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NRG Energys President and CEO, David Crane, Urges Congress to EnactClimate Legislation Now

^{Published on 2008-11-18 12:28:39 - Market Wire}
 

PRINCETON, N.J.--([ BUSINESS WIRE ])--David Crane, President and CEO of NRG Energy, Inc. (NYSE: NRG), today joined some other members of the United States Climate Action Partnership (USCAP) in Washington, DC, to urge federal support for cap-and-trade legislation.

"Over the past 100 years, American capitalism has been the most powerful, creative and dynamic force on earth. That force now needs to be channeled to confront climate change which, in turn, requires government action in a language that American business understands," said Crane. "That language is price. Without a price on carbon, carbon abatement will not happen."

According to Crane, the United States is at a very sensitive point. "America's entrepreneurs currently lead the world in developing and innovating carbon abatement products and processes, but this work has been done in anticipation of climate legislation. Actual demonstration, at scale, of the best of these technological innovations—and deployment en masse—depends upon actualclimate legislation," he explained.

Through large-scale demonstration projects and its own deployment of key low-carbon technologies, NRG is working to bring leadership and commercial success to the United States. In 2007, the Company became the first in nearly 30 years to file for a license to build new nuclear generation in the United States, at its South Texas Project location. Earlier this year, NRG formed Nuclear Innovation North America, a partnership with Toshiba, focused on developing, financing and investing in new advanced design nuclear projects in select markets across North America.

In addition to the Company's nuclear efforts, NRG continues to focus on developing and deploying other low-carbon technologies, such as gasification and carbon capture and sequestration, to utilize vast resources of coal in an environmentally responsible way. Additionally, the Company has pursued multiple wind power investments including a 50% interest in a wind farm completed in October, and a second, wholly owned, wind project which is expected to be online by year end.

Crane believes these kinds of actions, even at a hundred companies, are not enough – and will soon fade in the absence of federal action.

"To keep going and especially to accelerate, we need a coordinated climate and energy policy," said Crane, "one that includes a moderate initial price on carbon, allocations to buffer consumer and business impacts, and strong support for the rapid deployment of low-carbon technologies like nuclear, renewables with storage, carbon capture and sequestration, and electric cars, as well as increased efficiency."

About NRG

NRG Energy, Inc., a Fortune 500 company, owns and operates one of the country's largest and most diverse power generation portfolios. NRG's 48 plants provide approximately 24,000 megawatts of generation capacity—enough to power nearly 20 million homes. In November 2007, NRG won two of the industry's highest honors—Platts Industry Leadership and Energy Company of the Year awards. Headquartered in Princeton, NJ, NRG is a member of the U.S. Climate Action Partnership (USCAP), a group of business and environmental organizations calling for mandatory legislation to reduce greenhouse gas emissions. More information is available at [ www.nrgenergy.com ].

Safe Harbor Disclosure

Certain statements contained herein may constitute 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, and typically can be identified by the use of words such as "will," "expect," "estimate," "anticipate," "forecast," "plan," "believe" and similar terms. Although NRG believes that its expectations are reasonable, it 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, risks and uncertainties related to environmental laws and regulations and the capital markets generally.

NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause NRG's actual results to differ materially from those contemplated in the forward-looking statements included herein should be considered in connection with information regarding risks and uncertainties that may affect NRG's future results included in NRG's filings with the Securities and Exchange Commission at [ www.sec.gov ].