Larger scale and dispatch diversity after the acquisition of GenOn Energy Inc. and Edison Mission Energy (EME) Ability to better capitalize on wholesale market movements Weakened economics of the company's generation plants because of declining natural gas prices and regional pricing differentials Large production volumes from the Marcellus and Utica shale gas areas, which are a significant risk for NRG's (and legacy EME's) PJM assets Capacity prices still languish because of lackluster demand in the PJM region, growing energy efficiency, and demand response Future growth strategy of NRG is somewhat unclear given focus on NRG Yield Inc. Somewhat backward-dated EBITDA profile and an increased potential for a decline in cash flow Stand-alone NRG continues to generate free cash flow, even
