate earnings and cash flow
from our asset-based businesses in relation to our debt and
other obligations; |
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Our potential inability to enter into contracts to sell power
and procure fuel on terms and prices acceptable to us; |
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The liquidity and competitiveness of wholesale markets for
energy commodities; |
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Changes in government regulation, including the pending changes
of market rules, market structures and design, rates, tariffs,
environmental laws and regulations and regulatory compliance
requirements; |
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Price mitigation strategies and other market structures employed
by independent system operators, or ISOs, or regional
transmission organizations, that result in a failure to
adequately compensate our generation units for all of their
costs; |
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Our ability to borrow additional funds and access capital
markets, as well as our substantial indebtedness and the
possibility that we may incur additional indebtedness going
forward; |
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The success of the business following our acquisition of Texas
Genco LLC on February 2, 2006; |
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Operating and financial restrictions placed on us contained in
the indentures governing our 7.25% and 7.375% unsecured senior
notes due 2014 and 2016, respectively, which we refer to as our
senior notes, our new senior secured credit facility, and in
debt and other agreements of certain of our subsidiaries and
project affiliates generally; |
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Our ability to close the Flinders and Gladstone sales in
Australia; and |
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Our ability to achieve the expectations regarding our
redevelopment programs. |
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Prospectus
Summary
This summary does not contain all of the information that you
should consider before investing in our common stock. You should
read the entire prospectus supplement and the accompanying
prospectus carefully, including the matters discussed under the
captions Risk Factors and the detailed information
and financial statements included or incorporated by reference
in this prospectus supplement and the accompanying prospectus.
When used in this prospectus supplement, the terms
NRG, we, our and
us, except as otherwise indicated or as the context
otherwise indicates, refer to NRG Energy, Inc. and its
consolidated subsidiaries.
Company
Overview
NRG Energy is a wholesale power generation company, primarily
engaged in the ownership and operation of power generation
facilities, the transacting in and trading of fuel and
transportation services and the marketing and trading of energy,
capacity and related products in the United States and
internationally. We have a diverse portfolio of electric
generation facilities in terms of geography, fuel type and
dispatch levels. Our principal domestic generation assets
consist of a diversified mix of natural gas-, coal-, oil-fired
and nuclear facilities, representing approximately 45%,
34%, 16% and 5% of our total domestic generation capacity,
respectively. In addition, 10% of our domestic generating
facilities have dual or multiple fuel capacity, which allows
plants to dispatch with the lowest cost fuel option.
Our Strategy
Our strategy is to optimize the value of our generation assets
while using that asset base as a platform for enhanced financial
performance which can be sustained and expanded upon in years to
come. We plan to maintain and enhance our position as a leading
wholesale power generation company in the United States in a
cost effective and risk-mitigating manner in order to serve the
bulk power requirements of our customer base and other entities
that offer load, or otherwise consume wholesale electricity
products and services in bulk. Our strategy includes the
following elements:
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Increase value from our existing assets. We have a highly
diversified portfolio of power generation assets in terms of
region, fuel type and dispatch levels. We will continue to focus
on extracting value from our portfolio by improving plant
performance, reducing costs and harnessing our advantages of
scale in the procurement of fuels, and in so doing to improve
our return on invested capital, or ROIC: a strategy that we have
branded FORNRG, or Focus on ROIC at NRG. |
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Pursue intrinsic growth opportunities at existing sites in
our core regions. We are favorably positioned to pursue
growth opportunities through expansion of our existing
generating capacity. We intend to invest in our existing assets
through plant improvements, repowering and brownfield
development to meet anticipated regional requirements for new
capacity. We expect that these efforts will provide more
efficient energy, lower our delivered cost, expand our
electricity production capability and improve our ability to
dispatch economically across all sections of the merit order,
including baseload, intermediate and peaking generation. |
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Maintain financial strength and flexibility. We remain
focused on increasing cash flow and maintaining appropriate
levels of liquidity, debt and equity in order to ensure
continued access to capital for investment, enhancing
risk-adjusted returns, and providing flexibility in executing
our business strategy. We will continue our focus on maintaining
operational and financial controls designed to ensure that our
financial position remains strong. |
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Reduce the volatility of our cash flows through asset-based
commodity hedging activities. We will continue to execute
asset-based risk management, hedging, marketing and trading
strategies within well-defined risk and liquidity guidelines in
order to manage the value of our physical and contractual
assets. Our marketing and hedging philosophy is centered on
generating stable returns from our base load portfolio of power
generation assets while preserving the ability to capitalize on
strong spot market conditions and to capture the extrinsic value
of our intermediate, peaking and |
S-1
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portions of our base load fleet. We believe that we can
successfully execute this strategy by taking advantage of our
expertise in marketing power and ancillary services, our
knowledge of markets, our balanced financial structure and our
diverse portfolio of power generation assets. |
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Participate in continued industry consolidation. We will
continue to pursue selective acquisitions, joint ventures and
divestitures to enhance our asset mix and competitive position
in our core regions in order to meet the fuel and dispatch
requirements in these regions. We intend to concentrate on
opportunities that present attractive risk-adjusted returns. We
will also opportunistically pursue other strategic transactions,
including mergers, acquisitions or divestitures during the
consolidation of the power generation industry in the United
States. |
Recent Developments
In early June 2006, we entered into agreements to sell our 100%
owned Flinders power station and related assets, located near
Port Augusta, Australia, to Babcock & Brown Power Pty.,
a subsidiary of Babcock & Brown, a global investment
and advisory firm and our 37.5% equity interest in the Gladstone
power station, and our associated 100% owned NRG Gladstone
Operating Services company, to Transfield Services, an
Australia-based provider of operations, maintenance, ownership
and asset management services. The Flinders purchase price is
AUD $317 million (approximately
USD $238 million), subject to customary purchase price
adjustments, plus the assumption of AUD $238 million
(approximately USD $179 million) of non-recourse debt
obligations and AUD $42 million (approximately
USD $31 million) in cash. The Gladstone purchase price
is AUD $239 million (approximately
USD $179 million), subject to customary purchase price
adjustments, plus the assumption of NRGs share of
Gladstones unconsolidated debt and cash amounting to
AUD $77 million (approximately
USD $58 million), and AUD $35 million
(approximately USD $26 million), respectively.
On June 21, 2006, we announced plans to develop
approximately 10,500 megawatts (MW) of new generation
capacity over the next decade to help meet the energy needs in
our high-demand, capacity-constrained markets and to support
NRGs continued growth. This repowering initiative, which
will be funded with the support of partners and project finance
debt, would represent a total investment of
USD $16 billion.
We were incorporated as a Delaware corporation on May 29,
1992. Our common stock is listed on the New York Stock Exchange
under the symbol NRG. Our headquarters and principal
executive offices are located at 211 Carnegie Center,
Princeton, New Jersey 08540. Our telephone number is
(609) 524-4500.
You can get more information regarding our business by reading
our Annual Report on
Form 10-K for the
fiscal year ended December 31, 2005, and the other reports
we file with the SEC. See Where You Can Find More
Information and Incorporation of Documents by
Reference.
S-2
The Offering
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Common Stock Offered by the Selling Stockholders |
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35,406,292 shares |
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Common Stock Outstanding as of July 18, 2006 |
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136,997,082 shares |
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Use of Proceeds |
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We will not receive any proceeds from the sale of shares by the
selling stockholders. See Use of Proceeds. |
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Symbol for Common Stock |
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NRG |
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Risk Factors |
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Before investing in our common stock, you should carefully read
and consider the information set forth in Risk
Factors beginning on page S-4 of this prospectus
supplement and in the documents incorporated by reference
herein, including our Annual Report on
Form 10-K. |
S-3
Risk Factors
Investing in our common stock involves a high degree of risk.
In addition to the risk factors set forth below, please see the
risk factors described in our Annual Report on
Form 10-K for our
most recent fiscal year, which are incorporated by reference
into this prospectus. Such risks are not the only risks that we
face. Additional risks and uncertainties not currently known to
us or that we currently deem to be immaterial may also
materially adversely affect our business operations. The risks
described could affect our business, financial condition or
results of operations. In such a case, you may lose all or part
of your original investment. You should carefully consider the
risks described in
our 10-K, the
risks described below as well as other information and data set
forth in this prospectus supplement, the accompanying prospectus
and the documents incorporated by reference herein and therein
before making an investment decision with respect to the common
stock.
