/FIRST AND FINAL ADD -- NYW069 -- Reliant Energy, Inc. Earnings/

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/FIRST AND FINAL ADD -- NYW069 -- Reliant Energy, Inc. Earnings/ Reliant Energy, Inc. and Subsidiaries Consolidated Statements of Operations (Thousands of Dollars, except per share amounts) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2004 2003 2004 2003 Revenues: Revenues (including $(16,197), $(4,549), $(38,456) and $(32,455) unrealized losses) $2,090,887 $1,761,975 $8,731,181 $10,599,815 Trading margins 5,825 (4,061) 4,357 (49,004) Total Revenues 2,096,712 1,757,914 8,735,538 10,550,811 Expenses: Fuel and cost of gas sold (including $(702), $(1,696), $63,896 and $(1,276) unrealized (losses) gains) 468,268 303,373 1,601,198 1,309,355 Purchased power (including $(130,271), $7,748, $(277,856) and $1,790 unrealized (losses) gains) 1,382,612 897,727 5,288,027 6,822,181 Operation and maintenance 217,062 239,160 881,532 912,666 Selling and marketing 20,040 23,012 81,741 97,773 Bad debt expense 8,704 10,739 45,708 57,380 Total 2,096,686 1,474,011 7,898,206 9,199,355 Contribution Margin 26 283,903 837,332 1,351,456 Other general and administrative 47,050 78,191 198,723 273,301 Loss on sales of receivables -- 22,955 33,741 37,613 Accrual for payment to CenterPoint Energy, Inc. -- -- 1,600 46,700 Gain on sale of counterparty claim -- -- (30,000) -- Wholesale energy goodwill impairment -- -- -- 985,000 Depreciation 98,467 87,657 410,906 339,708 Amortization 12,196 12,741 65,905 57,424 Total 157,713 201,544 680,875 1,739,746 Operating (Loss) Income (157,687) 82,359 156,457 (388,290) Other (Expense) Income: Gains from investments, net 9,097 242 9,044 1,844 Loss of equity investments, net (234) (1,035) (9,478) (1,652) Other, net 1,148 3,215 5,802 9,317 (Loss) Earnings Before Interest and Taxes (147,676) 84,781 161,825 (378,781) Interest expense (170,744) (133,613) (465,845) (447,260) Interest income 5,971 11,553 35,020 35,070 Loss from Continuing Operations Before Income Taxes (312,449) (37,279) (269,000) (790,971) Income tax (benefit) expense (124,473) (12,320) (96,930) 97,867 Loss from Continuing Operations (187,976) (24,959) (172,070) (888,838) (Loss) Income from discontinued operations before income taxes (74,726) 97,691 97,956 (341,151) Income tax expense (benefit) 1,657 40,199 (37,454) 88,073 (Loss) Income from discontinued operations (76,383) 57,492 135,410 (429,224) (Loss) Income Before Cumulative Effect of Accounting Changes (264,359) 32,533 (36,660) (1,318,062) Cumulative effect of accounting changes, net of tax -- -- 7,290 (24,055) Net (Loss) Income $(264,359) $32,533 $(29,370) $(1,342,117) Basic (Loss) Earnings Per Share: Loss from continuing operations $(0.63) $(0.08) $(0.58) $(3.03) (Loss) income from discontinued operations (0.25) 0.19 0.46 (1.46) Cumulative effect of accounting changes, net of tax -- -- 0.02 (0.08) Net (Loss) Income $(0.88) $0.11 $(0.10) $(4.57) Diluted (Loss) Earnings Per Share: Loss from continuing operations $(0.63) $(0.08) $(0.58) $(3.03) (Loss) income from discontinued operations (0.25) 0.19 0.46 (1.46) Cumulative effect of accounting changes, net of tax -- -- 0.02 (0.08) Net (Loss) Income $(0.88) $0.11 $(0.10) $(4.57) Weighted Average Common Shares Outstanding (in thousands): - Basic 298,979 295,262 297,527 293,655 - Diluted 298,979 295,262 297,527 293,655 Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. Information contained in this report is subject to adjustment resulting from further review and the obtaining of additional information that impacts the consolidated financial statements. Reliant Energy, Inc. and Subsidiaries Results of Operations by Segment (Millions of Dollars) (Unaudited) As Reported Three Months Ended December 31, 2004 Retail Wholesale Other Elimin- Consolidated Energy Energy Operations ations Revenues: Revenues $1,466 $721 $- $(96) $2,091 Trading margins - 6 - - 6 Total 1,466 727 - (96) 2,097 Operating Expenses: