WA Parish Carbon Capture and Enhanced Oil Recovery ProjectSeptember 9, 2014

2Q14

This 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,” “should,” “anticipate,” “forecast,” “plan,” “guidance,” “believe” and similar terms. Such forward-looking statements include our future growth and financial performance, Company operations, developments in renewables, and project development. 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, weather conditions, competition in wholesale and retail power markets, the volatility of energy and fuel prices, failure of customers to perform under contracts, changes in the wholesale and retail power markets, changes in government regulation of markets and of environmental emissions, the condition of capital markets generally, our ability to access capital markets, unanticipated outages at our generation facilities, adverse results in current and future litigation, failure to identify or successfully implement acquisitions and repowerings, the inability to implement value enhancing improvements to plant operations and companywide processes, our ability to realize value through our commercial operations strategy, and our ability maintain successful partnering relationships.

NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 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. Statements made in connection with the exchange offer are not subject to the safe harbor protections provided to forward-looking statements under Private Securities Litigation Reform Act.

Safe Harbor Statement

NRG Energy 1

NRG is a different kind of energy

company. We’re at the forefront of

delivering safe, reliable energy in

new and innovative ways. We not

only care about how energy is

made, we also care about how it’s

used, how it’s managed and how

it’s changing life.

NRG – The Energy Company for the 21st Century

2

Our Strength in Numbers

1 Largest competitive electricity company in the U.S.

250 Fortune 250 and S&P 500 Index company

3M Serving almost 3 million customers with NRG retail brands

53K Generating more than 53,000 MW of global, diverse energy

42M Providing enough generation capacity to power 42 million homes

8K Created or supported more than 8,000clean economy jobs from 2007 - 2013

3B Invested more than $3 billion on environmental improvements

3

natural gas, coal, oil, nuclear, wind and solar

GENERATION CAPACITY

53,000megawatts

generated

8,000new jobs

created through repowering and solar projects

JOB CREATION

Diversity of fuel-type, dispatch level, and geographic region help mitigate risk and moderate market demand cycles

One of the Nation’s Largest and Most Diverse Generation Portfolios

SolarNatural GasOil

WindNuclearCoal

NRG Yield: • Conventional 1033 MW (included)• Renewable 414 MW (included)

Thermal 1,346 MWt (not included)

Combined ScaleGas 25,358 MW 48%Coal 16,922 MW 32%Oil 6,004 MW 11%Nuclear 1,176 MW 2%Renewables 3,078 MW 6%International 749 MW 1%

Total 53,287 MW

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Delivering Safe, Reliable Energy in New and Innovative Ways

5

Developed solar canopies to provide renewable energy with style

Developing an onsite natural gas-fueled energy appliance that can provide grid independence

Providing customized emergency back-up energy solutions

Launched the nation’s first privately funded, comprehensive electric vehicle charging ecosystem

Expanding renewable energy at largest scale

Combined solar power and district cooling to air-condition seating areas of Phoenix light rail system

One Partner – Delivering a Full Suite of Energy Solutions

Smart energy solutions for home

and business

Fuel Cells

Electric vehicle charging infrastructure

Distributed solar

and wind installations

Combined heat & power systems

Diverse generation resources

Retail electric providers

Backup generation

Empowering businesses with efficient and reliable energy solutions

6

Micro-grid

Energy Services

District Energy Systems

• Product options for managing volatile energy costs

Mitigate Risk

…and providing solutions to manage energy costs in a sustainable manner

Manage & Control• Tools to identify sources of energy waste• Tools to control and optimize energy costs• Operational services for increased efficiency• Demand response solutions

• Smart Energy tools providing insights into how energy is consumed

Analyze

NRG – producing safe, affordable clean

energy…• Investments in solar,

wind and EV charging infrastructures

• Leading the industry with innovative post-combustion carbon capture technologies

• Environmentally sound thermal

• Zero emission nuclear

• Back up and reliability services

Addressing Customer Concerns with Cleaner and Smarter Energy Solutions

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Investing $3 billion since 2000 in efficient, clean and innovative power

sources

Launched the foundation for a transportation

revolution by building the first privately funded

electric vehicle charging infrastructure

Expanding renewable energy at record scale and investing in smart

energy solutions to manage and control

costs

Repower Revolutionize Expand

Cedar Bayou Station, Texas

NRG is Investing in America’s Future

Delivering safe, reliable energy in new and innovative ways

Creating a more sustainable future for us, our customers and the communities we serve

8

NRG: Recognizing Several Distinct Value Propositions

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Leading retail energy platform with ~2.8 million residential customers