Risks Related to this Offering
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The price of our common stock may fluctuate significantly,
which may make it difficult for you to resell the common stock
when you want or at prices you find attractive. |
The price of our common stock on the New York Stock Exchange
constantly changes. We expect that the market price of our
common stock will continue to fluctuate. Holders of our common
stock will be subject to the risk of volatility and depressed
prices.
Our common stock price can fluctuate as a result of a variety of
factors, many of which are beyond our control. These factors
include:
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new laws or regulations or new interpretations of existing laws
or regulations applicable to our business; |
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changes in accounting standards, policies, guidance,
interpretations or principles; |
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our ability to raise additional capital; |
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sales of common stock by us or members of our management team; |
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quarterly variations in our operating results; |
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operating results that vary from the expectations of management,
securities analysts and investors; |
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changes in expectations as to our future financial performance,
including financial estimates by securities analysts and
investors; |
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developments generally affecting our industry; |
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announcements by us or our competitors of significant contracts,
acquisitions, joint marketing relationships, joint ventures or
capital commitments; |
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announcements by third parties of significant claims or
proceedings against us; |
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changes in our dividend policy; |
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future sales of our equity or equity-linked securities; and |
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general domestic and international economic conditions. |
In addition, the stock market in general has experienced extreme
volatility that has often been unrelated to the operating
performance of a particular company. These broad market
fluctuations may adversely affect the market price of our common
stock.
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Our ability to pay dividends may be limited. |
The terms of our senior secured credit facility and the
indentures governing our senior notes restrict our ability to
pay dividends to the holders of our common stock. In addition,
under the terms of our
S-4
outstanding preferred stock, we are restricted from paying any
cash dividend on our common stock if we are not current in our
dividend payments with respect to such preferred stock. In the
future, we may agree to further restrictions on our ability to
pay dividends. In addition, to maintain our credit ratings, we
may be limited in our ability to pay dividends so that we can
maintain an appropriate level of debt. Our future dividend
policy depends on earnings, financial condition, liquidity,
capital requirements and other factors. There is no guarantee
that we will pay dividends on shares of our common stock.
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Our corporate documents and Delaware law contain
provisions that could discourage, delay or prevent a change in
control of our company even if some stockholders might consider
such a development favorable, which may adversely affect the
price of our common stock. |
Provisions in our amended and restated certificate of
incorporation and amended and restated by-laws may discourage,
delay or prevent a merger or acquisition involving us that our
stockholders may consider favorable. For example, our amended
and restated certificate of incorporation authorizes our board
of directors to issue shares of preferred stock to which special
rights are attached, including voting and dividend rights. With
these rights, preferred stockholders could make it more
difficult for a third party to acquire us. In addition, our
amended and restated certificate of incorporation provides for a
staggered board of directors, whereby directors serve for
three-year terms, with approximately one third of the directors
coming up for reelection each year. Having a staggered board of
directors would make it more difficult for a third party to
obtain control of our board of directors through a proxy
contest, which may be a necessary step in an acquisition of us
that is not favored by our board of directors.
We are also subject to the anti-takeover provisions of
Section 203 of the Delaware General Corporation Law. Under
these provisions, if anyone becomes an interested
stockholder, we may not enter into a business
combination with that person for three years without
special approval, which could discourage a third party from
making a takeover offer and could delay or prevent a change of
control. For purposes of Section 203, interested
stockholder means, generally, someone owning 15% or more
of our outstanding voting stock or an affiliate of ours that
owned 15% or more of our outstanding voting stock during the
past three years, subject to certain exceptions as described in
Section 203.
Under our senior secured credit facility, a change of control is
an event of default. Upon the occurrence of a change in control,
the holders of our senior notes will have the right, subject to
certain conditions, to require us to repurchase their notes at a
price equal to 101% of their principal amount plus accrued and
unpaid interest and liquidated damages, if any, to the date of
repurchase.
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Shares eligible for future issuance or sale may cause our
common stock price to decline, which may negatively impact your
investment. |
Issuances or sales of substantial numbers of additional shares
of our common stock, including in connection with future
acquisitions, if any, or the perception that such issuances or
sales could occur, may cause prevailing market prices for shares
of our common stock to decline and may adversely affect our
ability to raise additional capital in the financial markets at
a time and price favorable to us. As of the date of this
prospectus supplement, our amended and restated certificate of
incorporation provides that we have authority to issue up to
500,000,000 shares of our common stock. As of July 18,
2006, 136,997,082 shares of our common stock were issued
and outstanding, and there were no shares of our common stock
issued and held in treasury. Also as of such date, there were
39,335,986 shares of our common stock reserved for issuance
with respect to convertible preferred stock and under stock
incentive plans or pursuant to individual option grants or stock
awards. Future sales or a perception that such sales may occur
could reduce the market price for our common stock.
Use of
Proceeds
The selling securityholders will receive all the net proceeds
from the sale of the common stock. We will not receive any of
the proceeds from the sale of the shares by the selling
stockholders.
S-5
Price Range of Common
Stock and Dividend Policy
Since March 25, 2004, NRGs common stock has been
listed for trading on the New York Stock Exchange under the
symbol NRG. The following table sets forth the
quarterly high and low share price information for the periods
indicated:
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High | |
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Low | |
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Year ended December 31, 2004
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Second Quarter
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$ |
24.80 |
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$ |
19.17 |
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Third Quarter
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$ |
28.43 |
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$ |
24.10 |
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Fourth Quarter
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$ |
36.18 |
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$ |
26.00 |
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Year ended December 31, 2005
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First Quarter
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$ |
39.10 |
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$ |
32.79 |
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Second Quarter
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$ |
37.61 |
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$ |
30.30 |
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Third Quarter
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$ |
44.45 |
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$ |
36.40 |
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Fourth Quarter
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$ |
49.44 |
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$ |
37.60 |
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Year ended December 31, 2006
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First Quarter
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$ |
49.46 |
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$ |
41.79 |
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Second Quarter
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$ |
52.61 |
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$ |
42.44 |
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Third Quarter (through July , 2006)
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$ |
48.55 |
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$ |
46.35 |
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On July 18, 2006, the closing sale price of NRGs
common stock was $47.00 and there were 136,997,082 shares
of common stock outstanding.
NRG has not declared or paid dividends on its common stock,
although we may do so in the future. The terms of our senior
secured credit facility and the indentures for our senior notes
restrict our ability to pay dividends to the holders of our
common stock. In addition, under the terms of our outstanding
preferred stock, we are restricted from paying any cash dividend
on our common stock if we are not current in our dividend
payments with respect to such preferred stock.
S-6
Selling
Stockholders
The following table sets forth information regarding each
selling stockholder and the amount of our common stock that it,
he or she may offer under this prospectus supplement. When we
refer to the selling stockholders in this prospectus
supplement, we mean those persons listed in the table below, as
well as the donees, transferees, pledgees or others who may
later hold the selling stockholders interests. The shares
of our common stock offered by this prospectus supplement were
issued to the selling stockholders in a private placement in
connection with our acquisition of Texas Genco.
Information regarding the selling stockholders may change from
time to time and any changed information will be set forth in a
prospectus supplement to the extent required. Unless set forth
below, to our knowledge, none of the selling stockholders has,
or within the past three years has had, any material
relationship with us or any of our predecessors or affiliates.