Fuel and cost of gas sold - 469 - - 469 Purchased power 1,418 60 - (96) 1,382 Gross margin 48 198 - - 246 Operation and maintenance 49 169 - - 218 Selling and marketing 20 - - - 20 Bad debt expense 9 (1) - - 8 Contribution margin $(30) $30 $- $- - Other general and administrative 47 Depreciation and amortization 111 Total 158 Operating loss (158) Gains from investments, net 9 Other, net 1 Loss before interest and income taxes (148) Interest expense (171) Interest income 6 Loss from continuing operations before income taxes (313) Income tax benefit (125) Loss from continuing operations (188) Loss from discontinued operations (76) Net Loss $(264) Adjustments Three Months Ended December 31, 2004 Retail Wholesale Other Elimin- Consolidated Energy Energy Operations ations Gross Margin (1) Adjustments: Gains recorded prior to 2003 to be realized /collected in current period $5 $- $- $- $5 Changes in California- related receivables and reserves - 33 - - 33 Non-trading unrealized energy derivative losses 129 18 - - 147 Total gross margin adjustments 134 51 - - 185 Operating Expenses Adjustments: Operation and maintenance adjustment - severance (1) - - - (1) Other general and administrative adjustment - severance (1) Other general and administrative adjustment - restructuring costs associated with lease on corporate headquarters (2) Gain on sale of investment (9) Interest income adjustment - California-related interest income (3) Income tax expense - tax adjustments, net 70 Adjusted Three Months Ended December 31, 2004 Retail Wholesale Other Elimin- Consolidated Energy Energy Operations ations Adjusted gross margin (1) $182 $249 $- $- $431 Operating Expenses: Adjusted operation and maintenance 48 169 - - 217 Selling and marketing 20 - - - 20 Bad debt expense 9 (1) - - 8 Adjusted contribution margin $105 $81 $- $- 186 Adjusted other general and administrative 44 Depreciation and amortization 111 Total 155 Adjusted operating income 31 Adjusted gain from investments, net - Other, net 1 Adjusted earnings before interest and income taxes 32 Interest expense (171) Adjusted interest income 3 Adjusted loss from continuing operations before income taxes (136) Adjusted income tax benefit (55) Adjusted loss from continuing operations (81) Loss from discontinued operations (76) Adjusted Net Loss $(157) (1) Revenues less fuel and cost of gas sold and purchased power. Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. Reliant Energy, Inc. and Subsidiaries Results of Operations by Segment (Millions of Dollars) (Unaudited) As Reported Twelve Months Ended December 31, 2004 Retail Wholesale Other Elimin- Consolidated Energy Energy Operations ations Revenues: Revenues $6,066 $3,005 $- $(340) $8,731 Trading margins - 5 - - 5 Total 6,066 3,010 - (340) 8,736 Operating Expenses: Fuel and cost of gas sold - 1,602 - - 1,602 Purchased power 5,337 291 - (340) 5,288 Gross margin 729 1,117 - - 1,846 Operation and maintenance 222 660 - - 882 Selling and marketing 82 - - - 82 Bad debt expense 48 (3) - - 45 Contribution margin $377 $460 $- $- 837 Other general and administrative 198 Loss on sales of receivables 34 Accrual for payment to CenterPoint Energy, Inc. 2 Gain on sale of counterparty claim (30) Depreciation and amortization 477 Total 681 Operating income 156 Gain from investments, net 9 Loss of equity investments, net (9) Other, net 6 Earnings before interest and income taxes 162 Interest expense (466) Interest income 35 Loss from continuing operations before income taxes (269) Income tax benefit (97) Loss from continuing operations (172) Income from discontinued operations 136 Cumulative effect of accounting change, net of tax 7 Net Loss $(29) Adjustments Twelve Months Ended December 31, 2004 Retail Wholesale Other Elimin- Consolidated Energy Energy Operations ations Gross Margin (1) Adjustments: Gains recorded prior to 2003 to be realized/ collected in current period $21 $- $- $- $21 Changes in California- related