The NRG Energy Inc.and GenOn Energy Inc. merger has large scale and dispatch diversity Ability to better capitalize on wholesale market movements Electricity Reliability Council of Texas (ERCOT) market shows significant recovery and heat rate expansion Stand-alone NRG continues to generate free cash flow, even under our natural gas, power, and capacity pricing assumptions Abundant liquidity for its operations and growth investments The stable outlook reflects our view that the financial risk profile, as reflected by NRG's adjusted funds from operations (FFO) to debt, free cash flow generation, and liquidity are not likely to change from our expectations over the next two years. Free operating cash flow to debt and discretionary cash flow to debt ratios remain strong, at about