A selling stockholder may from time to time offer and sell any
or all of its, his or her securities under this prospectus
supplement.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of | |
|
|
|
|
|
|
|
|
|
|
Total | |
|
|
|
|
|
|
|
|
|
|
Outstanding | |
|
|
|
Percentage of | |
|
|
|
|
|
|
Shares | |
|
Maximum | |
|
Shares Beneficially | |
|
|
|
|
Shares | |
|
Beneficially | |
|
Number of Shares | |
|
Owned After the | |
|
Shares Beneficially | |
|
|
Beneficially | |
|
Owned Prior | |
|
that may be sold | |
|
Sale of Maximum | |
|
Owned After Sale of | |
|
|
Owned Prior to | |
|
to this | |
|
by this Prospectus | |
|
Number of | |
|
Maximum Number | |
Name of Selling Stockholder |
|
this Offering | |
|
Offering(1) | |
|
Supplement | |
|
Shares(1) | |
|
of Shares | |
|
|
| |
|
| |
|
| |
|
| |
|
| |
Jack A. Fusco
|
|
|
580,498 |
|
|
|
* |
|
|
|
580,498 |
|
|
|
0 |
|
|
|
0 |
|
W. Thaddeus Miller
|
|
|
257,672 |
|
|
|
* |
|
|
|
257,672 |
|
|
|
0 |
|
|
|
0 |
|
Blackstone TG Capital Partners IV L.P.(2)
|
|
|
6,619,165 |
|
|
|
4.8% |
|
|
|
6,619,165 |
|
|
|
0 |
|
|
|
0 |
|
Blackstone TG Capital Partners IV-B L.P.(2)
|
|
|
1,259,655 |
|
|
|
* |
|
|
|
1,259,655 |
|
|
|
0 |
|
|
|
0 |
|
Blackstone Capital Partners IV-A L.P.(2)
|
|
|
115,370 |
|
|
|
* |
|
|
|
115,370 |
|
|
|
0 |
|
|
|
0 |
|
Blackstone Family Investment Partnership IV-A L.P.(2)
|
|
|
416,320 |
|
|
|
* |
|
|
|
416,320 |
|
|
|
0 |
|
|
|
0 |
|
Blackstone Participation Partnership IV L.P.(2)
|
|
|
15,251 |
|
|
|
* |
|
|
|
15,251 |
|
|
|
0 |
|
|
|
0 |
|
Hellman & Friedman Capital Partners IV, L.P.(3)
|
|
|
6,415,953 |
|
|
|
4.7% |
|
|
|
6,415,953 |
|
|
|
0 |
|
|
|
0 |
|
H&F International Partners IV-A, L.P.(3)
|
|
|
524,231 |
|
|
|
* |
|
|
|
524,231 |
|
|
|
0 |
|
|
|
0 |
|
H&F International Partners IV-C, L.P.(3)
|
|
|
2,358 |
|
|
|
* |
|
|
|
2,358 |
|
|
|
0 |
|
|
|
0 |
|
H&F Executive Fund IV, L.P.(3)
|
|
|
169,176 |
|
|
|
* |
|
|
|
169,176 |
|
|
|
0 |
|
|
|
0 |
|
H&F TGN AIV, L.P.(3)
|
|
|
1,322,024 |
|
|
|
* |
|
|
|
1,322,024 |
|
|
|
0 |
|
|
|
0 |
|
KKR Millennium Fund (Energy) L.P.(4)
|
|
|
8,199,882 |
|
|
|
6.0% |
|
|
|
8,199,882 |
|
|
|
0 |
|
|
|
0 |
|
KKR Partners III L.P. (Series I)(4)
|
|
|
431,572 |
|
|
|
* |
|
|
|
431,572 |
|
|
|
0 |
|
|
|
0 |
|
TPG III-AIV 1, L.P.(5)
|
|
|
1,046,626 |
|
|
|
* |
|
|
|
1,046,626 |
|
|
|
0 |
|
|
|
0 |
|
TPG III-AIV 2, L.P.(5)
|
|
|
1,936,287 |
|
|
|
1.4% |
|
|
|
1,936,287 |
|
|
|
0 |
|
|
|
0 |
|
TPG III-AIV 3, L.P.(5)
|
|
|
162,648 |
|
|
|
* |
|
|
|
162,648 |
|
|
|
0 |
|
|
|
0 |
|
S-7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of | |
|
|
|
|
|
|
|
|
|
|
Total | |
|
|
|
|
|
|
|
|
|
|
Outstanding | |
|
|
|
Percentage of | |
|
|
|
|
|
|
Shares | |
|
Maximum | |
|
Shares Beneficially | |
|
|
|
|
Shares | |
|
Beneficially | |
|
Number of Shares | |
|
Owned After the | |
|
Shares Beneficially | |
|
|
Beneficially | |
|
Owned Prior | |
|
that may be sold | |
|
Sale of Maximum | |
|
Owned After Sale of | |
|
|
Owned Prior to | |
|
to this | |
|
by this Prospectus | |
|
Number of | |
|
Maximum Number | |
Name of Selling Stockholder |
|
this Offering | |
|
Offering(1) | |
|
Supplement | |
|
Shares(1) | |
|
of Shares | |
|
|
| |
|
| |
|
| |
|
| |
|
| |
TPG Partners IV-AIV 1, L.P.(5)
|
|
|
1,744,765 |
|
|
|
1.3% |
|
|
|
1,744,765 |
|
|
|
0 |
|
|
|
0 |
|
TPG Partners IV-AIV 2, L.P.(5)
|
|
|
3,323,679 |
|
|
|
2.4% |
|
|
|
3,323,679 |
|
|
|
0 |
|
|
|
0 |
|
Fusco Energy Investments LLP
|
|
|
154,685 |
|
|
|
* |
|
|
|
154,685 |
|
|
|
0 |
|
|
|
0 |
|
Other selling stockholders representing less than 1% of our
outstanding common stock
|
|
|
708,475 |
|
|
|
* |
|
|
|
708,475 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
35,406,292 |
|
|
|
25.8% |
|
|
|
35,406,292 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Calculated based on
Rule 13d-3(d)(1)(i)
of the Securities Exchange Act of 1934, as amended (the
Exchange Act), using 136,997,082 shares of
common stock outstanding as of July 18, 2006. |
|
(2) |
This selling stockholder has advised us that Blackstone TG
Capital Partners IV L.P. (BCP IV), Blackstone
TG Capital
Partners IV-B L.P.
(BCP IV-B),
Blackstone Capital
Partners IV-A L.P.
(BCP IV-A),
Blackstone Participation Partnership IV L.P.
(BPP), Blackstone Family Investment
Partnership IV-A
L.P. (BFIP, and together with BCP IV,
BCP IV-B,
BCP IV-A and BPP,
the Blackstone Funds), acting through their sole
general partner Blackstone Management Associates IV L.L.C.
(BMA), have the sole power to vote or to direct the
vote, and to dispose or to direct the disposition of, the shares
of our common stock respectively owned by them. As a result, for
purposes of section 13(d) of the Act, BMA may be deemed to
beneficially own the shares of our common stock directly owned
by the respective Blackstone Funds of which it is the general
partner. Stephen A. Schwarzman and Peter G. Peterson
(the Founding Members) have power to vote or to
direct the vote of, and to dispose or to direct the disposition
of, the shares of our common stock that may be deemed to be
beneficially owned by BMA. As a result, each of the Founding
Members may be deemed to beneficially own the shares of our
common stock that BMA may be deemed to beneficially own. Each of
BMA and each Founding Member disclaims beneficial ownership of
such shares. |
|
(3) |
As the general partner of each of Hellman & Friedman
Capital Partners IV, L.P. (HFCP IV), H&F
International
Partners IV-A,
L.P.
(HFIP IV-A),
H&F International
Partners IV-C,
L.P.
(HFIP IV-C),
H&F Executive Fund IV, L.P. (HFEF IV,
and together with HFCP IV,
HFIP IV-A and
HFIP IV-C, the
H&F Partnerships), H&F Investors IV,
LLC (H&F Investors) may be deemed to have
beneficial ownership of the shares of our common stock over
which any of the H&F Partnerships has voting or dispositive
power. Accordingly, H&F Investors may be deemed to |
S-8
|
|
|
have sole voting and dispositive power with respect to, and
beneficially own, an aggregate of 8,433,742 shares of our
common stock. The investment decisions of H&F Investors are
made by the investment committee of H&F Investors. The
managing members of H&F Investors and the investment
committee have power to vote or to direct the vote of, and to
dispose or to direct the disposition of, the shares of our
common stock that may be deemed to be beneficially owned by
H&F Investors. As a result, each of the managing
members of H&F Investors and each of the members of the
investment committee may be deemed to beneficially own the
shares of our common stock that H&F Investors may be deemed
to beneficially own. Each of the managing members of H&F
Investors and each of the members of the investment committee,
disclaims beneficial ownership of the shares of our common stock
that H&F Investors may be deemed to beneficially own, except
to the extent of his or her indirect pecuniary interest, if any,
therein. |
|
(4) |
KKR Associates Millennium (Energy) L.P. (KKR Energy
Associates), as the sole general partner of KKR Millennium
Fund (Energy) L.P. (Millennium Energy), has the
power to direct the voting and disposition of any shares of our
common stock owned by Millennium Energy. KKR Millennium GP
(Energy) LLC (KKR GP LLC), as a general partner of
KKR Partners III, L.P. (Series I) (KKR
Partners), has power to direct the voting and disposition
of any shares of our common stock owned by KKR Partners. As a
result, KKR Energy Associates and KKR GP LLC may be deemed to
beneficially own any shares of our common stock owned by
Millennium Energy and KKR Partners, respectively. KKR GP LLC, as
the sole general partner of KKR Energy Associates, has the power
to direct the voting and disposition of any shares of our common
stock deemed to be beneficially owned by KKR Energy Associates.
