Both quarterly and year-to-date comparisons are impacted upon by mark-to-market (MtM) movements and expenses incurred to support the RepoweringNRG program. The quarterly operating income from continuing operations before income taxes, excluding MtM impacts, increased from $411 million to $423 million. Third quarter 2007 results include $49 million in RepoweringNRG program net development costs, an increase of $40 million from last year’s third quarter.
Income from continuing operations for the nine months ended September 30, 2007 of $482 million, or $1.66 per diluted common share, declined from $588 million, or $1.92 per diluted common share, for the same period last year. Income from continuing operations before income taxes for the first three quarters of 2007, excluding MtM impacts, increased to $841 million from $602 million in the same period in 2006. Nine-month operating results in 2007 included $108 million of net development expenses for our RepoweringNRG program.
David Crane, president and CEO of NRG, said: The company’s strong financial performance was achieved notwithstanding the mild and wet summer weather in Texas, our largest market. As such, these results speak to the strength of our geographically diversified portfolio as well as the skill of our operating personnel across the company.