receivables and reserves - 11 - - 11 Non-trading unrealized energy derivative losses 272 (20) - - 252 Adjustment to October 2003 FERC settlement - 12 - - 12 Total gross margin adjustments 293 3 - - 296 Operating Expenses Adjustments: Operation and maintenance adjustment - severance (6) (11) - - (17) Selling and marketing adjustment - severance (2) - - - (2) Other general and administrative adjustment - severance (12) Other general and administrative adjustment - restructuring costs associated with lease on corporate headquarters (13) Accrual for payment to CenterPoint Energy, Inc. adjustment (2) Gain on sale of counterparty claim 30 Depreciation and amortization adjustment - accelerated depreciation on retired generation assets (12) Depreciation and amortization adjustment - equipment impairment related to turbines and generators (16) Gain on sale of investment (9) Interest income adjustment - California-related interest income (16) Income tax expense - tax adjustments, net 122 Adjusted Twelve Months Ended December 31, 2004 Retail Wholesale Other Elimin- Consolidated Energy Energy Operations ations Adjusted gross margin (1) $1,022 $1,120 $- $- $2,142 Operating Expenses: Adjusted operation and maintenance 216 649 - - 865 Adjusted selling and marketing 80 - - - 80 Bad debt expense 48 (3) - - 45 Adjusted contribution margin $678 $474 $- $- 1,152 Adjusted other general and administrative 173 Loss on sales of receivables 34 Adjusted depreciation and amortization 449 Total 656 Adjusted operating income 496 Adjusted gain from investments, net - Loss of equity investments, net (9) Other, net 6 Adjusted earnings before interest and income taxes 493 Interest expense (466) Adjusted interest income 19 Adjusted income from continuing operations before income taxes 46 Adjusted income tax expense 25 Adjusted income from continuing operations 21 Income from discontinued operations 136 Cumulative effect of accounting change, net of tax 7 Adjusted Net Income $164 (1) Revenues less fuel and cost of gas sold and purchased power. Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. Reliant Energy, Inc. and Subsidiaries Results of Operations by Segment (Millions of Dollars) (Unaudited) As Reported Three Months Ended December 31, 2003 Retail Wholesale Other Elimin- Consolidated Energy Energy Operations ations Revenues: Revenues $1,178 $639 $1 $(56) $1,762 Trading margins - (4) - - (4) Total 1,178 635 1 (56) 1,758 Operating Expenses: Fuel and cost of gas sold - 304 - - 304 Purchased power 883 70 - (56) 897 Gross margin 295 261 1 - 557 Operation and maintenance 60 180 - - 240 Selling and marketing 23 - - - 23 Bad debt expense 13 (3) - - 10 Contribution margin $199 $84 $1 $- 284 Other general and administrative 79 Loss on sales of receivables 22 Depreciation and amortization 100 Total 201 Operating income 83 Loss of equity investments, net (1) Other, net 3 Earnings before interest and income taxes 85 Interest expense (133) Interest income 11 Loss from continuing operations before income taxes (37) Income tax benefit (12) Loss from continuing operations (25) Income from discontinued operations 57 Net Income $32 Adjustments Three Months Ended December 31, 2003 Retail Wholesale Other Elimin- Consolidated Energy Energy Operations ations Gross Margin (1) Adjustments: Gains recorded prior to 2003 to be realized/ collected in current period $16 $- $- $- $16 Changes in California- related receivables and reserves - (20) - - (20) Non-trading unrealized energy derivative gains (1) - - - (1) Total gross margin adjustments 15 (20) - - (5) Operating Expenses Adjustments: Operation and maintenance adjustment - severance (1) - - - (1) Other general and administrative adjustment - severance (6) Other general and administrative adjustment - CFTC settlement (18) Interest income adjustment - California-related interest income (3) Income tax expense - tax adjustments, net (1) Adjusted Three Months Ended December 31, 2003 Retail