Open EBITDA was $750 million for the period ended September 30, 2007, compared to $764 million for the same period of 2006. Adjusted EBITDA was $689 million for the nine months ended September 30, 2007, compared to $588 million for the same period of 2006. The improvement was due to a significant reduction in losses from historical and operational hedges.
On a GAAP basis, income from continuing operations before income taxes was $224 million for the third quarter of 2007, compared to a loss from continuing operations before income taxes of $254 million for the same period of 2006. The third quarter 2007 income from continuing operations before income taxes includes net unrealized losses from energy derivatives of $28 million. The loss from continuing operations before income taxes for the third quarter of 2006 includes $355 million of net unrealized losses from energy derivatives and a $35 million charge related to western states and similar settlements.
On a GAAP basis, income from continuing operations before income taxes for the nine months ended September 30, 2007 was $180 million, compared to a loss from continuing operations before income taxes of $296 million for the same period of 2006.
Mark Jacobs, president and chief executive officer of Reliant Energy, said: For the quarter, the retail business was modestly ahead of expectations and we had strong operational performance in the wholesale business, which also benefited from improving market conditions.
