1 Deutsche Bank Electric Power Conference June 14, 2004

2 Safe Harbor Statement  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 Such 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, deployment of capital, development of major capital expenditures approval process, refining our risk management procedures, strengthening our coal procurement supply chain, resolution of commercial issues with our California plants, successfully completed targeted asset sales, debt reduction, developing domestic regional strategic plans, refining our international strategy and developing an acquisition strategy and process. 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 our generation facilities, our ability to convert facilities to burn western coal, our substantial indebtedness and the possibility that we may incur additional indebtedness, adverse results in current and future litigation, the willingness of counterparties to negotiate new contracts in California, the failure to develop and successfully implement strategies and processes, and the amount of proceeds from asset sales.  NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 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 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  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 Such 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, deployment of capital, development of major capital expenditures approval process, refining our risk management procedures, strengthening our coal procurement supply chain, resolution of commercial issues with our California plants, successfully completed targeted asset sales, debt reduction, developing domestic regional strategic plans, refining our international strategy and developing an acquisition strategy and process. 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 our generation facilities, our ability to convert facilities to burn western coal, our substantial indebtedness and the possibility that we may incur additional indebtedness, adverse results in current and future litigation, the willingness of counterparties to negotiate new contracts in California, the failure to develop and successfully implement strategies and processes, and the amount of proceeds from asset sales.  NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 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 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

3  Strong first quarter operating performance –$266 million in adjusted EBITDA –$316 million in Free Cash Flow (includes $125 million from Xcel distributions and $3 million in asset sale proceeds)  Liquidity continues to strengthen – $1.4 billion at end of Q1  Post-Chapter 11 emergence plan solidly on track  Internal reorganization proceeding in accordance with plan  Strong first quarter operating performance –$266 million in adjusted EBITDA –$316 million in Free Cash Flow (includes $125 million from Xcel distributions and $3 million in asset sale proceeds)  Liquidity continues to strengthen – $1.4 billion at end of Q1  Post-Chapter 11 emergence plan solidly on track  Internal reorganization proceeding in accordance with plan First Quarter 2004 Highlights

4 NRG – Back to Basics Our Back-to-Basics strategy is in full swing and visible progress is being made: Reduced corporate burden33% reduction in corporate headcount Sale of noncore assets$293 million in cash and $672 million in debt reduction in 2003 and year to date 2004 with more to come Delevering of balance sheetIn connection with asset sales and with mandatory offer Optimizing plant operations /Investment in PRB conversion, fuel handling processes coal handling and environmental remediation Fixing Connecticut and Connecticut on track; on to California California Our Back-to-Basics strategy is in full swing and visible progress is being made: Reduced corporate burden33% reduction in corporate headcount Sale of noncore assets$293 million in cash and $672 million in debt reduction in 2003 and year to date 2004 with more to come Delevering of balance sheetIn connection with asset sales and with mandatory offer Optimizing plant operations /Investment in PRB conversion, fuel handling processes coal handling and environmental remediation Fixing Connecticut and Connecticut on track; on to California California

5 Our Core Regional Businesses* South Central West Northeast Gas 980 MW 40% Coal 1,489 MW 60% Gas 693 MW 56% Dual Fuel 628 MW 44% Regional concentrations with fuel and dispatch-level diversity Our Competitive Advantages Sizeable asset base in the right markets Sizeable asset base in the right markets Long-term contracts / relationships with retail cooperatives in South Central Long-term contracts / relationships with retail cooperatives in South Central Locational advantage Locational advantage Healthy balance sheet Healthy balance sheet Flexibility to act in best interest of stakeholders Flexibility to act in best interest of stakeholders Our Competitive Advantages Sizeable asset base in the right markets Sizeable asset base in the right markets Long-term contracts / relationships with retail cooperatives in South Central Long-term contracts / relationships with retail cooperatives in South Central Locational advantage Locational advantage Healthy balance sheet Healthy balance sheet Flexibility to act in best interest of stakeholders Flexibility to act in best interest of stakeholders * Other North America includes 4,172 MW outside of core regions Gas 842 MW 11% Coal 2,407 MW 30% Dual Fuel 2,284 MW 29% Oil 2,350 MW 30%

6 Corporate Strategy – Moving beyond Back to Basics Each wholesale power generation company represents a different commodity risk proposition but their overall strategies have stayed in lockstep with each other MPoM BtB MPoM “Asset-light” IPP Industry Strategies Mothball marginal assets Greenfield Trading Leverage off logistics platform (service provider) Fuel mismatch Economy–driven (demand side) price recovery Sell noncore assets Cut G&A ReliantAlleghenyWilliams El Paso CalpineDynegy Current Stated Strategies Exit power business Trading

7 Back to Basics - Strategy  Capital intensive - yes; Labor intensive - no  Highly cyclical, inelastic demand, supply driven  Pure commodity, but inability to store causes very high volatility  Assets relatively illiquid and generally immovable MUST be geographically diversified, in multiple markets MUST accumulate generating portfolio at competitive cost MUST develop scale in key markets MUST develop and expand our route to market through contracting with retail load providers, trading, direct sales, etc. Four fundamentals Four imperatives

8 Why is Scale Important?  Economies in procurement, staffing, etc  Flexibility in operational regimes  Diversity of fuel and across merit order enhances hedging and reduces risk  Reduction in available generation supply principally benefits other generators  Economies in procurement, staffing, etc  Flexibility in operational regimes  Diversity of fuel and across merit order enhances hedging and reduces risk  Reduction in available generation supply principally benefits other generators  Controlling a fair share of supply is the only way to impact the supply demand balance (if only by equalizing the negotiating strength between the generators and the retail load providers)

9 Hedging – in the Future  Generation that is price competitive on both a SRMC and LRMC basis;  Generation that competitively serves load-shaping requirements through base, intermediate and peaking capacity;  Generation from various fuels such that we can offer the retail load providers at least a partial hedge against gas price spikes  Generation that is price competitive on both a SRMC and LRMC basis;  Generation that competitively serves load-shaping requirements through base, intermediate and peaking capacity;  Generation from various fuels such that we can offer the retail load providers at least a partial hedge against gas price spikes What are the elements of a successful strategy to hedge a substantial portion of our generation capacity with retail load providers? We must own plus it helps if we have...  The scale to negotiate as equals  Limited or no competitors with comparable capabilities  The scale to negotiate as equals  Limited or no competitors with comparable capabilities

10 NRG: Working Toward 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 Locational advantage Base load coal / long term contracts Base load coal Principal Strength 2% (4% gross) 5%4% Market Share 1,321 (2,692 gross) 2,4697,884 Our MWs 60,00050,000180,000 Total MWs West South Central NortheastRegion

11 In Summary - The New NRG West Coast South Central Northeast Extracting maximum value from existing fleet Reinvestment in repowering of key assets Selective acquisitions to fill out regional lineups Objective: To create a set of regional businesses with sustainable low (total) cost, fuel diversified asset portfolio competitively positioned to secure their key customers