Smart energy management, home solutions, and personal power

Rapidly growing residential solar business

Largest US competitive generation portfolio with over 50 GW of capacity

Full suite of energy management services and retail energy supply for commercial and industrial customers

Unique range of on-site generation offerings through dGen business

Leading renewable development and operations platform

Commercialized renewable microgrid solutions and green B2B initiatives

Innovative focus on sustainable and distributed energy future

Creating the Foundation for Future Growth, Value Creation, and Value Recognition

NRG Group of Companies

3

2

1

+

+

10

Pressure On Coal Really Ramping UP

August 22, 2014

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Wall Street Journal

$90

$75 $70

$65

CCS-EOR:Initial Field

CCS-EOR:W/ Expansion Fields

$20 Carbon Price $20 Carbon Price +10 Yr Life Extension

Petra Nova Parish Project Coal Generation Enhancement

$60

$70

$80

$90

$100

$110

$120

2010 2011 2012 2013 2014

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Why Did NRG Invest In This Project? And what’s the Value Proposition

Petra Nova Should Be a Value Multiplier for NRG1 Represents after-tax 10% unlevered return; Oil prices represent today’s dollars adjusted for annual inflation; Quality of oil produced at West Ranch field trades at a premium to WTI2 Illustrative $20 Carbon Price Scenario assumes $20/ton carbon price beginning in 2020, oil field expansion post-West Ranch, 90% CO2 removal rate on 240 MW, 1 ton/MWh baseline carbon emissions, 80%

capacity factor, and $0.53/MWh uplift in power prices for every $1/ton carbon price; Illustrative 10 Year Life Extension assumes a $20/MWh dark spread3 Source: EIA Historical Spot Prices; Market data as of 7/30/2014

Oil Price to Achieve Target Return (W/ Expansion)

Historical WTI Crude Oil Prices ($/bbl)1,3

2

Illustrative Oil Price for Target Return1 ($/bbl)

Commodity Diversification Through Oil / Natural Gas

Price Arbitrage

Commodity Diversification Through Oil / Natural Gas

Price Arbitrage

Carbon Price HedgeCarbon Price Hedge

Enhance Value and Useful Life of Coal Fleet

Enhance Value and Useful Life of Coal Fleet

Fight Climate Change While Preserving Critical

System Fuel Diversity

Fight Climate Change While Preserving Critical

System Fuel Diversity

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Petra Nova: Leading the Market For Post-Combustion Carbon Capture

WA Parish Project: Overview

Demonstrated, Superior Technology

Post-combustion carbon capture (PCCC) is a simple, mature, and proven technologySimilar to back-end controls being used for SO2 and NOX todayWell-understood and proven technology with experienced OEM

Enhanced CO2Capture

90% carbon capture target for 240 MW flue gas slip stream

Strong Project Partners

Experienced project partners Hilcorp Energy and JX Nippon Oil & Gas$167 MM Department of Energy grant

Leverages Existing Power Plant

No new baseload power needed; Utilizes existing WA Parish plant

No ReliabilityImpact

No impact on plant operations; Capture unit is independent

Cost Protections Fixed price under lump-sum turn-key(LSTK) EPC agreement

Timing Protections Guaranteed completion with liquidated damages through EPC agreement

Project Advantage Process Overview

Parish 8Parish 8Parish 8Absorber Regenerator Compressor

Flue Gas1

11% CO2 Solventw/ CO2

Solventw/o CO2

99.9%Pure CO2

82-mileCO2 Pipeline

Crude Oil

CO2 Flood

West Ranch

Target COD for CCS by end of 2016

Expected to capture 1.6 million tons of CO2/year

West Ranch field holds reserves of ~60 million barrels2

Projected production increase from 500 bbl/d to 15,000 bbl/d

1 Flue gas conditioning occurs prior to absorption, which removes all residual SOX and cools the flue gas2 Based on reserve report as of 12/31/2013; Reserves are proved and probable on a contingent basis subject to audit of final approved project

PeakerPeakerPeaker

Steam

Power

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Well-Structured Project with Strong and Experienced Partners

Our Partnersand the Transaction Structure

Partner SummaryProject Ownership Structure

WA Parish Power Plant

Petra Nova Parish

Holdings LLC

Petra Nova Cogen

CO2 Capture Block

Texas Coastal Ventures, LLC

Pipeline West RanchOil Field

50%1 50%

50%50%

One of the largest privately-held oil and natural gas E&P companies in the US

Strong track record of implementing new production techniques into mature reservoirs

