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NRG Energy Testifies before the Senate Committee on Energy and Natural Resources on Reducing Oil Consumption through Electric V

^{Published on 2011-05-19 10:05:49 - Market Wire}
 

PRINCETON, N.J.--([ BUSINESS WIRE ])--David Crane, President and CEO, NRG Energy, Inc. (NYSE: NRG) testified before the United States Senate Committee on Energy and Natural Resources on policies to reduce oil consumption through the promotion and accelerated deployment of electric vehicles (EV), as proposed in S. 734 and S. 948.

"We already have begun a $25 million program (eVgo(sm)) to install a network of convenience fast chargers around both the Houston and Dallas Fort Worth metropolitan areas"

aToday, America is experiencing ad©j vu, all over againa™. As the summer driving season approaches, gasoline prices have risen above $4/gallon in large parts of the country and the cost of one fill up of a full size SUV is trending towards $100. And not only is there absolutely no assurance that the gasoline price increases will moderate, every American knows that their hard won income going into their gas tank is headed from there straight overseas to help less than friendly foreign regimes,a said David Crane, President and CEO, NRG Energy. aBut now, for the first time, technological innovation has produced a solution that has the potential to break our dependence on foreign oil. Mass produced plug-in electric vehicles, powered by batteries with a range double that of the distance driven by the average American vehicle on any given day, are coming to various markets around the country as we speak, produced by multiple American and global car manufacturers and start ups and more are on the way.a

Crane also discussed NRGa™s role in advancing infrastructure to support electric vehicles, and how the government can assist efforts to deploy private capital to advance electric vehicle deployment.

aWe already have begun a $25 million program (eVgo(sm)) to install a network of convenience fast chargers around both the Houston and Dallas Fort Worth metropolitan areas,a Crane said.

Crane added athere is much the Government can do at low to no cost. It can train. It can promote electrical standards and processes to expedite the installation of home and community chargers. It can require preferential parking allocations for EVs at Government facilities and can encourage the same at privately owned parking facilities. Most importantly, the Government can acknowledge that its decades-long attempt to promote car pooling has failed and it can declare that all HOV lanes in the interstate highway system henceforth are instead zero emission lanes. All of this, as I said above, the Government can achieve for little to no money.a

David Cranea™s full testimony and video of the senate hearings can be found at the Senate Committee on Energy and Natural Resources webpage at [ http://energy.senate.gov ].

About NRG

NRG Energy, Inc. is a Fortune 500 and S&P 500 Index company that owns and operates one of the countrya™s largest and most diverse power generation portfolios. Headquartered in Princeton, NJ, the Companya™s power plants provide 25,000 megawatts of generation capacitya"enough to supply approximately 20 million homes. NRGa™s retail businessesa"Reliant Energy and Green Mountain Energy Companya"serve more than 1.8 million residential, business, commercial and industrial customers. With major investments in solar and wind power, as well as electric vehicle infrastructure, NRG is working to help America transition to a clean energy economy. More information is available at [ www.nrgenergy.com ].

About eVgo

eVgo is the nationa™s first privately funded, comprehensive electric vehicle ecosystem. The eVgo network gives EV owners new freedom and range confidence via home charging and fast-charging stations conveniently located at major retailers, employers and along highways across eVgo cities. eVgo allows EV owners to avoid paying large up-front costs for a home charger and provides unlimited use remote charginga"all for one low monthly fee. To find out more, or to join the eVgo network, visit [ www.evgonetwork.com ].

Safe Harbor Disclosure

This news release contains 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 include expectations regarding NRGa™s eVgo network and include statements which typically can be identified by the use of words such as awill,a aexpect,a aestimate,a aanticipate,a aforecast,a aplan,a abelievea 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, general economic conditions, hazards customary in the power industry, competition in wholesale and retail power markets, the volatility of energy and fuel prices, failure of customers to perform under contracts, changes in the wholesale and retail power markets, changes in government regulation of markets and of environmental emissions, and the condition of the capital markets.

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 NRGa™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 NRGa™s future results included in NRGa™s filings with the Securities and Exchange Commission at [ www.sec.gov ].