As a result, KKR GP LLC may be deemed to beneficially own any
shares of our common stock deemed to be beneficially owned by
KKR Energy Associates. As a member of KKR GP LLC, each of
Messrs. Henry R. Kravis, George R. Roberts,
Todd A. Fisher, Jacques Garaïalde, Perry Golkin,
James H. Greene, Jr., Johannes P. Huth,
Marc S. Lipschultz, Michael W. Michelson, Alexander
Navab and Paul E. Raether may be deemed to beneficially own
any shares of common stock that KKR GP LLC may beneficially own
or be deemed to beneficially own. |
|
(5) |
TPG III AIV 1, L.P.
(TPG III AIV 1),
TPG III AIV 2, L.P.
(TPG III AIV 2),
TPG III AIV 3, L.P.
(TPG III AIV 3, and together with
TPG III AIV 1 and TPG III
AIV 2, the TPG III Funds) collectively own
3,145,561 shares of our common stock directly. Because of
TPG Advisors III, Inc.s
(Advisors III), position as the sole general
partner of TPG GenPar III, L.P., which is the sole general
partner of each of the TPG III Funds, Advisors III has
sole power to vote and dispose of the shares of our common stock
owned by the TPG III Funds, and Advisors III may be
deemed, pursuant to
Rule 13d-3 of the
Act, to be the beneficial owner of all of the shares of our
common stock owned by the TPG III Funds. TPG
Partners IV AIV 1, L.P.
(TPG IV AIV 1) and TPG
Partners IV AIV 2, L.P.
(TPG IV AIV 2, and together
with TPG IV AIV 1, the TPG IV
Funds, and together with the TPG III Funds, the
TPG Funds) collectively own 5,068,444 shares of
our common stock directly. Because of TPG Advisors IV,
Inc.s (Advisors IV) position as the
general partner of TPG GenPar IV, L.P., which is general
partner of each of the TPG IV Funds, Advisors IV has
sole power to vote and dispose of the shares of our common stock
owned by the TPG IV Funds, and Advisors IV may be
deemed, pursuant to
Rule 13d-3 of the
Act, to be the beneficial owner of all of the shares of our
common stock owned by the TPG IV Funds. |
Plan of
Distribution
We are registering the shares of common stock covered by this
prospectus supplement for the selling stockholders. As used in
this prospectus supplement, selling stockholders
includes the donees, transferees, pledgees or others who may
later hold the selling stockholders interests. Pursuant to
an Investor Rights Agreement between us and the selling
stockholders, we agreed to register the common stock received by
the selling stockholders in a private placement in connection
with our acquisition of Texas Genco and to indemnify the selling
stockholders against certain liabilities related to the selling
of
S-9
the common stock, including liabilities arising under the
Securities Act. Under the Investor Rights Agreement, we also
agreed to pay the costs and fees of registering the shares of
common stock; however, the selling stockholders will pay any
brokerage commissions or underwriting discounts relating to the
sale of the shares of common stock.
Some or all of the shares of common stock covered by this
prospectus supplement may be sold from time to time, at market
prices prevailing at the time of sale, at prices related to
market prices, at a fixed price or prices subject to change or
at negotiated prices, by a variety of methods, including the
following:
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|
|
on the New York Stock Exchange (including through
at-the-market
offerings); |
|
|
|
in the over-the-counter
market; |
|
|
|
through one or more underwriters on a firm commitment or
best-efforts basis; |
|
|
|
directly through one or more purchasers |
|
|
|
through agents; |
|
|
|
through broker-dealers, who may act as principals or agents;: |
|
|
|
a block trade in which a broker-dealer will attempt to sell as
agent, but may position or resell a portion of the block, as
principal, in order to facilitate the transaction; or |
|
|
|
in any combination of the above. |
Brokers or dealers engaged by the selling stockholders may
arrange for other brokers or dealers to participate in effecting
sales. Broker-dealer transactions include:
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|
|
transactions in which the broker-dealer solicits purchasers on a
best-efforts basis; |
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|
|
purchases by a broker-dealer, as principal, and resale by the
broker-dealer for its account; or |
|
|
|
ordinary brokerage transactions and transactions in which a
broker solicits purchasers. |
The selling stockholders may also enter into derivative or
hedging transactions. For example, the selling stockholders may:
|
|
|
|
|
enter into transactions with a broker-dealer or affiliate
thereof in connection with which such broker-dealer or affiliate
will engage in short sales of the common stock pursuant to this
prospectus supplement, in which case such broker-dealer or
affiliate may use shares of common stock received from the
selling stockholders to close out its short positions; |
|
|
|
sell common stock short itself and redeliver such shares to
close out its short positions; |
|
|
|
enter into option or other types of transactions that require
the selling stockholders to deliver common stock to a
broker-dealer or an affiliate thereof, who will then resell or
transfer the common stock under this prospectus supplement; |
|
|
|
loan or pledge the common stock to a broker-dealer or an
affiliate thereof, who may sell the loaned shares or, in an
event of default in the case of a pledge, sell the pledged
shares pursuant to this prospectus supplement; or |
|
|
|
enter into transactions with third parties who may (or may cause
others to) issue securities convertible or exchangeable into, or
the return of which is derived in whole or in part from the
value of, our common stock, who may use a revised prospectus
supplement to offer such securities. |
The selling stockholders may also authorize agents or
underwriters to solicit offers by certain types of institutional
investors to purchase securities at the public offering price
set forth in a revised prospectus supplement pursuant to delayed
delivery contracts or other purchase contracts providing for
payment and delivery on a specified date in the future. The
conditions to these contracts and the commission that the
selling stockholders must pay for solicitation of these
contracts will be described in the revised prospectus supplement.
S-10
The selling stockholders may negotiate and pay
broker-dealers commissions, discounts or concessions for
their services. The selling stockholders and any broker-dealers
involved in the sale or resale of the common stock may qualify
as underwriters within the meaning of
Section 2(a)(11) of the Securities Act. In addition, the
broker-dealers commissions, discounts or concessions may
qualify as underwriters compensation under the Securities
Act. If any of the selling stockholders qualifies as an
underwriter, it may be subject to the prospectus
delivery requirements of Section 5(b)(2) of the Securities
Act or the notice of registration requirements of Rule 173
under the Securities Act, if such selling stockholder is not
otherwise exempt. The selling stockholders have not entered into
any agreements, understandings or arrangements with any
underwriters or broker-dealers regarding the sale of the shares
of common stock covered by this prospectus. At any time a
particular offer of the shares of common stock covered by this
prospectus is made, a revised prospectus or prospectus
supplement, if required, will be distributed which will set
forth the aggregate amount of shares of common stock covered by
this prospectus being offered and the terms of the offering,
including the name or names of any underwriters, dealers,
brokers or agents. In addition, to the extent required, any
discounts, commissions, concessions and other items constituting
underwriters or agents compensation, as well as any
discounts, commissions or concessions allowed or reallowed or
paid to dealers, will be set forth in such revised prospectus
supplement.
The selling stockholders may agree to indemnify underwriters,
broker-dealers or agents against certain liabilities, including
liabilities under the Securities Act, and may also agree to
contribute to payments which the underwriters, broker-dealers or
agents may be required to make.
We estimate that the total expenses in connection with the offer
and sale of shares of common stock pursuant to this prospectus
supplement, other than underwriting discounts and commissions,
will be less than $250,000, including fees of our counsel and
accountants, fees payable to the SEC and listing fees.
Certain of the underwriters, broker-dealers or agents who may
become involved in the sale of the shares of common stock may
engage in transactions with and perform other services for us or
the selling stockholders in the ordinary course of their
business for which they receive customary compensation.
In addition to selling their common stock under this prospectus
supplement, the selling stockholders may:
|
|
|
|
|
transfer their common stock in private transactions not
involving market makers or established trading markets,
including directly by gift, distribution, or other transfer; |
|
|
|
agree to indemnify any broker-dealer or agent against certain
liabilities related to the selling of the common stock,
including liabilities arising under the Securities Act; |
|
|
|
sell their common stock under Rule 144 of the Securities
Act rather than under this prospectus supplement, if the
transaction meets the requirements of Rule 144; or |
|
|
|
sell their common stock by any other legally available means. |
|
|
|
Shares of our common stock are listed on the New York Stock
Exchange under the symbol NRG. |
Legal Matters
Certain legal matters as to the validity of the shares of the
common stock offered hereby have been passed upon for us by
Skadden, Arps, Slate, Meagher & Flom LLP, New York, New
York.
