NRG Energy (NRG)
Q3 2012 Earnings Call
November 02, 2012 8:30 am ET
Chad Plotkin - Vice President of Investor Relations
David W. Crane - Chief Executive Officer, President, Executive Director and Member of Nuclear Oversight Committee
Mauricio Gutierrez - Chief Operating Officer and Executive Vice President
Kirkland B. Andrews - Chief Financial Officer and Executive Vice President
Elizabeth Killinger - Senior Vice President for Residential & Operations and President of Reliant Energy
Christopher S. Moser - Chairman, Chief Executive Officer, and President
Jonathan Cohen - ISI Group Inc., Research Division
Keith Stanley - Deutsche Bank AG, Research Division
Neil Mehta - Goldman Sachs Group Inc., Research Division
Stephen Byrd - Morgan Stanley, Research Division
Anthony C. Crowdell - Jefferies & Company, Inc., Research Division
Julien Dumoulin-Smith - UBS Investment Bank, Research Division
Angie Storozynski - Macquarie Research
Gregg Orrill - Barclays Capital, Research Division
Brandon Blossman - Tudor, Pickering, Holt & Co. Securities, Inc., Research Division
Steven I. Fleishman - BofA Merrill Lynch, Research Division
Previous Statements by NRG
» NRG Energy Management Discusses Q2 2012 Results - Earnings Call Transcript
» NRG Energy's CEO Discusses Q1 2012 Results - Earnings Call Transcript
» NRG Energy's CEO Discusses Q4 2011 Results - Earnings Call Transcript
Thank you, Laura, and good morning, everyone. I'd like to welcome you to NRG's Third Quarter 2012 Earnings Call. This morning's call is being broadcast live over the phone and via webcast, which can be located on our website at www.nrgenergy.com. You can access the call, associated presentation material, as well as a replay of the call in the Investor Relations section of our website. This call, including the presentation and Q&A session, will be limited to 1 hour. [Operator Instructions]. Before we begin, I urge everyone to review the Safe Harbor information provided in today's presentation, which explains the risks and uncertainties associated with future events and the forward-looking statements made in today's press release and presentation material.
We caution you to consider the important risk factors contained in our press release and other filings with the SEC that could cause actual results to differ materially from those in the forward-looking statements in the press release and this conference call.
In addition, please note that the date of this conference call is Friday, November 2, 2012, and any forward-looking statements that we make today are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of future events, except as required by law.
During this morning's call, we will refer to both GAAP and non-GAAP financial measures of the company's operating and financial results. For complete information regarding our non-GAAP financial information, the most directly comparable GAAP measures and a quantitative reconciliation of those figures, please refer to today's press release and this presentation.
With that, I'd like to turn the call over to David Crane, NRG's President and Chief Executive Officer.
David W. Crane
Thank you, Chad, and good morning, everyone. Today, I'm joined as usual by Mauricio Gutierrez, our Chief Operating Officer and Kirk Andrews, our Chief Financial Officer, and both of them will be giving part of the presentation today. I'm also joined by 3 other executives of the company, who will be available to answer your questions: Chris Moser who, as you know, runs the trading operations, will be available to answer any questions you have about the commodity markets that we are involved in; and for the first time, we have with us today, Elizabeth Killinger, the President of Reliant; and Jim Steffes, the President of Green Mountain.
Elizabeth has just recently become President of Reliant, but she's been with the company for 10 years and most recently, she's been responsible for the residential business for Reliant and the customer operations business for all of Reliant. Jim joined us several months ago from Direct Energy when Paul Thomas retired from Green Mountain, and I think the important thing about both of them is, both of them have been integral to the success of NRG's retail business in the year-to-date. So we'll look forward to them getting to know you and you getting to know them.
So as we get into it, I first want to say how much I appreciate you joining us on this call and also for your understanding of our interest in moving the call from Wednesday when it was originally scheduled in today. As everyone's been very busy over the past few days, this call also represents my first opportunity to speak to the NRG staff as a whole since the storm, so I hope you'll be patient if I touch upon a couple of points that might naturally be of more interest to employees than to external investors.
Obviously with our headquarters in Princeton, New Jersey and many of our employees resident in the Princeton area, the functioning of our headquarters was significantly impacted by Hurricane Sandy and its aftermath. Even as we speak, our main headquarters building is running on emergency backup power and most of us are living in homes without light, either, in some cases, running water. So while the obvious purpose of this call is to discuss our financial performance over the course of a quarter which ended more than a month ago, I would be remiss if I did not first address the natural calamity that was visited upon the mid-Atlantic and Northeast states this past week.
First and foremost, we hope that everyone participating on this call and each of your loved ones is safe and sound after Hurricane Sandy. I'm pleased to report that all of our own people and their families are accounted for. But as we all know, everyone in our home state of New Jersey has not been so fortunate. There have been multiple fatalities and beyond many more injured, some seriously, and billions and billions of dollars in property damage, particularly in our coastal regions.