Q1 2023 NRG Energy Inc Earnings Call

Okay.

Good day, and thank you for standing by and welcome to the energy Energy first quarter 2023 earnings call. At this time, all participants are in listen only mode.

The speaker's presentation there'll be a question and answer session to ask a question. During the session you will need to press star one one on your telephone you will then hear an automated message advising your hand is raised.

To withdraw your question. Please please press star one again.

Please be advised that today's conference is being recorded I would now like to hand, the conference over to your first speaker today, Kevin Cole Treasurer and head of Investor Relations.

Thank you Sean good morning, and welcome to NRG Energy's first quarter 2023 earnings call. This morning's call will be 45 minutes in length is being broadcast live over the phone and via webcast, which can be located in the investors section of our website at www Dot NRG dot com under presentations and webcast.

Please note that today's discussion may contain forward looking statements, which are based on assumptions that we believe to be reasonable as of the states actual results may differ materially we urge everyone to review the safe Harbor in today's presentation as well as the risk factors in our SEC filings. We undertake no obligation to update these data as a result of future events, except as required by law.

Additionally, we will refer to both GAAP and non-GAAP financial measures for information regarding our non-GAAP financial measures. Please see the reconciliation in the back of the earnings presentation.

With that I'll turn the call over to rest of the terrorists Nrg's President and CEO .

Thank you Kevin Good morning, everyone and thank you for your interest in NRG.

I'm joined this morning by Alberta performed model Chief Financial Officer, and also on the call and available for questions are other members of our management team, including the Rajiv Patel and smartphone.

I'd like to start on slide four with the three key messages for today's presentation.

First our wholesale and retail businesses performed well during the first quarter and delivered strong financial results.

We are focused on our core energy operations and have taken steps to make our platform more predictable and resilient.

This brings me to my second point.

We are seeing improving market fundamentals that should benefit our portfolio as we head into the summer.

We are also updating our 2023 guidance ranges to account for these acquisition.

Moving to the first quarter results on slide five.

This is a 28% improvement from last year, when adjusted for asset sales and retirements.

These results were driven primarily by strong operations in our core energy business.

Direct energy synergies.

The issue on a one month of <unk> earnings.

During the quarter, we made good progress in advancing our strategic priorities.

We grew our customer acquisition efforts to provide consumers an alternative to rising incumbent utility prices.

While we have only owned <unk> for one month.

First the <unk> App now includes solar production data. So our customers can now actively monitor their energy conservation and cost savings.

In total we expect $400 million of recurrent synergies to be achieved over the next three years.

On the right hand side of the slide you will see the scorecard for Vivek.

As a reminder, the original 2022 pro forma free cash flow before growth included the free cash flow before growth the impact of synergies and Additionally finished on the acquisition date.

Now turning to strike to slide 11 for a brief update on our 2023 capital allocation.