Good day, ladies and gentlemen, and welcome to the NRG Energy First Quarter 2015 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Matthew Orendorff, Managing Director of Investor Relations. Please go ahead.

Thank you, Danielle. Good morning, and welcome to NRG Energy's first quarter 2015 earnings call. This morning's call is being broadcast live over the phone and via webcast, which can be located on the Investors Relations section of our website at www.nrg.com, under Presentations & Webcasts. Because this call will be limited to one hour, we ask that you limit yourself to only one question with one follow up question. As this is the earnings call for NRG Energy, any statements made on this call that may pertain to NRG Yield will be provided from NRG's perspective. Please note that today's discussion may contain forward-looking statements, which are based on assumptions that we believe to be reasonable as of this date. Such statements are subject to risks and uncertainties that could cause actual results to differ materially. We urge everyone to review the Safe Harbor statement provided in today's presentation, as well as the risk factors contained in our SEC filings. We undertake no obligation to update these statements as a result of future events, except as required by law. During this morning's call, we will refer to both GAAP and non-GAAP financial measures of the company's operating and financial results. For information regarding our non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures, please refer to today's press release and this presentation. And with that, I will now turn the call over to David Crane, NRG's President and Chief Executive Officer. David Whipple Crane - President, Chief Executive Officer & Director: Thank you, Matt. Good morning, everyone, and thank you for joining us. As always, joining me today and participating in the presentation are Kirk Andrews, our Chief Financial Officer, and Mauricio Gutierrez, our Chief Operating Officer and President of NRG Business. Additionally, and available for…

Thank you. And our first question comes from Stephen Byrd from Morgan Stanley. Your line is now open. Please go ahead. Stephen Calder Byrd - Morgan Stanley & Co. LLC: Good morning, and congratulations on multiple fronts. David Whipple Crane - President, Chief Executive Officer & Director: Thanks, Stephen. Stephen Calder Byrd - Morgan Stanley & Co. LLC: I wanted to just talk about leveraging your Retail business in the pursuit of your clean energy growth. Can you just talk a little bit about lessons learned, and how is that actually working day-to-day in terms of being able to use that Retail platform? David Whipple Crane - President, Chief Executive Officer & Director: Stephen, it's a great question, and I could go on about how excited I am about the prospects there, but since we have the two experts in the room, why doesn't Elizabeth give her impression first and then Kelcy? Elizabeth Killinger - SVP & President, NRG Retail, NRG Energy, Inc.: Sure. Thank you, Stephen. So we really are making strong progress on cross-selling, and as you've heard from us before, we've been working on this together. And I'll give you two examples. The first is the example of selling our electricity customers an incremental product. And in Texas, we have seen great success there with about 22% of our customers buying more than one product from us. And we have moved out of our trial phase and really are gaining momentum in the East where we are selling our solar customers electricity products, and we are also generating solar leads within our electricity conversations and sharing them with Kelcy's business. And at the end of the day, those are just examples of our kind of our plus concept. So if a customer starts with us as an electricity customer, the plus there would be home solar or backup generation or some of our warranty products or other new products we offer. And on – if they start as a solar customer, we can add electricity or backup generation or, again, other products. So I'll toss it over to Kelcy for anything else he might add.

Yeah. I think Elizabeth covered it well. We're moving from the early days into some meaningful progress, especially in the lead transition of sharing within the business groups. And I think overall, from the cross-selling, the bundling, and the up-selling perspective, with recent news around solar-plus-battery being a winning concept, I think we feel validated in the solar-plus or electricity-plus strategy because we think it's a little more comprehensive of being able to put electricity, solar, EV charging, portable power, backup generation, which could include a battery, or natural gas generators. So we feel validated in our strategy there. Stephen Calder Byrd - Morgan Stanley & Co. LLC: Great. Thank you. And I just wanted to shift over to the partnership on distributed generation. Is this the form of relationship that we should be thinking on a going-forward basis? Or is this more opportunistic in the near-term? Just wanted to get a better sense if this is the sort of model that you all prefer going forward here with distributed generation? David Whipple Crane - President, Chief Executive Officer & Director: You mean in terms of the way that the Yield and NRG are working together on Home Solar leases, and down the road on business to business? Is that... Stephen Calder Byrd - Morgan Stanley & Co. LLC: Yeah. David Whipple Crane - President, Chief Executive Officer & Director: Kirk, do you want to address that? Kirkland B. Andrews - Chief Financial Officer & Executive Vice President: Sure. Stephen, the high-level answer to that is, yes, and is for the same reason for both distributed solar and residential solar. And that is just the ongoing continual nature of the opportunity set combined with the fact that, as you know, now that we've shifted from cash grants exclusively, really into…

