Among largest U.S. independent power producers (IPP) with about 26,000 MW of generating plants and a significant retail presence Limited geographic diversity, with operations concentrated in Northeast, ERCOT, and California Exposure to typically volatile power prices in each of its markets Reliance on natural gas-fired units – thus limited fuel and technology diversity – but also no exposure to coal emissions compliance costs unlike many of its peers Strong operating performance of power plants and relative young age of plants compared to peers which helps competitive standing. A highly leveraged capital structure Significant cash flow diversity among energy, capacity, contract, and retail revenues Consistently good liquidity position Prudent financial management – stable capital structure, lack of aggressive acquisitions, and debt