S-11
NRG Energy, Inc.
Debt Securities
Preferred Stock
Common Stock
NRG Energy, Inc., from time to time, may offer to sell senior or
subordinated debt securities, preferred stock and common stock.
The debt securities and preferred stock may be convertible into
or exercisable or exchangeable for our common stock, our
preferred stock, our other securities or the debt or equity
securities of one or more other entities. Our common stock is
listed on the New York Stock Exchange and trades under the
ticker symbol NRG.
We may offer and sell these securities to or through one or more
underwriters, dealers and agents, or directly to purchasers, on
a continuous or delayed basis.
This prospectus describes some of the general terms that may
apply to these securities. The specific terms of any securities
to be offered will be described in a supplement to this
prospectus.
Neither the Securities and Exchange Commission nor any other
state securities commission has approved or disapproved of these
securities or passed upon the accuracy or adequacy of this
prospectus. Any representation to the contrary is a criminal
offense.
Prospectus dated December 21, 2005
TABLE OF CONTENTS
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Where You Can Find More
Information
We file annual, quarterly and special reports, proxy statements
and other information with the Securities and Exchange
Commission, or the SEC. You can inspect and copy these reports,
proxy statements and other information at the Public Reference
Room of the SEC, 100 F Street, N.E., Washington, D.C.
20549. You can obtain copies of these materials from the Public
Reference Section of the SEC, 100 F Street, N.E.,
Washington, D.C. 20549, at prescribed rates. Please call
the SEC at
1-800-SEC-0330 for
further information on the operation of the public reference
room. NRGs SEC filings will also be available to you on
the SECs website at http://www.sec.gov and through the New
York Stock Exchange, 20 Broad Street, New York,
New York 10005, on which our common stock is listed.
We have filed with the SEC a registration statement on
Form S-3 relating
to the securities covered by this prospectus. This prospectus,
which forms a part of the registration statement, does not
contain all the information that is included in the registration
statement. You will find additional information about us in the
registration statement. Any statements made in this prospectus
concerning the provisions of legal documents are not necessarily
complete and you should read the documents that are filed as
exhibits to the registration statement or otherwise filed with
the SEC for a more complete understanding of the document or
matter.
Incorporation Of
Certain Information By Reference
The SEC allows the incorporation by reference of the
information filed by us with the SEC into this prospectus, which
means that important information can be disclosed to you by
referring you to those documents and those documents will be
considered part of this prospectus. Information that we file
later with the SEC will automatically update and supersede the
previously filed information. The documents listed below and any
future filings we make with the SEC under Sections 13(a),
13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as
amended (the Exchange Act) are incorporated by
reference herein:
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1. Our annual report on
Form 10-K for the
year ended December 31, 2004 filed on March 30, 2005. |
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2. Our Definitive Proxy Statement on Schedule 14A
filed on April 12, 2005. |
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3. Our quarterly reports on
Form 10-Q for the
quarters ended March 31, 2005 filed on May 10, 2005,
June 30, 2005 filed on August 9, 2005 and
September 30, 2005 filed on November 7, 2005. |
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4. Our current reports on
Form 8-K filed on
February 24, 2005,
Form 8-K filed on
March 3, 2005, two
Forms 8-K filed on
March 30, 2005 (which do not include information deemed
furnished for purposes of Regulation F-D),
Form 8-K filed on
May 24, 2005,
Form 8-K/ A filed
on May 24, 2005,
Form 8-K/ A filed
on May 25, 2005,
Form 8-K filed on
June 15, 2005,
Form 8-K/ A filed
on June 15, 2005,
Form 8-K filed on
June 17, 2005,
Form 8-K filed on
July 18, 2005,
Form 8-K filed on
August 1, 2005,
Form 8-K filed on
August 3, 2005,
Form 8-K filed on
August 9, 2005 (which does not include information deemed
furnished for purposes of Regulation F-D),
Form 8-K filed on
August 11, 2005,
Form 8-K filed on
September 1, 2005,
Form 8-K filed on
September 7, 2005 (which does not include information
deemed furnished for purposes of
Regulation F-D),
Form 8-K filed on
October 3, 2005,
Form 8-K filed on
October 12, 2005,
Form 8-K filed on
November 7, 2005 (which does not include information deemed
furnished for purposes of Regulation F-D),
Form 8-K filed on December 20, 2005 and
Form 8-K filed on
December 21, 2005. |
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5. The description of our common stock contained in the
Registration Statement on
Form 8-A dated
March 22, 2004 filed with the SEC to register such
securities under the Securities and Exchange Act of 1934, as
amended, including any amendment or report filed for the purpose
of updating such description. |
ii
If you make a request for such information in writing or by
telephone, we will provide you, without charge, a copy of any or
all of the information incorporated by reference into this
prospectus. Any such request should be directed to:
NRG Energy, Inc.
211 Carnegie Center
Princeton, NJ 08540
(609) 524-4500
Attention: General Counsel
You should rely only on the information contained in, or
incorporated by reference in, this prospectus. We have not
authorized anyone else to provide you with different or
additional information. This prospectus does not offer to sell
or solicit any offer to buy any notes in any jurisdiction where
the offer or sale is unlawful. You should not assume that the
information in this prospectus or in any document incorporated
by reference is accurate as of any date other than the date on
the front cover of the applicable document.
Disclosure Regarding
Forward-Looking Statements
This prospectus, any accompanying prospectus supplement and the
documents incorporated by reference herein and therein may
contain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements are subject to certain risks,
uncertainties and assumptions that include, but are not limited
to, expected earnings and cash flows, future growth and
financial performance and the expected synergies and other
benefits of the acquisition of Texas Genco LLC described herein
(including the documents incorporated herein by reference), and
typically can be identified by the use of words such as
will, expect, estimate,
anticipate, forecast, plan,
believe and similar terms. Although we believe that
our expectations are reasonable, we can give no assurance that
these expectations will prove to have been correct, and actual
results may vary materially. Factors that could cause actual
results to differ materially from those contemplated above
include, among others:
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Risks and uncertainties related to the capital markets
generally, including increases in interest rates and the
availability of financing for the acquisition of Texas Genco LLC; |
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NRGs indebtedness and the additional indebtedness that it
will incur in connection with the acquisition of Texas Genco LLC; |
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NRGs ability to successfully complete the acquisition of
Texas Genco LLC, regulatory or other limitations that may be
imposed as a result of the acquisition of Texas Genco LLC, and
the success of the business following the acquisition of Texas
Genco LLC; |
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General economic conditions, changes in the wholesale power
markets and fluctuations in the cost of fuel or other raw
materials; |
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Hazards customary to the power production industry and power
generation operations such as fuel and electricity price
volatility, unusual weather conditions, catastrophic
weather-related or other damage to facilities, unscheduled
generation outages, maintenance or repairs, unanticipated
changes to fossil fuel supply costs or availability due to
higher demand, shortages, transportation problems or other
developments, environmental incidents, or electric transmission
or gas pipeline system constraints and the possibility that we
may not have adequate insurance to cover losses as a result of
such hazards; |
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NRGs potential inability to enter into contracts to sell
power and procure fuel on terms and prices acceptable to it; |
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The liquidity and competitiveness of wholesale markets for
energy commodities; |
iii
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Changes in government regulation, including possible changes of
market rules, market structures and design, rates, tariffs,
environmental laws and regulations and regulatory compliance
requirements; |
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Price mitigation strategies and other market structures or
designs employed by independent system operators, or ISOs, or
regional transmission organizations, or RTOs, that result in a
failure to adequately compensate our generation units for all of
their costs; |
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NRGs ability to realize its significant deferred tax
assets, including loss carry forwards; |
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The effectiveness of NRGs risk management policies and
procedures and the ability of NRGs counterparties to
satisfy their financial commitments; |
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Counterparties collateral demands and other factors
affecting NRGs liquidity position and financial condition; |
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NRGs ability to operate its businesses efficiently, manage
capital expenditures and costs (including general and
administrative expenses) tightly and generate earnings and cash
flow from its asset-based businesses in relation to its debt and
other obligations; and |
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Significant operating and financial restrictions placed on NRG
contained in the indenture governing its 8% second priority
senior secured notes due 2013, its amended and restated credit
facility as well as in debt and other agreements of certain of
NRGs subsidiaries and project affiliates generally. |
iv
NRG Energy,
Inc.