Thank you. And our next question comes from Daniel Eggers from Credit Suisse. Your line is now open. Please go ahead. Dan L. Eggers - Credit Suisse Securities (USA) LLC (Broker): Hi. Good morning, guys. I – just on the buyback update, which was helpful, can you walk us through, in addition to the recycling of the cash from drops to NYLD kind of how you're thinking about an allocation of cash between the free cash generation from the business as well as the proceed dropdown? So are there buckets we should be thinking about more comprehensively of all the cash you're generating? David Whipple Crane - President, Chief Executive Officer & Director: Kirk, do you want to take that? Kirkland B. Andrews - Chief Financial Officer & Executive Vice President: Sure. The committed piece, and I'm speaking specifically – I think your question, Dan, was directly on the buyback front, the predictable component of that, the committed piece of that is the one-thirds of the dropdown proceeds that is earmarked for share repurchases. And while certainly we can opportunistically supplement that with additional capital allocation is really anchored by the free cash flow, a good example of which is the $81 million we added today, we maintain that flexibility. But the committed part of it is the one-thirds piece from the Yield dropdown. Dan L. Eggers - Credit Suisse Securities (USA) LLC (Broker): So the free cash generation from the core business is going to follow the same strategy of using it as you see the best and brightest use at that point in time. Kirkland B. Andrews - Chief Financial Officer & Executive Vice President: Yes. I think that's a safe summary, yes. Dan L. Eggers - Credit Suisse Securities (USA) LLC (Broker): Okay. And then I guess…

Thank you. And our next question comes from Jonathan Arnold from Deutsche Bank. Your line is now open. Please go ahead.

Hey. Good morning, guys. David Whipple Crane - President, Chief Executive Officer & Director: Good morning, Jonathan.

Could I just ask about the Home Solar customer adds? It looks like you added less than 3,000 in the quarter. Is it seasonality, weather-related, or should we just expect the ramp to really pick up later in the year? Just how we kind of view that Q1 result in the context of what I guess is like 20,000-odd adds you wanted to do this year? David Whipple Crane - President, Chief Executive Officer & Director: Well, Jonathan, I mean Kelcy – I'll ask Kelcy to address the question looking forward, but certainly I think your assessment of the first quarter is correct. First of all, we always anticipated a high ramp rate quarter-on-quarter during the year, but there's no doubt that our Home Solar business, which is a little unusual compared to the other main home solar companies in that we start as an East Coast-based home solar company, and you can imagine that no one in Massachusetts which is one of the biggest markets was thinking about, or executing on putting home solar on their roof from about the first of February through mid-March. So it was definitely weather impacted, but I mean we're confident for the rest of the year. And Kelcy can give you a little flavor of that. Kelcy?

Yeah. Thanks, David. And I think you've framed it properly. We were impacted by Northeast weather which was extreme in states like Massachusetts and Connecticut especially. They had snow on the ground for better parts of four weeks at a time. But we've always recognized that our full year will have a ramp through that full year. If we experience similar growth rates from what a 2014 experienced, we're confident we're right in that ballpark for our full year number in 2015. We did gain considerable ground on some meaningful progress with both the partnership with Yield which you heard Kirk talk about, and extending our tax runway. So there's a lot of progress, and not the least of which is really gaining a foothold in the California market which will help mitigate that seasonality that we experienced in Q1 in future quarters.

Okay, great. Can I just ask about Carlsbad? Is the spending in the numbers? Not in the numbers? How should we think about that? David Whipple Crane - President, Chief Executive Officer & Director: Kirk? Kirkland B. Andrews - Chief Financial Officer & Executive Vice President: Sure. Jonathan, there is no meaningful amount of spend currently in that, as it would ordinarily be the case in the growth investments component of capital allocation. We expect the preponderance of that spend to really begin in earnest in 2016.

Okay, great. Thanks a lot, guys. David Whipple Crane - President, Chief Executive Officer & Director: Thanks, Jon.

Thank you. And our next question comes from Steve Fleishman from Wolfe Research. Your line is now open. Please go ahead.

Yeah. Hi. Good morning. Just one simple question. Back at the Analyst Day, I think you had highlighted for 2015 that you were already kind of tracking to the maybe the upper half of the range for this year. And maybe you could just comment on that. Obviously, the first quarter was very good. David Whipple Crane - President, Chief Executive Officer & Director: Yeah. I actually think we said to the upper quarter of the range. And we're still tracking to that same upper quarter. But if I didn't say, or if Kirk didn't say upper quarter, then we're saying it now. Kirkland B. Andrews - Chief Financial Officer & Executive Vice President: I actually did.

Okay. Thank you.

