Deutsche Bank Global High-Yield Conference October 6, 2004 Scottsdale, AZ

1. NRG Energy: Past, Present and FutureDavid Crane, President and Chief Executive OfficerRobert Flexon, EVP and Chief Financial Officer Deutsche Bank Global High-Yield Conference October 6, 2004 Scottsdale, AZ

2. Safe Harbor Statement This Investor Presentation 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,” “anticipate,” “forecast,” “plan,” “believe” and similar terms. Such forward-looking statements include, but are not limited to, expected earnings, future growth and financial performance, the sufficiency in the disputed claims reserve, the successful closing of announced transactions, the successful closing of the coal transportation agreement, the successful implementation of our acquisition and repowering strategy, the outcome of hearings on our RMR agreements and cost tracker for scheduled expenses. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, hazards customary in the power industry, competition in wholesale power markets, the volatility of energy and fuel prices, failure of customers to perform under contracts, changes in the wholesale power markets and related government regulation, the condition of capital markets generally, our ability to access capital markets, unanticipated outages at generation facilities, our ability to convert facilities to western coal, our substantial indebtedness and the possibility that we may incur additional indebtedness, adverse results in current and future litigation, delays in or failure to meet closing conditions in announced transactions, failure to identify or successfully implement acquisitions and repowerings, the amount of proceeds from asset sales and adverse rulings on our RMR agreements and cost tracker for scheduled expenses, resulting in us refunding certain payments received to date. NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The adjusted EBITDA guidance is an estimate as of August 5, 2004 and is based on assumptions believed to be reasonable as of that date. NRG disclaims any current intention to update such guidance from August 5, 2004. 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 Investor Presentation 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 Securities and Exchange Commission at www.sec.gov.

3. Agenda • NRG in the Past • NRG in the Present • NRG in the Future

4. NRG – A Merchant Generator We are a nonutility electric generation company providing value through competitive markets.

5. NRG History New NRG Old NRG Xcel Energy completes tender offer to acquire NRG’s outstanding stock Xcel subsidiary, NRG completes series of domestic and international acquisitions leading to partial IPO in June 2000. NRG emerges from Chapter 11 With Kendall, Total Asset Sales: $1 bn+ The “old” NRG committed the same blunders as the rest of the wholesale power industry: • Overpaid for acquisitions • Overleveraged balance sheet • Overextended via turbine orders • Over hyped market prospects Relisted on NYSE 1991-2001 2002 2003 2004 Year to Date Confidence in energy industry falters post-Enron. Energy prices fall. Unable to serve debt accumulated through acquisitions, NRG files under Chapter 11. New CFO ’04 Adj. EBITDA Guidance $850 mn $2.7 bn Exit Financing Emergence from Chapter 11 marks the birth of the “new” NRG, a very different company: • New balance sheet • New strategy • New management • No legacy issues

6. New NRG – New Strategy Leverage off the strength of the asset base Northeast West Coal 2,407 MW30% Oil2,350 MW 30% Gas 693 MW 56% Dual Fuel 628 MW 44% Dual Fuel 2,284 MW 29% Gas842 MW 11% South Central Gas 980 MW 40% Regional concentrations with fuel and dispatch-level diversity Coal 1,489 MW 60% Our Competitive Advantages Sizeable asset base in the right markets Long-term contracts / relationships with retail cooperatives in South Central Locational advantage Healthy balance sheet Flexibility to act in best interest of stakeholders * Other North America includes 2,934 MW outside of core regions

7. New CEO and CFO Best practices approach to Corporate Governance Non-executive Chairman Board of Directors are independent* All Directors selected by NRG Creditors Committee California settled CL&P contract expired McClain sold Turbine purchase obligations resolved The New NRG New Management No Legacy Issues *Excluding CEO

8. Objectives met Noncore assets continue to be sold Strong liquidity maintained Restructured corporate organization 2004 financial guidance provided Conversion of New York coal-fired plants to PRB and initial steps in Delaware Focus remains Building regional businesses with customer focus Increasing operational efficiencies in maintenance and fuel procurement Solving for California Allocating capital among shareholders, debt service and growth Strengthening trading and marketing platform New NRG – Post-emergence focus New NRG: Significant progress since bankruptcy, but plenty of work still remains