Wholesale Other Elimin- Consolidated Energy Energy Operations ations Adjusted gross margin (1) $310 $241 $1 $- $552 Operating Expenses: Adjusted operation and maintenance 59 180 - - 239 Selling and marketing 23 - - - 23 Bad debt expense 13 (3) - - 10 Adjusted contribution margin $215 $64 $1 $- 280 Adjusted other general and administrative 55 Loss on sales of receivables 22 Depreciation and amortization 100 Total 177 Adjusted operating income 103 Loss of equity investments, net (1) Other, net 3 Adjusted earnings before interest and income taxes 105 Interest expense (133) Adjusted interest income 8 Adjusted loss from continuing operations before income taxes (20) Adjusted income tax benefit (13) Adjusted loss from continuing operations (7) Income from discontinued operations 57 Adjusted Net Income $50 (1) Revenues less fuel and cost of gas sold and purchased power. Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. Reliant Energy, Inc. and Subsidiaries Results of Operations by Segment (Millions of Dollars) (Unaudited) As Reported Twelve Months Ended December 31, 2003 Retail Wholesale Other Elimin- Consolidated Energy Energy Operations ations Revenues: Revenues $5,729 $5,095 $1 $(225) $10,600 Trading margins - (49) - - (49) Total 5,729 5,046 1 (225) 10,551 Operating Expenses: Fuel and cost of gas sold - 1,310 - - 1,310 Purchased power 4,476 2,571 - (225) 6,822 Gross margin 1,253 1,165 1 - 2,419 Operation and maintenance 251 662 - - 913 Selling and marketing 98 - - - 98 Bad debt expense 65 (8) - - 57 Contribution margin $839 $511 $1 $- 1,351 Other general and administrative 273 Loss on sales of receivables 37 Accrual for payment to CenterPoint Energy, Inc. 47 Wholesale energy goodwill impairment 985 Depreciation and amortization 397 Total 1,739 Operating loss (388) Gains from investments, net 2 Loss of equity investments, net (2) Other, net 9 Loss before interest and income taxes (379) Interest expense (447) Interest income 35 Loss from continuing operations before income taxes (791) Income tax expense 98 Loss from continuing operations (889) Loss from discontinued operations (429) Cumulative effect of accounting changes, net of tax (24) Net Loss $(1,342) Adjustments Twelve Months Ended December 31, 2003 Retail Wholesale Other Elimin- Consolidated Energy Energy Operations ations Gross Margin (1) Adjustments: Gains recorded prior to 2003 to be realized/ collected in current period $66 $- $- $- $66 Changes in California- related receivables and reserves - (95) - - (95) Non-trading unrealized energy derivative losses 7 25 - - 32 October 2003 FERC settlement - 37 - - 37 Total gross margin adjustments 73 (33) - - 40 Operating Expenses Adjustments: Operation and maintenance adjustment - severance (2) (10) - - (12) Selling and marketing adjustment - severance (1) - - - (1) Other general and administrative adjustment - severance (28) Other general and administrative adjustment - CFTC settlement (18) Accrual for payment to CenterPoint Energy, Inc. adjustment (47) Wholesale energy goodwill impairment adjustment (985) Depreciation and amortization adjustment - accelerated depreciation on retired generation assets (14) Interest income adjustment - California-related interest income (13) Income tax expense - tax adjustments, net 50 Adjusted Twelve Months Ended December 31, 2003 Retail Wholesale Other Elimin- Consolidated Energy Energy Operations ations Adjusted gross margin (1) $1,326 $1,132 $1 $- $2,459 Operating Expenses: Adjusted operation and maintenance 249 652 - - 901 Adjusted selling and marketing 97 - - - 97 Bad debt expense 65 (8) - - 57 Adjusted contribution margin $915 $488 $1 $- 1,404 Adjusted other general and administrative 227 Loss on sales of receivables 37 Adjusted depreciation and amortization 383 Total 647 Adjusted operating income 757 Gains from investments, net 2 Loss of equity investments, net (2) Other, net 9 Adjusted earnings before interest and income taxes 766 Interest expense (447) Adjusted interest income 22 Adjusted income from continuing operations before income taxes 341 Adjusted income tax expense 148 Adjusted income from continuing operations 193 Loss from discontinued operations (429) Cumulative effect of accounting changes, net of tax (24) Adjusted Net Loss $(260) (1) Revenues less fuel and cost of gas sold and purchased power. Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. Reliant Energy, Inc. and Subsidiaries Diluted EPS from Continuing Operations Reconciliation (Dollars per diluted share) (Unaudited) Three Months Twelve Months Ended Ended December 31, December 31, 2004 2003 2004 2003 Diluted: Net (loss) income (per GAAP) $(0.88) $0.11 $(0.10) $(4.57) Cumulative effect of accounting changes, net of tax - - (0.02) 0.08 Loss (income) from discontinued operations 0.25 (0.19) (0.46) 1.46 Loss from continuing operations (on GAAP basis) (0.63) (0.08) (0.58) (3.03) Adjustments: Gains recorded prior to 2003 to be realized/collected in current period 0.01 0.03 0.04 0.14 Changes in California-related receivables and reserves (including interest) 0.06 (0.05) (0.02) (0.23) Non-trading unrealized energy derivative losses/gains 0.30 - 0.52 0.07 FERC settlement in October 2003 and adjustment in 2004 - - 0.03 0.08 Severance - 0.01 0.07 0.09 Restructuring costs associated with lease on corporate headquarters 0.01 - 0.03 - CFTC settlement - fourth quarter 2003 - 0.06 - 0.06 Accrual for payment to CenterPoint Energy, Inc. - - - 0.10 Gain on sale of counterparty claim - - (0.06) - Wholesale energy goodwill impairment - - - 3.35 Accelerated depreciation on retired generation assets - - 0.03 0.03 Equipment impairment related to turbines and generators - - 0.03 - Gain on sale of investment (0.02) - (0.02) - Adjusted (loss) income from continuing operations $(0.27) $(0.03) $0.07 $0.66 Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. Information contained in this report is subject to adjustment resulting from further review and the obtaining of additional information that impacts the consolidated financial statements. Reliant Energy, Inc. and Subsidiaries Preliminary Condensed Consolidated Balance Sheets (Thousands of Dollars) (Unaudited) December 31, 2004 December 31, 2003 ASSETS Current Assets: Cash and cash equivalents $106,613 $146,244 Restricted cash 15,610 228,005 Accounts and notes receivable, principally customer, net 1,089,058 567,218 Notes receivable related to receivables facility - 393,822 Net California receivables subject to refund - 198,609 Inventory 273,128 258,706 Derivative assets 312,232 493,046 Other current assets 832,636 306,238 Current assets of discontinued operations - 85,947 Total current assets 2,629,277 2,677,835 Property, plant and equipment, gross 8,403,308 8,330,238 Accumulated depreciation (1,013,178) (687,410) Property, Plant and Equipment, net 7,390,130 7,642,828 Other Assets: Goodwill, net 440,534 482,534 Other intangibles, net 611,524 620,343 Net California receivables subject to refund 200,086 - Derivative assets 272,254 199,716 Restricted cash 25,547 28,260 Other long-term assets 577,513 637,790 Long-term assets of discontinued operations - 1,007,525 Total other assets 2,127,458 2,976,168 Total Assets $12,146,865 $13,296,831 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current portion of long-term debt and short-term borrowings $618,854 $129,553 Accounts payable, principally trade 572,886 508,941 Derivative liabilities 409,110 348,614 Accrual for payment to CenterPoint Energy, Inc. - 175,000 Other current liabilities 469,165 509,092 Current liabilities of discontinued operations - 329,774 Total current liabilities 2,070,015 2,000,974 Other Liabilities: Derivative liabilities 311,222 208,689 Other long-term liabilities 802,417 864,648 Long-term liabilities of discontinued operations - 936,887 Total other liabilities 1,113,639 2,010,224 Long-term Debt 4,576,857 4,913,834 Commitments and Contingencies Stockholders' Equity 