Thank you. And our next question comes from Angie Storozynski from Macquarie Capital. Your line is now open. Please go ahead. Angie Storozynski - Macquarie Capital (USA), Inc.: Thank you. I'm not going to ask questions about solar for once. But there is, you guys have shown us this integrated platform between the generation assets and the retail assets, especially your cash flows and earnings and volatility associated with natural gas prices. And we're seeing that one of the UK utilities has just put a big retail business in the U.S. for a strategic review. And I know that there's a bit of an overlap in retail services territories. And I know you don't comment on specific transactions, but could you, in general, tell us is it possible for you to enlarge your retail presence, especially in Texas? David Whipple Crane - President, Chief Executive Officer & Director: Wow. Yeah, I don't. Yeah, I think certainly we would look to expand retail where we could do so at value. I mean, we like the platform we have. I mean, unlike when we bought Green Mountain or Energy Plus, I mean, we have the brands, and we have what we need. But we would look at other portfolios. I don't – I'm not sure I actually even know which portfolio you're talking about, but I can guess by the way you frame the question. I don't actually have any insights on whether or not there's a market share issue. But it's safe to say that if there's not a market share issue, we would look at anything in the retail space. Elizabeth, do you want to comment on that? Elizabeth Killinger - SVP & President, NRG Retail, NRG Energy, Inc.: Yeah. I think you hit it on the head. But I…

Thank you. And our next question comes from Julien Dumoulin-Smith from UBS. Your line is now open. Please go ahead.

Hi. Good morning. David Whipple Crane - President, Chief Executive Officer & Director: Good morning, Julien.

So wanted to come back to the conventional portfolio for a quick minute here. On Maryland, just if you could give a little bit more of an update around intentions there and the latest on the regulations, as well as at the GenOn fleet on Bowline? Is it your intention still to move forward there and bring that unit back up? Or fully back up, shall we say? David Whipple Crane - President, Chief Executive Officer & Director: Mauricio, do you want to take that? Mauricio Gutierrez - Chief Operating Officer & Executive Vice President: Sure, David. And good morning, Julien. So as you know, Maryland implemented an emergency ruling for 2015 setting up a specific limit that can be complied across the entire portfolio. We continue to work with MDE in a solution that doesn't necessarily require a unit-by-unit NOS (49:01) limit that could potentially lead to additional environmental equipment or potentially fuel conversion of that, and these market conditions are not economic. So we will continue to work with them to find a solution that is consistent with other federal regulations in terms of compliance at a total portfolio level.

And then on Bowline? Mauricio Gutierrez - Chief Operating Officer & Executive Vice President: On Bowline, I mean we are – we're moving and rerating our units. We have invested already that capital at very attractive multiples, and we are bringing additional megawatts given the pricing conditions that we're seeing in the lower Hudson Valley.

Okay, great. And then a bigger thematic question here; obviously, a lot on storage of late, but I'm curious, how big of an opportunity do you all see it? And then I suppose, specifically given the diversity of your current businesses, where do you see the best opportunity? Is it the C&I space? The utility scale space? I mean just curious how you all are thinking about tackling that opportunity here? David Whipple Crane - President, Chief Executive Officer & Director: Okay. You – I'm sorry. You said, specifically in storage?

Yes, indeed. David Whipple Crane - President, Chief Executive Officer & Director: Well, I mean I think that we see the biggest opportunity, and we've had some success there in sort of California's preferred resources where there's a contract for it. I mean from my perspective, and particularly the more distributed you get, sort of merchant storage, if you will, is – I think is still some ways away from being a significant opportunity.

Okay, great. Thank you.

Thank you. And our next question comes from Greg Gordon from Evercore. Your line is now open. Please go ahead.

Thanks. Good morning. David Whipple Crane - President, Chief Executive Officer & Director: Morning, Greg.

I only have one question, but it's in 27 parts. David Whipple Crane - President, Chief Executive Officer & Director: Oh, thank you, thank you, we appreciate that. It's – well that's just what we wanted on a Friday after – Friday morning.

Oh, three quick ones. Just to clarify your answer to a prior question. The $1.6 billion of CapEx in 2016 currently budgeted, that would go up if Carlsbad were approved? Kirkland B. Andrews - Chief Financial Officer & Executive Vice President: David, you want me to take that? David Whipple Crane - President, Chief Executive Officer & Director: Oh. Yeah. I'm sorry, Kirk. Go ahead. Kirkland B. Andrews - Chief Financial Officer & Executive Vice President: Greg, I would not expect that to – the approval to have an impact on the $1.6 billion. From a timing perspective, while there may be a small amount of capital towards the end of the year, in any circumstance, I would still expect the bulk of the capital towards Carlsbad to really be in earnest in 2016. David Whipple Crane - President, Chief Executive Officer & Director: But he asked...

In 2016 or in 2017? David Whipple Crane - President, Chief Executive Officer & Director: He asked in 2016. Kirkland B. Andrews - Chief Financial Officer & Executive Vice President: Oh, forgive me. I thought you said 2015. Yeah...