NRG Energy is a wholesale power generation company, primarily
engaged in the ownership and operation of power generation
facilities, the transacting in and trading of fuel and
transportation services and the marketing and trading of energy,
capacity and related products in the United States and
internationally. We have a diverse portfolio of electric
generation facilities in terms of geography, fuel type and
dispatch levels. Our principal domestic generation assets
(without giving effect to the acquisition of Texas Genco LLC)
consist of a diversified mix of natural gas-, coal- and
oil-fired facilities, representing approximately 40%, 30% and
30% of our total domestic generation capacity, respectively. In
addition (without giving effect to the acquisition of Texas
Genco LLC), approximately 15% of our domestic generating
facilities have dual-or multiple-fuel capacity, which render the
ability for plants to dispatch with the lowest cost fuel option.
Our two principal operating objectives are to optimize
performance of our entire portfolio, and to protect and enhance
the market value of our physical and contractual assets through
the execution of risk management, marketing and trading
strategies within well-defined risk and liquidity guidelines. We
manage the assets in our core regions on a portfolio basis as
integrated businesses in order to maximize profits and minimize
risk. Our business involves the reinvestment of capital in our
existing assets for reasons of repowering, expansion, pollution
control, operating efficiency, reliability programs, greater
fuel optionality, greater merit order diversity, and enhanced
portfolio effect, among other reasons. Our business also may
involve acquisitions intended to complement the asset portfolios
in our core regions. From time to time we may also consider and
undertake other merger and acquisition transactions that are
consistent with our strategy, such as our pending acquisition of
Texas Genco LLC.
On September 30, 2005, we entered into an acquisition
agreement, or the Acquisition Agreement, with Texas Genco LLC
and each of the direct and indirect owners of equity interests
in Texas Genco LLC, or the Sellers. Pursuant to the Acquisition
Agreement, we agreed to purchase all of the outstanding equity
interests in Texas Genco LLC for a total purchase price of
approximately $5.825 billion and the assumption by us of
approximately $2.5 billion of indebtedness. The purchase
price is subject to adjustment, and includes an equity component
valued at $1.8 billion based on a price per share of $40.50
of NRGs common stock. As a result of the Acquisition,
Texas Genco LLC will become a wholly owned subsidiary of NRG and
will nearly double our U.S. generation portfolio from
approximately 12,005 Megawatts to 23,124 Megawatts.
We were incorporated as a Delaware corporation on May 29,
1992. Our common stock is listed on the New York Stock Exchange
under the symbol NRG. Our headquarters and principal
executive offices are located at 211 Carnegie Center, Princeton,
New Jersey 08540. Our telephone number is
(609) 524-4500.
You can get more information regarding our business by reading
our Annual Report on
Form 10-K for the
fiscal year ended December 31, 2004, and the other reports
we file with the Securities and Exchange Commission. See
Where You Can Find More Information.
1
Description Of
Securities We May Offer
Debt Securities And
Guarantees
We may offer secured or unsecured debt securities, which may be
convertible. Our debt securities and any related guarantees will
be issued under an indenture to be entered into between us and
Law Debenture Trust Company of New York. Holders of our
indebtedness will be structurally subordinated to holders of any
indebtedness (including trade payables) of any of our
subsidiaries that do not guarantee our payment obligations under
such indebtedness.
We have summarized certain general features of the debt
securities from the indenture. A form of indenture is attached
as an exhibit to the registration statement of which this
prospectus forms a part. The following description of the terms
of the debt securities and the guarantees sets forth certain
general terms and provisions. The particular terms of the debt
securities and guarantees offered by any prospectus supplement
and the extent, if any, to which such general provisions may
apply to the debt securities and guarantees will be described in
the related prospectus supplement. Accordingly, for a
description of the terms of a particular issue of debt
securities, reference must be made to both the related
prospectus supplement and to the following description.
General
The aggregate principal amount of debt securities that may be
issued under the indenture is unlimited. The debt securities may
be issued in one or more series as may be authorized from time
to time.
Reference is made to the applicable prospectus supplement for
the following terms of the debt securities (if applicable):
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title and aggregate principal amount; |
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whether the securities will be senior or subordinated; |
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applicable subordination provisions, if any; |
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whether securities issued by us will be entitled to the benefits
of the guarantees or any other form of guarantee; |
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conversion or exchange into other securities; |
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whether securities issued by us will be secured or unsecured,
and if secured, what the collateral will consist of; |
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percentage or percentages of principal amount at which such
securities will be issued; |
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maturity date(s); |
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interest rate(s) or the method for determining the interest
rate(s); |
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dates on which interest will accrue or the method for
determining dates on which interest will accrue and dates on
which interest will be payable; |
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redemption (including upon a change of control) or
early repayment provisions; |
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authorized denominations; |
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form; |
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amount of discount or premium, if any, with which such
securities will be issued; |
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whether such securities will be issued in whole or in part in
the form of one or more global securities; |
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identity of the depositary for global securities; |
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whether a temporary security is to be issued with respect to
such series and whether any interest payable prior to the
issuance of definitive securities of the series will be credited
to the account of the persons entitled thereto; |
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the terms upon which beneficial interests in a temporary global
security may be exchanged in whole or in part for beneficial
interests in a definitive global security or for individual
definitive securities; |
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conversion or exchange features; |
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any covenants applicable to the particular debt securities being
issued; |
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any defaults and events of default applicable to the particular
debt securities being issued; |
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currency, currencies or currency units in which the purchase
price for, the principal of and any premium and any interest on,
such securities will be payable; |
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time period within which, the manner in which and the terms and
conditions upon which the purchaser of the securities can select
the payment currency; |
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securities exchange(s) on which the securities will be listed,
if any; |
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whether any underwriter(s) will act as market maker(s) for the
securities; |
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extent to which a secondary market for the securities is
expected to develop; |
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additions to or changes in the events of default with respect to
the securities and any change in the right of the trustee or the
holders to declare the principal, premium and interest with
respect to such securities to be due and payable; |
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provisions relating to covenant defeasance and legal defeasance; |
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provisions relating to satisfaction and discharge of the
indenture; |
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provisions relating to the modification of the indenture both
with and without the consent of holders of debt securities
issued under the indenture; and |
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additional terms not inconsistent with the provisions of the
indenture. |
One or more series of debt securities may be sold at a
substantial discount below their stated principal amount,
bearing no interest or interest at a rate which at the time of
issuance is below market rates. One or more series of debt
securities may be variable rate debt securities that may be
exchanged for fixed rate debt securities.
United States federal income tax consequences and special
considerations, if any, applicable to any such series will be
described in the applicable prospectus supplement.
Debt securities may be issued where the amount of principal
and/or interest payable is determined by reference to one or
more currency exchange rates, commodity prices, equity indices
or other factors. Holders of such securities may receive a
principal amount or a payment of interest that is greater than
or less than the amount of principal or interest otherwise
payable on such dates, depending upon the value of the
applicable currencies, commodities, equity indices or other
factors. Information as to the methods for determining the
amount of principal or interest, if any, payable on any date,
the currencies, commodities, equity indices or other factors to
which the amount payable on such date is linked and certain
additional United States federal income tax considerations will
be set forth in the applicable prospectus supplement.
The term debt securities includes debt securities
denominated in U.S. dollars or, if specified in the
applicable prospectus supplement, in any other freely
transferable currency or units based on or relating to foreign
currencies.
We expect most debt securities to be issued in fully registered
form without coupons and in denominations of $1,000 or $5,000
and any integral multiples thereof. Subject to the limitations
provided in the indenture and in the prospectus supplement, debt
securities that are issued in registered form may
3
be transferred or exchanged at the office of the trustee
maintained in the Borough of Manhattan, The City of New York or
the principal corporate trust office of the trustee, without the
payment of any service charge, other than any tax or other
governmental charge payable in connection therewith.
Guarantees
Any debt securities may be guaranteed by one or more of our
direct or indirect subsidiaries. Each prospectus supplement will
describe any guarantees for the benefit of the series of debt
securities to which it relates, including required financial
information of the subsidiary guarantors, as applicable.
Global Securities
The debt securities of a series may be issued in whole or in
part in the form of one or more global securities that will be
deposited with, or on behalf of, a depositary (the
depositary) identified in the prospectus supplement.
