14.8.2007: Meldung: NRG Energy, Inc.: Phase II of Capital Allocation Plan Completed
Company Release - 08/13/2007 17:07
NRG Energy, Inc. (NYSE:NRG) has completed Phase II of the previously announced $1 billion Capital Allocation Plan. From the inception of Phase II on November 3, 2006 through August 13, 2007, the Company repurchased approximately 15.4 million common shares at an aggregate cost of approximately $500 million, for a volume weighted average price of $32.40 per share. Phase I was completed in the fourth quarter 2006, with the repurchase of 21,175,400 shares for approximately $500 million, for a volume weighted average price of $23.61 per share. Since NRG"s emergence from bankruptcy in December 2003, through the completion of Phase II, NRG has repurchased approximately 75.3 million common shares at an aggregate cost of $1.66 billion, for a volume weighted average price per share of approximately $22.09.
"The value of our ongoing commitment to return capital to shareholders is clearly demonstrated by the repurchase results since inception," said Robert Flexon, NRG"s Executive Vice President and Chief Financial Officer. "Having a balanced approach in allocating the Company"s substantial cash flows for business reinvestment, while also offering immediate shareholder returns, provides the foundation for sustainable long term shareholder gains. The cash flow productivity of our portfolio allows for this capital allocation philosophy."
The next phase of NRG"s Capital Allocation Plan is expected to commence early 2008. As previously announced, the Company"s total annual targeted return of capital to shareholders is expected to be approximately 3% of NRG"s current market capitalization. The Company plans to achieve this through a combination of share repurchases and/or dividends, depending on market conditions and other factors.
A Fortune 500 company, NRG Energy, Inc. owns and operates a diverse portfolio of power-generating facilities, primarily in Texas and the Northeast, South Central and West regions of the United States and also in Australia, Germany and Brazil. NRG is a member of USCAP, a diverse group of business and environmental organizations standing together in calling for mandatory legislation to achieve significant reductions of greenhouse gas emissions. NRG is also a founding member of "3C--Combat Climate Change," a global initiative with 42 business leaders calling on the global business community to take a leadership role in designing the road map to a low carbon society. More information on NRG is available at www.nrgenergy.com.
Source: NRG Energy, Inc.
Contact: NRG Energy, Inc.
Meredith Moore, 609-524-4522
Lori Neuman, 609-524-4525
Nahla Azmy, 609-524-4526
Kevin Kelly, 609-524-4527