2014 Results and Financial Highlights

$3,128 million of Adjusted EBITDA, including $2,134 million delivered by NRG Business and NRG Renew, $604 million by NRG Home Retail, $455 million by NRG Yield, and $65 million of negative contribution from investment in NRG Home Solar $951 million of Free Cash Flow (FCF) before growth investments for full-year 2014 $830 million of capital replenished at NRG following dropdowns to NRG Yield announced in 2014

Business and Operational Highlights

$3.5 billion Edison Mission Energy (EME) acquisition now fully integrated Over 1 GW of new long-term contracts awarded in California 1.6 million tons/year carbon expected to be captured from Petra Nova WA Parish CCS-EOR project now under construction 627,000 increase in NRG Home Retail recurring customer count 13,390 aggregate new NRG Home Solar lease customers at year end (projecting 35,000-40,000 aggregate by year end 2015) 947 MW Alta Wind facility acquired by NRG Yield for $870 million 1 PH Robinson (360 MW 2 ) peaking plant under construction in Houston (approximately $400/kw installed cost) Up to 70 MW of distributed generation to be installed at up to 170 sites through a recently announced deal with Kaiser Permanente

2015 Financial Guidance and Capital Allocation

2015 Guidance is reaffirmed as follows:

Adjusted EBITDA of $3,200-$3,400 million 3 FCF before growth investments of $1,100-$1,300 million 3

2015 Capital Allocation:

4% increase in NRG common stock dividend to $0.58 per share annually Proposed recapitalization of NRG Yield through the creation of new classes of stock permitting more efficient means to raise capital to fund growth

February 27, 2015 06:55 AM Eastern Standard Time

PRINCETON, N.J.—( BUSINESS WIRE )—NRG Energy, Inc. (NYSE:NRG) today reported 2014 full-year Adjusted EBITDA of $3,128 million with $2,134 million from NRG Business and NRG Renew combined, $539 million from NRG Home (including a $65 million negative contribution from investment in NRG Home Solar) and $455 million from NRG Yield. Adjusted Cash Flow from Operations totaled $1,525 million for 2014. Net income for the 12 months of 2014 was $134 million, or $0.23 per diluted common share, compared to a net loss of ($386) million, or ($1.22) per diluted common share in 2013.

“Through outstanding execution across all our businesses, NRG withstood the headwinds of a mild summer and declining commodity price environment to post strong financial results in 2014 and positioned ourselves well for growth in 2015,” said David Crane, NRG President and Chief Executive Officer.

The results of the company have been restated in order to reflect the reorganization of NRG’s existing businesses on the basis of their key target customer segments. NRG reorganized in 2014 to better serve energy consumers with the choice of energy solutions and services that each segment demands: NRG Business, NRG Home (including NRG Home Retail and NRG Home Solar), NRG Renew, and NRG Yield.