Specialized team that has extensive experience implementing CO2 floods

JX Nippon Oil & Gas

Exploration

Currently conducting oil and natural gas business in 14 countries

Parent company, JX Holdings, is a leading integrated energy, resources, and materials company

Japan Bank for Int’l

Cooperation

Policy-based financial institution

Wholly-owned by the Japanese government

Over 25,000 loan and equity commitments valued at over $479 billion

US DoE

Awarded $167 MM grant

Funded through Clean Coal Power Initiative

Sources $MM Uses $MM

NRG Equity2 $300 Parish Site Capital3 $637

JX Nippon Equity 300 Oilfield and Pipeline Capital 300

Project Financing 250 Initial O&M, G&A, Fees, Other 80

DoE Grant 167

Total $1,017 Total $1,017

1 Petra Nova will be deconsolidated from NRG’s financial statements2 Includes investments already incurred during development of the project3 Includes costs associated with CCS system and contribution of Parish peaker

HilcorpEnergy

$167M Grant (not a loan)

$7 MM received by NRG during Phase I

$158.5 MM allocated to Phase 2 and $1.5 MM allocated to Phase 3

$3 MM DOE holdback to be reimbursed upon submission of final deliverables following Phase 3

Environmental Impact Statement (EIS) required per NEPA – Record of Decision (ROD) was received on May 8, 2013.

Requires a comprehensive site specific CO2 Monitoring Planover-and-above traditional CO2-EOR accounting

There are numerous DOE requirements that the project must comply with: Prevailing Wages (Davis-Bacon Act) Procurement regulations (SSJ, AFV) Reporting Obligations (Monthly, Weekly) Technical Reports (w/ IP classifications of data) E.O. 11246 (Affirmative Action)

DOE FundingMoving the project forward while protecting taxpayer interest

Parish 8

Cogen

Absorber

Stripper

Solvent

with CO2

Solvent

w/o CO2

Flue Gas

11% CO2

Steam

Compressor

Electricity

99.9% Pure CO2

82-mile CO2 Pipeline

Oil Sales

West RanchOilfield

WA ParishPlant

W.A. Parish Plant Site and CCS ConfigurationPipeline Route

Project Facilities Overview

Artist’s Rendering

Flue Duct

DCC

Absorber

Regenerator

Compressor

CHP and Cooling Tower

Construction contractingIt’s a 3-in-1 structure

CCS/BOP

Pipeline

Production of Oil

Parish 8

Cogen

Absorber

Stripper

Solvent

with CO2

Solvent

w/o CO2

Flue Gas

11% CO2

Steam

Compressor

Electricity

99.9% Pure CO2

82-mile CO2 Pipeline

Oil Sales

Environmental aspects

1.6 million tons per yearof existing CO2 emissions captured and sequestered

University of Texas Bureau of Economic Geologyproviding world-class CO2 monitoring program

No undisturbed land impactedsince we’re using existing sites: power plant, right of way, and oilfield

Leading edge energy efficiencyfrom CHP power and steam supply and CO2 capture system is cutting edge efficiency

Full Environmental Impact Statementconcluded with a finding of no significant impacts

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Parish CO2-EOR Project Timeline to complete development

2010 2011 2012 2013 2014 2015 2016

DOE awards NRG $167 MM grant for 60 MW Parish Project

Cooperative Agreement signed; Front-end Engineering & Design (FEED) study begins

Memorandum of Understanding (MOU) signed with Hilcorp

Oil field diligence prompts team to evaluate upsizing project

NRG submits application for, and DOE approves, FEED study for larger project – up to 250 MW

Petra Nova signs joint venture (JV) agreement with Hilcorp and acquires interest in West Ranch

Closed on $54 MM Ike Bond issuance for Peaker construction

Commenced Peaker construction

Signed Letter of Intent with JX

Selected MHIA as technology provider

Initiated engineering work with MHIA and JX

Signed Purchase and Sale Agreement (PSA) with JX

Peaker construction complete; unit operational

Final Environmental Impact Statement (EIS) and DOE Record of Decision received; Nat’l Environmental Policy Act (NEPA) process complete

Negotiated Engineering, Procurement, and Construction (EPC) contract

COD

Issue Limited Notice to Proceed in March 2014

Obtain NRG Board approval

Close the MIPSA with JX

Finalize JBIC/NEXI financing

Financial Close

Issued Final Notice to Proceed (FNTP) July 15, 2014

5 years – 200+ agreements

Oil fields favorable for CO2 EOR

nrg coal plants favorable for CCS

Legend

nrg west coast gas-fired

Petra Nova Opportunities for CO2-EOR

Over 15 billion barrels of oil recoverable with CO2-EOR in US

Thank you.

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