4,386,354 4,371,799 Total Liabilities and Stockholders' Equity $12,146,865 $13,296,831 Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. Information contained in this report is subject to adjustment resulting from further review and the obtaining of additional information that impacts the consolidated financial statements. Reliant Energy, Inc. and Subsidiaries Consolidated Statements of Cash Flows (Thousands of Dollars) (Unaudited) Twelve Months Ended December 31, 2004 2003 Cash Flows from Operating Activities: Net loss $(29,370) $(1,342,117) (Income) loss from discontinued operations (135,410) 429,224 Net loss from continuing operations and cumulative effect of accounting changes (164,780) (912,893) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Cumulative effect of accounting changes (7,290) 24,055 Wholesale energy goodwill impairment - 985,000 Depreciation and amortization 476,811 397,132 Deferred income taxes (69,505) 59,542 Net unrealized (gains) losses on trading energy activities (26,234) 24,084 Net unrealized losses on non- trading energy derivatives 252,416 31,941 Net amortization of contractual rights and obligations (24,838) (25,304) Amortization of deferred financing costs 87,184 97,605 Undistributed earnings of unconsolidated subsidiaries 9,478 1,652 Accrual for payment to CenterPoint Energy, Inc. 1,600 46,700 Other, net 14,273 20,522 Changes in other assets and liabilities: Restricted cash 215,108 (71,551) Accounts and notes receivable and unbilled revenue, net (66,804) 98,895 Receivables facility proceeds, net 232,000 23,000 Inventory (20,250) 14,758 Margin deposits on energy trading and hedging activities, net (450,851) 222,603 Net non-trading derivative assets and liabilities 16,093 (73,432) Prepaid lease obligation (25,682) (17,727) Other current assets (55,676) (21,134) Other assets (47,991) (92,705) Accounts payable 48,466 (194,155) Taxes payable/receivable 16,689 54,515 Payment to CenterPoint Energy, Inc. (176,600) -- Other current liabilities 8,653 73,573 Other liabilities 42,774 43,920 Net cash provided by continuing operations from operating activities 285,044 810,596 Net cash provided by discontinued operations from operating activities 3,956 58,807 Net cash provided by operating activities 289,000 869,403 Cash Flows from Investing Activities: Capital expenditures (172,871) (569,805) Other, net 27,532 6,991 Net cash used in continuing operations from investing activities (145,339) (562,814) Net cash provided by discontinued operations from investing activities 864,621 1,604,589 Net cash provided by investing activities 719,282 1,041,775 Cash Flows from Financing Activities: Proceeds from long-term debt 2,150,000 1,612,120 Payments of long-term debt (2,235,568) (2,141,137) Decrease in short-term borrowings and revolving credit facilities, net (108,350) (1,425,445) Proceeds from issuance of treasury stock 24,618 7,531 Payments of financing costs (81,767) (183,455) Other, net 9,156 - Net cash used in continuing operations from financing activities (241,911) (2,130,386) Net cash used in discontinued operations from financing activities (806,002) (758,434) Net cash used in financing activities (1,047,913) (2,888,820) Effect of Exchange Rate Changes on Cash and Cash Equivalents - 9,071 Net Change in Cash and Cash Equivalents (39,631) (968,571) Cash and Cash Equivalents at Beginning of Period 146,244 1,114,815 Cash and Cash Equivalents at End of Period $106,613 $146,244 Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. Information contained in this report is subject to adjustment resulting from further review and the obtaining of additional information that impacts the consolidated financial statements. Three Months Twelve Months Ended Ended December 31, December 31, 2004 2003 2004 2003 (in millions) (in millions) Retail energy revenues from end-use retail customers: Texas: Residential and small business $767 $741 $3,527 $3,453 Large commercial, industrial