Deutsche Bank Electric Power Conference

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 1934. 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 www.sec.gov.

3. First Quarter 2004 Highlights • 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

4. NRG – Back to Basics Our Back-to-Basics strategy is in full swing and visible progress is being made: Reduced corporate burden 33% 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 sheet In 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* Northeast West Oil2,350 MW 30% Coal 2,407 MW30% 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 4,172 MW outside of core regions

6. Current Stated Strategies Dynegy Calpine El Paso Williams Allegheny Reliant Cut G&A Sell noncore assets Economy–driven (demand side) price recovery Fuel mismatch Leverage off logistics platform(service provider) Trading Greenfield Mothball marginal assets Exit power business Corporate Strategy – Moving beyond Back to Basics 1997 1998 1999 2000 2001 2002 2003 2004 Each wholesale power generation company represents a different commodity risk proposition but their overall strategies have stayed in lockstep with each other IPP Industry Strategies MPoM MPoM MPoM MPoM BtB BtB BtB MPoM “Asset-light” Trading

7. Back to Basics - Strategy Four fundamentals Four imperatives • Capital intensive - yes;Labor intensive - no 1 MUST accumulate generating portfolio at competitive cost • Highly cyclical, inelastic demand, supply driven 2 MUST be geographically diversified, in multiple markets • Pure commodity, but inability to store causes very high volatility 3 MUST develop scale in key markets 4 MUST develop and expand our route to market through contracting with retail load providers, trading, direct sales, etc. • Assets relatively illiquid and generally immovable

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 • 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 What are the elements of a successful strategy to hedge a substantial portion of our generation capacity with retail load providers? • 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 We must own . . . . . . plus it helps if we have . . . • 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 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

11. In Summary - The New NRG Extracting maximum value from existing fleet Reinvestment in repowering of key assets Northeast WestCoast SouthCentral 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