Global securities will be issued in registered form and in
either temporary or definitive form. Unless and until it is
exchanged in whole or in part for the individual debt
securities, a global security may not be transferred except as a
whole by the depositary for such global security to a nominee of
such depositary or by a nominee of such depositary to such
depositary or another nominee of such depositary or by such
depositary or any such nominee to a successor of such depositary
or a nominee of such successor. The specific terms of the
depositary arrangement with respect to any debt securities of a
series and the rights of and limitations upon owners of
beneficial interests in a global security will be described in
the applicable prospectus supplement.
Governing Law
The indenture, the debt securities and the guarantees shall be
construed in accordance with and governed by the laws of the
State of New York, without giving effect to the principles
thereof relating to conflicts of law.
Preferred
Stock
The following briefly summarizes the material terms of our
preferred stock, other than pricing and related terms that will
be disclosed in an accompanying prospectus supplement. You
should read the particular terms of any series of preferred
stock offered by us, which will be described in more detail in
any prospectus supplement relating to such series, together with
the more detailed provisions of our amended and restated
certificate of incorporation and the certificate of designation
relating to each particular series of preferred stock for
provisions that may be important to you. The certificate of
incorporation, as amended and restated, is incorporated by
reference into the registration statement of which this
prospectus forms a part. The certificate of designation relating
to the particular series of preferred stock offered by an
accompanying prospectus supplement and this prospectus will be
filed as an exhibit to a document incorporated by reference in
the registration statement. The prospectus supplement will also
state whether any of the terms summarized below do not apply to
the series of preferred stock being offered.
As of the date of this prospectus, we are authorized to issue up
to 10,000,000 shares of preferred stock, par value
$0.01 per share. As of December 16, 2005,
420,000 shares of 4% Convertible Perpetual Preferred
Stock were outstanding and 250,000 shares of
3.625% Convertible Perpetual Preferred Stock were
outstanding. Under our amended and restated certificate of
incorporation, our board of directors is authorized to issue
shares of preferred stock in one or more series, and to
establish from time to time a series of preferred stock with the
following terms specified:
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the number of shares to be included in the series; |
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the designation, powers, preferences and rights of the shares of
the series; and |
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the qualifications, limitations or restrictions of such series. |
4
Prior to the issuance of any series of preferred stock, our
board of directors will adopt resolutions creating and
designating the series as a series of preferred stock and the
resolutions will be filed in a certificate of designation as an
amendment to the amended and restated certificate of
incorporation. The term board of directors includes
any duly authorized committee.
The rights of holders of the preferred stock offered may be
adversely affected by the rights of holders of any shares of
preferred stock that may be issued in the future. Our board of
directors may cause shares of preferred stock to be issued in
public or private transactions for any proper corporate purpose.
Examples of proper corporate purposes include issuances to
obtain additional financing in connection with acquisitions or
otherwise, and issuances to our or our subsidiaries
officers, directors and employees pursuant to benefit plans or
otherwise. Shares of preferred stock we issue may have the
effect of rendering more difficult or discouraging an
acquisition of us deemed undesirable by our board of directors.
The preferred stock will be, when issued, fully paid and
nonassessable. Holders of preferred stock will not have any
preemptive or subscription rights to acquire more of our stock.
The transfer agent, registrar, dividend disbursing agent and
redemption agent for shares of each series of preferred stock
will be named in the prospectus supplement relating to such
series.
Rank
Unless otherwise specified in the prospectus supplement relating
to the shares of a series of preferred stock, such shares will
rank on an equal basis with each other series of preferred stock
and prior to the common stock as to dividends and distributions
of assets.
Dividends
Holders of each series of preferred stock will be entitled to
receive cash dividends when, as and if declared by our board of
directors out of funds legally available for dividends. The
rates and dates of payment of dividends will be set forth in the
prospectus supplement relating to each series of preferred
stock. Dividends will be payable to holders of record of
preferred stock as they appear on our books or, if applicable,
the records of the depositary referred to below on the record
dates fixed by the board of directors. Dividends on a series of
preferred stock may be cumulative or noncumulative.
We may not declare, pay or set apart for payment dividends on
the preferred stock unless full dividends on other series of
preferred stock that rank on an equal or senior basis have been
paid or sufficient funds have been set apart for payment for
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all prior dividend periods of other series of preferred stock
that pay dividends on a cumulative basis; or |
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the immediately preceding dividend period of other series of
preferred stock that pay dividends on a noncumulative basis. |
Partial dividends declared on shares of preferred stock and each
other series of preferred stock ranking on an equal basis as to
dividends will be declared pro rata. A pro rata declaration
means that the ratio of dividends declared per share to accrued
dividends per share will be the same for each series of
preferred stock.
Similarly, we may not declare, pay or set apart for payment
non-stock dividends or make other payments on the common stock
or any other of our stock ranking junior to the preferred stock
until full dividends on the preferred stock have been paid or
set apart for payment for
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all prior dividend periods if the preferred stock pays dividends
on a cumulative basis; or |
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the immediately preceding dividend period if the preferred stock
pays dividends on a noncumulative basis. |
5
Conversion and Exchange
The prospectus supplement for a series of preferred stock will
state the terms, if any, on which shares of that series are
convertible into or exchangeable for shares of our common stock,
our preferred stock, our other securities or the debt or equity
securities of one or more other entities.
Redemption and Sinking Fund
If so specified in the applicable prospectus supplement, a
series of preferred stock may be redeemable at any time, in
whole or in part, at our option or the option of the holder
thereof and may be mandatorily redeemed. Any partial redemptions
of preferred stock will be made in a way that the board of
directors decides is equitable.
Unless we default in the payment of the redemption price,
dividends will cease to accrue after the redemption date on
shares of preferred stock called for redemption and all rights
of holders of such shares will terminate except for the right to
receive the redemption price.
No series of preferred stock will receive the benefit of a
sinking fund except as set forth in the applicable prospectus
supplement.
Liquidation Preference
Upon any voluntary or involuntary liquidation, dissolution or
winding up, holders of each series of preferred stock will be
entitled to receive distributions upon liquidation in the amount
set forth in the prospectus supplement relating to such series
of preferred stock, plus an amount equal to any accrued and
unpaid dividends. Such distributions will be made before any
distribution is made on any securities ranking junior relating
to liquidation, including common stock.
If the liquidation amounts payable relating to the preferred
stock of any series and any other securities ranking on a parity
regarding liquidation rights are not paid in full, the holders
of the preferred stock of such series and such other securities
will share in any such distribution of our available assets on a
ratable basis in proportion to the full liquidation preferences.
Holders of such series of preferred stock will not be entitled
to any other amounts from us after they have received their full
liquidation preference.
Voting Rights
The holders of shares of preferred stock will have no voting
rights, except:
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as otherwise stated in the prospectus supplement; |
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as otherwise stated in the certificate of designation
establishing such series; and |
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as required by applicable law. |
Holders of our 4% Convertible Perpetual Preferred Stock are
entitled to one vote for each share held by such holder on all
matters voted upon by our common stockholders.
Common Stock
The following description of our common stock is only a summary.
We encourage you to read our amended and restated certificate of
incorporation, which is incorporated by reference into the
registration statement of which this prospectus forms a part. As
of the date of this prospectus, we are authorized to issue up to
500,000,000 shares of common stock, $0.01 par value
per share. As of December 16, 2005, we had outstanding
80,701,888 shares of our common stock.
6
Liquidation Rights
Upon voluntary or involuntary liquidation, dissolution or
winding up, the holders of our common stock share ratably in the
assets remaining after payments to creditors and provision for
the preference of any preferred stock.
Dividends
Except as otherwise provided by the Delaware General Corporation
Law or our amended and restated certificate of incorporation,
the holders of our common stock, subject to the rights of
holders of any series of preferred stock, shall share ratably in
all dividends as may from time to time be declared by our board
of directors in respect of our common stock out of funds legally
available for the payment thereof and payable in cash, stock or
otherwise, and in all other distributions (including, without
limitation, our dissolution, liquidation and winding up),
whether in respect of liquidation or dissolution (voluntary or
involuntary) or otherwise, after payment of liabilities and
liquidation preference on any outstanding preferred stock.
Voting Rights
Except as otherwise provided by the Delaware General Corporation
Law or our certificate of incorporation and subject to the
rights of holders of any series of preferred stock, all the
voting power of our stockholders shall be vested in the holders
of our common stock, and each holder of our common stock shall
have one vote for each share held by such holder on all matters
voted upon by our stockholders.