9. Operating revenues 574 1,174 Gross margin 349 683 Net income 83 113 EBITDA 282 529 Adjusted EBITDA* 233 489 Free Cash Flow 37 355 New NRG - Early Returns are Good While we plan and organize for the future, the Company has stayed focused on delivering the present: $ millions YTD Q2 *Full-year guidance for 2004 Adjusted EBITDA is $850 million

10. Enterprise Value How we look at equity value: 1) Includes expected asset sales

11. New NRG – Balance Sheet Management Portfolio Management Strengthening the Balance Sheet • A 2004 Priority • Targeted Unproductive Capital Invested Capital Net Debt 18% Decline in Capital 34% Decline in Net Debt • Asset sales announced year-to-date also generated close to $150mn of cash proceeds • Total liquidity now exceeds $1.6 billion • Corporate maturities due over the next five years are less than $50 million in aggregate 1Full-year 2004 estimate 2Break-even at time of sale

12. NRG Performance NRG versus Peer Group

13. NRG Performance Secondary Market Performance: NRG versus Peer Group

14. NRG: Working Towards a Super-Regional Business Model We are transitioning NRG from a loose collection of power plants into three coherent regional businesses, each focused on developing as a foundation to their businesses, commercial relationships with the in-market retail load providers Region Northeast South Central West Total MWs 180,000 50,000 60,000 Our MWs 7,884 2,469 1,321 (2,692 gross) Market Share 4% 5% 2% (4% gross) Principal Strength Base load coal Base load coal /long term contracts Locational advantage PrincipalVulnerability Reduction intransmission constraints Shortfall of our generation relative to load we serve Lack of capacitymarket

15. NRG Strategy – Beyond Back to Basics Extracting maximum value from existing fleet Reinvestment in repowering of key assets Northeast WestCoast SouthCentral Selective acquisitions to fill out regional lineups Our Objective:to be a multi-regional, multi-fuel, scale generator with assets across the merit order in each of our core regional businesses and with the capability to procure, transport and trade all of the commodities involved in our business.

17. Supplemental information

18. Adjusted EBITDA Reconciliation NRG ENERGY, INC. AND SUBSIDIARIES Reconciliation of NonGAAP Financial Measures Adjusted EBITDA Reconciliation

19. 2004 EBITDA and FCF Outlook

20. GAAP Reconciliation (cont.) • EBITDA, Adjusted EBITDA and adjusted net income are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. The presentation of Adjusted EBITDA and adjusted net income should not be construed as an inference that NRG’s future results will be unaffected by unusual or nonrecurring items. • EBITDA represents net income before interest, taxes, depreciation and amortization. EBITDA is presented because NRG considers it an important supplemental measure of its performance and believe debt-holders frequently use EBITDA to analyze operating performance and debt service capacity. EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are: • • EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments; • • EBITDA does not reflect changes in, or cash requirements for, working capital needs; • • EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debts; • • Although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and • • Other companies in this industry may calculate EBITDA differently than NRG does, limiting its usefulness as a comparative measure. • Because of these limitations, EBITDA should not be considered as a measure of discretionary cash available to use to invest in the growth of NRG’s business. NRG compensates for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA only supplementally. See the statements of cash flow included in the financial statements that are a part of this press release. • Adjusted EBITDA is presented as a further supplemental measure of operating performance. Adjusted EBITDA represents EBITDA adjusted for reorganization, restructuring, impairment and corporate relocation charges, discontinued operations, and write downs and losses on the sales of equity method investments; factors which we do not consider indicative of future operating performance. The reader is encouraged to evaluate each adjustment and the reasons NRG considers it appropriate for supplemental analysis. As an analytical tool, Adjusted EBITDA is subject to all of the limitations applicable to EBITDA. In addition, in evaluating Adjusted EBITDA, the reader should be aware that in the future NRG may incur expenses similar to the adjustments in this presentation.