NRG Energy Announces Initial $10 Million in Relief for Texas Communities

Rhea-AI Summary

NRG Energy (NYSE: NRG) has committed $10 million to aid Texans impacted by Winter Storm Uri, consisting of $3 million in cash donations and $7 million for in-kind services and customer support. The relief will target immediate community needs, financial relief for customers, and assistance for affected employees. NRG's retail brands will pause disconnections and waive fees for impacted customers. In addition, the company has allocated funding for the NRG Employee Relief Fund to support employees facing financial hardships due to the storm. NRG emphasizes its commitment to community recovery.

Positive

• Commitment of $10 million in relief for Winter Storm Uri victims.
• $3 million in cash donations to support various community organizations.
• Waiving disconnection fees and extending support for affected customers.
• Establishment of the NRG Employee Relief Fund to assist employees in need.

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• None.

NRG Energy, Inc. (NYSE: NRG) today announced an initial $10 million commitment to provide relief for Texans impacted by the unprecedented effects of Winter Storm Uri. The company will provide $10 million in relief resources comprised of $3 million in cash donations and $7 million covering in-kind relief efforts and customer assistance. The funding aims to address three key areas: the immediate needs of the community, including food, water, and temporary or damaged housing; providing financial relief for customers through this difficult time; and aiding affected employees.

“Texas is our home, and we are deeply saddened by the unprecedented hardship that our community is facing as a result of the recent winter storm,” said Mauricio Gutierrez, NRG President and Chief Executive Officer. “As a company focused on our customers, we have built a stable business that enables us to provide relief and support during this difficult time for our communities, customers, and employees. We also want to reassure our residential customers that they are not exposed to the wholesale electricity price volatility that occurred during this winter storm. In the weeks and months ahead, we are committed to continue to support recovery efforts in the communities we serve.”

Community Support:
NRG’s pledge will include $3 million in cash contributions to: the American Red Cross; the Houston Food Bank; Houston Harris County Winter Storm Relief Fund; Kids’ Meals, Inc; Metrocrest Services; Network of Community Ministries; North Texas Food Bank; Rebuilding Together Houston; SBP; Tarrant Area Food Bank; We Are All Human, and others. In addition to funding, NRG’s HVAC and services group plans to provide pro-bono services through our non-profit partners.

NRG would also like to thank its partner Malark Logistics for the delivery last week of three semi-trucks containing nearly 100,000 bottles of drinking water to Houston.

Customer Support:
In order to provide direct financial relief to customers impacted by Winter Storm Uri, NRG’s retail brands, including Reliant, Green Mountain Energy, Direct Energy, and all others, paused all payment-related disconnects for all customers in advance of a recent order by the Public Utility Commission of Texas, have waived all eligibility requirements for extensions, payment plans and deposits for transfers of service, and continue to waive all fees for at least two weeks. Reliant is also providing payment assistance through its CARE program.

Employee Support:
As most of NRG’s operations are based in Texas, a significant number of the company’s employees, including those who worked tirelessly to keep power flowing into the grid through this crisis, also face hardship. NRG has allocated additional funding to the NRG Employee Relief Fund, which assists employees who are facing financial challenges immediately after a natural disaster or another unforeseen event. NRG also enacted its Immediate Response Program to provide grants to qualified Texas employees.

About NRG Energy
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to millions of customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, working towards a sustainable energy future. More information is available at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow us on Twitter @nrgenergy.

Forward Looking Statements
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. Forward-looking statements are subject to certain risks, uncertainties and assumptions and typically can be identified by the use of words such as “expect,” “estimate,” “should,” “anticipate,” “forecast,” “plan,” “guidance,” “outlook,” “believe” and similar terms. Although NRG believes that the expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially.

NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release 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 SEC at www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210222005981/en/

FAQ

What is NRG's commitment for Winter Storm Uri relief?

NRG has committed $10 million for relief, including $3 million in cash donations and $7 million in support services.

How will NRG support its customers affected by Winter Storm Uri?

NRG will pause disconnection fees, waive eligibility requirements for assistance, and provide payment assistance through its CARE program.

What organizations will benefit from NRG's donations?

NRG's donations will support several organizations, including the American Red Cross and Houston Food Bank.

How does NRG plan to assist its employees affected by the storm?

NRG will provide additional funding through the NRG Employee Relief Fund and an Immediate Response Program for employees in need.