Subject to the rights of holders of any outstanding shares of
preferred stock to act by written consent, our stockholders may
not take any action by written consent in lieu of a meeting and
must take any action at a duly called annual or special meeting
of stockholders.
The affirmative vote of holders of at least two-thirds of the
combined voting power of our outstanding shares eligible to vote
in the election of directors is required to alter, amend or
repeal provisions in the amended and restated certificate of
incorporation regarding indemnification, classification of
directors, action by written consent and changes to voting
requirements applicable to such provisions.
Conversion and Exchange
Our common stock is not convertible into, or exchangeable for,
any other class or series of our capital stock.
Miscellaneous
Holders of our common stock have no preemptive or other rights
to subscribe for or purchase additional securities of ours. We
are subject to Section 203 of the DGCL. Shares of our
common stock are not subject to calls or assessments. No
personal liability will attach to holders of our common stock
under the laws of the State of Delaware (our state of
incorporation) or of the State of New Jersey (the state in which
our principal place of business is located). All of the
outstanding shares of our common stock are fully paid and
nonassessable. Our common stock is listed and traded on the New
York Stock Exchange under the symbol NRG.
Ratios Of Earnings To
Fixed Charges and Earnings To Combined Fixed Charges and
Preference Dividends
The ratios of earnings to fixed charges and earnings to combined
fixed charges and preference dividends for the periods indicated
are stated below. For this purpose, earnings include
pre-tax income (loss) before adjustments for minority interest
in our consolidated subsidiaries and income or loss from equity
investees, plus fixed charges and distributed income of equity
investees, reduced by interest
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capitalized. Fixed charges include interest, whether
expensed or capitalized, amortization of debt expense and the
portion of rental expense that is representative of the interest
factor in these rentals. Preference dividends equals
the amount of pre-tax earnings that is required to pay the
dividends on outstanding preference securities.
Predecessor Company refers to NRGs operations
prior to December 6, 2003, before emergence from bankruptcy
and Reorganized NRG refers to NRGs operations
from December 6, 2003 onwards, after emergence from
bankruptcy.
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December 6, | |
|
January 1, | |
|
Ended | |
|
|
Ended | |
|
Ended | |
|
2003 through | |
|
2003 through | |
|
December 31, | |
|
|
September 30, | |
|
December 31, | |
|
December 31, | |
|
December 5, | |
|
| |
|
|
2005 | |
|
2004 | |
|
2003 | |
|
2003 | |
|
2002 | |
|
2001 | |
|
2000 | |
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
Ratio of Earnings to Fixed Charges
|
|
|
1.19 |
x |
|
|
1.83 |
x |
|
|
1.68 |
x |
|
|
9.82 |
x(1) |
|
|
|
(2) |
|
|
1.26 |
x |
|
|
1.81 |
x |
Ratio of Earnings to Combined Fixed Charges and Preference
Dividends
|
|
|
1.04 |
x |
|
|
1.82 |
x |
|
|
1.68 |
x |
|
|
9.82 |
x(1) |
|
|
|
(2) |
|
|
1.26 |
x |
|
|
1.81 |
x |
|
|
(1) |
For the period January 1, 2003 through December 5,
2003, the earnings include a one time earning of $4,118,636,000
due to Fresh Start adjustments. |
|
(2) |
For the year ended December 31, 2002, the deficiency of
earnings to fixed charges was $3,023,467,000. |
Use Of
Proceeds
We intend to use the net proceeds from the sales of the
securities as set forth in the applicable prospectus supplement.
Validity Of The
Securities
In connection with particular offerings of the securities in the
future, and if stated in the applicable prospectus supplements,
the validity of those securities may be passed upon for the
Company by Skadden, Arps, Slate, Meagher & Flom LLP,
New York, New York, and for any underwriters or agents by
counsel named in the applicable prospectus supplement.
Experts
The consolidated financial statements and schedule of NRG
Energy, Inc. (the Company) as of December 31, 2004, and for
the year then ended, and managements assessment of the
effectiveness of internal control over financial reporting as of
December 31, 2004, included in the Companys
Form 10-K, as
amended on
Form 8-K dated
December 20, 2005, which is incorporated by reference in
this registration statement, have been incorporated by reference
herein in reliance upon the reports of KPMG LLP, an independent
registered accounting firm, incorporated by reference herein,
and upon the authority of said firm as experts in accounting and
auditing.
The consolidated financial statements and schedule of NRG South
Central Generating LLC and subsidiaries and the financial
statements and schedule of Louisiana Generating LLC as of
December 31, 2004 and for the year then ended, the
consolidated financial statements of NRG Northeast Generating
LLC and subsidiaries, NRG Mid Atlantic Generating LLC and
subsidiaries, NRG International LLC and subsidiaries and the
financial statements of Indian River Power LLC and subsidiaries
as of December 31, 2004 and for the year then ended, the
financial statements of Oswego Harbor Power LLC as of
December 31, 2004 and 2003 and for the year ended
December 31, 2003 and the period from December 6, 2003
to December 31, 2003 and the statements of operations,
members equity and comprehensive income and cash flows of
Oswego Harbor Power LLC for the period from January 1, 2003
8
to December 5, 2003, have been incorporated by reference
herein in reliance on the reports of KPMG LLP, an
independent registered public accounting firm, incorporated by
reference herein, and upon authority of said firm as experts in
accounting and auditing.
The consolidated financial statements of NRG Energy, Inc. as of
December 31, 2003 and for the period December 6, 2003
through December 31, 2003, the period January 1, 2003
through December 5, 2003 and the year ended
December 31, 2002 incorporated in this prospectus by
reference to NRG Energy, Inc.s annual report on
Form 10-K for the year ended December 31, 2004, as
amended on Form 8-K dated December 20, 2005, which is
incorporated by reference in this registration statement, have
been so incorporated in reliance on the reports of
PricewaterhouseCoopers LLP, an independent registered public
accounting firm, given on the authority of said firm as experts
in auditing and accounting.
The consolidated financial statements of NRG Northeast
Generating LLC, NRG South Central Generating LLC, Louisiana
Generating LLC, NRG Mid Atlantic Generating LLC, Indian River
Power LLC, and NRG International LLC as of December 31,
2003 and for the period from December 6, 2003 through
December 31, 2003, the period from January 1, 2003
through December 5, 2003 and the year ended
December 31, 2002 incorporated in this prospectus by
reference to NRG Energy, Inc.s current report on
Form 8-K dated June 14, 2005, have been so
incorporated in reliance on the reports of
PricewaterhouseCoopers LLP, an independent registered public
accounting firm, given on the authority of said firm as experts
in auditing and accounting.
The consolidated financial statements of West Coast Power LLC
incorporated in this prospectus by reference to NRG Energy,
Inc.s annual report on Form 10-K for the year ended
December 31, 2004, as amended on Form 8-K dated
December 20, 2005, which is incorporated by reference in
this registration statement, have been so incorporated in
reliance on the report of PricewaterhouseCoopers LLP, an
independent registered public accounting firm, given on the
authority of said firm as experts in auditing and accounting.
The consolidated balance sheet of Texas Genco LLC and
subsidiaries as of December 31, 2004 and the related
consolidated statements of operations, cash flows, members
equity and comprehensive loss for the period from July 19,
2004 to December 31, 2004, all incorporated in this
prospectus by reference to NRG Energy, Inc.s current
report on
Form 8-K, filed on
December 21, 2005, have been audited by Deloitte &
Touche LLP, an independent registered public accounting firm, as
stated in their report, which is incorporated herein by
reference and has been so incorporated in reliance upon the
report of such firm given upon their authority as experts in
accounting and auditing.
The consolidated balance sheet of Texas Genco Holdings, Inc. and
subsidiaries as of December 31, 2003 and 2004 and the
related statements of consolidated operations, cash flows, and
capitalization and shareholders equity for each of the
three years for the period ended December 31, 2004, and the
statement of consolidated comprehensive loss for each of the
three years for the period ended December 31, 2004, all
incorporated in this prospectus by reference to NRG Energy,
Inc.s current report on
Form 8-K, filed on
December 21, 2005, have been audited by Deloitte &
Touche LLP, an independent registered public accounting firm, as
stated in their report, which is incorporated herein by
reference and has been so incorporated in reliance upon the
report of such firm given upon their authority as experts in
accounting and auditing.
9