With a Q2 2015 net loss of US$9 million, NRG Energy Inc. has significantly improved its balance sheet, from the $80 million loss recorded in Q2 2014. At $145 million, the company only slightly narrowed its losses in H1, however, up from $147 million in the first half of last year.
Q2 EBITDA was positive, at $729 million, up from $677 million in the previous year, and $1.57 billion in the first half of the year, compared to $1.5 billion in H1 2014. For the full year, it confirms an expected EBITDA of $3.2 billion to $3.4 billion.
NRGs Home Solar subsidiary recorded a massive Q2 loss of $54 million, compared to $7 million in Q2 2014, and $99 million in 1H compared to $9 million in 1H 2014. Overall, NRG is revising its EBITDA contribution in this sector down, from $100 million to $175 million, due to higher than expected costs related to positing the company in "key" residential markets. It didnt announce an EBITDA for the segment.
The company is confident of its Home Solar subsidiary going forward, stating, "In advance of NRG Home Solar's push into California, investments across the platform are yielding strong results. While overall bookings and deployments for the first half of 2015 lag original expectations, June sales exceeded March sales by nearly 90%." CEO, David Crane said that despite bad weather at the start of the year hampering operations, the pace of bookings "has us easily in the top four in the residential solar industry, with California still to come."
In its Renew segment, NRG also recorded a significant Q2 loss of $18 million, compared to $2 million in Q2 2014, and $73 million in H1 2015, down from $63 million in the previous year. EBITDA in Q2 fell $11 million to $66 million, due to lower generation by wind assets and increased distributed solar development costs.
NRGs yieldco vehicle, NRG Yield managed to pull in a profit, although at $41 million in Q2 and $25 million in 1H 2015, numbers were down on the $42 million and $68 million reaped in Q2 and 1H 2014, respectively. Q2 EBITDA was, however, improved, at $187 million, up from $141 million in Q2 2014. The yieldco is expected to benefit from dropdowns totaling $600 million in 2H 2015.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.