Okay. Kirkland B. Andrews - Chief Financial Officer & Executive Vice President: ...so it would – yes, it would start in 2016. Sorry about that.

Okay. So that would be – you would – so the $1.6 billion would go up? Kirkland B. Andrews - Chief Financial Officer & Executive Vice President: Yes.

The second question was with regard to the excess capital remaining, the $860 million of which $500 million is at GenOn and $360 million at NRG. You said – I think you said $200 million of that is associated with sort of the replenishment of NRG Yield eligible assets, so that means for all intents and purposes there's $160 million for the balance of this year that's unallocated? David Whipple Crane - President, Chief Executive Officer & Director: Kirk? Kirkland B. Andrews - Chief Financial Officer & Executive Vice President: So when you're looking at the $360 million that's at the bottom there, that's correct, although I would say within the $960 million of committed capital that's on the growth investments page, that really includes the line of sight we have right now on the remaining NRG Yield-eligible assets. So while $200 million of that $360 million is the one-thirds component that goes towards Yield-eligible assets, I would expect those dollars more likely to be spent in 2016 and moving forward. I don't see a significant increase right now in allocations or towards Yield-eligible investments other than that which is already subsumed within that $960 million of growth capital. I do want to go back to your question. I apologize for the confusion over 2015 and 2016. When you go to the slide on capital expenditures, I said that Carlsbad would be an increase, that – I want to clarify that point. We provided that 2016 number for a reason and part of the committed capital in there is the Carlsbad plant and the Mandalay plant. So forgive me for misunderstanding your question. That is included in the 2016 capital expenditures.

Great. That was exactly what I needed. Thank you. And the final question for Mauricio, I think in the first quarter vis-à-vis how the stock price traded, people definitely forgot how strong a sort of countercyclical hedge your Retail business is relative to your wholesale position in Texas. Look, you haven't changed your 2015 guidance for Home Retail, but if we continue to see depressed gas prices and depressed spark spreads, depressed wholesale prices in Texas for an extended period of time, given the tenor of your contracts, how do you think you trend in that $575 million to $650 million guidance range through the rest of the year? Mauricio Gutierrez - Chief Operating Officer & Executive Vice President: Yes, I mean, keep in mind that you need two elements for an over performance in Retail. Not only do you need lower commodity prices that translate in lower supply costs, but you also need higher loads given to extreme weather conditions. In the case of Q1, you have colder than normal weather. So as we look at the rest of the year, I think it's a little too early to tell how weather's going to play out, and I'm not going to – I mean, it's a little disingenuous to start making predictions about whether it's going to be hotter than normal or not. But certainly, if those two elements present themselves in the summer, we can expect retail to over-perform.

Thank you, gentlemen. Have a good morning. David Whipple Crane - President, Chief Executive Officer & Director: Thanks, Greg.

Thank you. And our next question comes from Brian Chin from Merrill Lynch. Your line is now open. Please go ahead. Brian J. Chin - Merrill Lynch, Pierce, Fenner & Smith, Inc.: My questions were asked and answered. Thank you.

Thank you. And our next question comes from Ryan Caylor from Tudor, Pickering, Holt. Your line is now open. Please go ahead. Ryan Caylor - Tudor, Pickering, Holt & Co.: Hi. Good morning. David Whipple Crane - President, Chief Executive Officer & Director: Good morning. Ryan Caylor - Tudor, Pickering, Holt & Co.: So my questions were answered regarding Carlsbad, but regarding the other California repowering project added to the NYLD ROFO list, given there's CapEx allocated to both in 2016, can you provide us with an update, I guess, on Mandalay and whether there's any read-throughs from the Carlsbad process? David Whipple Crane - President, Chief Executive Officer & Director: Yeah. That's a good question. I don't know of any – I think they're quite independent of each other, but I would say I'm not perfectly informed on that. Mauricio, do you have any viewpoint on that? Mauricio Gutierrez - Chief Operating Officer & Executive Vice President: Yes. I mean, I think the Mandalay project is back at the end of the decade, so what we provided to you is in the next two years. The capital required for that project would be in the latter part of the decade, so I don't think it's reflected on the numbers. Kirk? Kirkland B. Andrews - Chief Financial Officer & Executive Vice President: Not reflected on the numbers, and I'm not aware of any read-through in terms of the situation with the Carlsbad project onto Mandalay, no. Ryan Caylor - Tudor, Pickering, Holt & Co.: Okay, great. Thanks.

Thank you. And that concludes today's Q&A session. I would now like to turn the call back to David Crane for any closing remarks. David Whipple Crane - President, Chief Executive Officer & Director: Well thank you, operator, and thank you all for participating on this Friday morning, and we look forward to talking to you again next quarter. And thanks.

Ladies and gentlemen, thank you for participating in today's conference. This does conclude today's program. You may all disconnect. Everyone, have a great day.