and governmental/institutional 526 395 1,981 1,599 Outside of Texas: Commercial, industrial and governmental/institutional 67 22 204 40 Total 1,360 1,158 5,712 5,092 Retail Energy revenues from resales of purchased power and other hedging activities 133 30 376 688 Market usage adjustments (22) 14 (1) 31 Unrealized losses - (8) - (16) Gains recorded prior to 2003 realized/collected in current periods (5) (16) (21) (66) Total retail energy revenues $1,466 $1,178 $6,066 $5,729 Retail Energy Operating Data: Three Months Twelve Months Ended Ended December 31, December 31, 2004 2003 2004 2003 (gigawatt hours) (gigawatt hours) Electricity Sales from End-Use Retail Customers: Texas: Residential: Price-to-beat 3,958 4,176 19,315 20,738 Non price-to-beat 1,184 741 4,516 2,070 Total residential 5,142 4,917 23,831 22,808 Small business: Price-to-beat 1,495 2,252 7,166 10,845 Non price-to-beat 488 331 1,924 1,053 Total small business 1,983 2,583 9,090 11,898 Large commercial, industrial and governmental/institutional (1) 7,889 7,654 31,278 28,788 Total Texas 15,014 15,154 64,199 63,494 Outside of Texas: Commercial, industrial and governmental/institutional 1,187 458 3,635 785 Total Outside of Texas 1,187 458 3,635 785 Total 16,201 15,612 67,834 64,279 December 31, 2004 2003 (in thousands, metered locations) Retail Customers: Texas: Residential: Price-to-beat 1,313 1,395 Non price-to-beat 334 222 Total residential 1,647 1,617 Small business: Price-to-beat 163 183 Non price-to-beat 30 22 Total small business 193 205 Large commercial, industrial and governmental/institutional (1) 40 38 Total Texas 1,880 1,860 Outside of Texas: Commercial, industrial and governmental/institutional (2) 1 - Total Outside of Texas 1 - Total 1,881 1,860 Three Months Twelve Months Ended Ended December 31, December 31, 2004 2003 2004 2003 (in thousands, (in thousands, metered locations)metered locations) Weighted Average Retail Customer Count: Texas: Residential: Price-to-beat 1,326 1,397 1,360 1,408 Non price-to-beat 319 195 271 117 Total residential 1,645 1,592 1,631 1,525 Small business: Price-to-beat 165 188 174 194 Non price-to-beat 29 19 26 17 Total small business 194 207 200 211 Large commercial, industrial and governmental/institutional (1) 40 38 40 33 Total Texas 1,879 1,837 1,871 1,769 Outside of Texas: Commercial, industrial and governmental/institutional (3) 1 - 1 - Total Outside of Texas 1 - 1 - Total 1,880 1,837 1,872 1,769 (1) These amounts include volumes of customers of the Government Land Office for whom we provide services. (2) As of December 31, 2004 and 2003, our retail customer count for commercial, industrial and governmental/institutional customers outside of Texas was 1,354 and 195, respectively. (3) For 2004 and 2003, our weighted average retail customer count for the periods for which we sold electricity to commercial, industrial and governmental/institutional customers outside of Texas was 787 and 165, respectively. Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. Reliant Energy, Inc. and Subsidiaries Wholesale Operational Data (Unaudited) Wholesale Energy Gross Margin: Three Months Ended Twelve Months Ended December 31, December 31, Differ- Differ- 2004 2003 ence 2004 2003 ence (in millions) (in millions) West $42 $24 $18 $153 $128 $25 Mid-Atlantic 59 78 (19) 278 381 (103) New York 64 56 8 314 243 71 Southeast 2 4 (2) 15 18 (3) Mid-Continent 59 57 2 270 312 (42) ERCOT 14 16 (2) 66 64 2 Other: Billings to Texas Genco for support costs 2 8 (6) 15 29 (14) Other 1 2 (1) 4 6 (2) Adjusted Plant Gross Margin 243 245 (2) 1,115 1,181 (66) California-related receivables and reserves: Credit Reserve - (2) 2 21 (15) 36 Estimated Refund Obligation (20) 22 (42) (8) 110 (118) Direct Adjustment - - - (11) - (11) Discount (13) - (13) (13) - (13) FERC settlement in October 2003 and adjustment in 2004 - - - (12) (37) 25 Non-trading unrealized energy derivative (losses) gain (1) (18) - (18) 20 (25) 45 Plant Gross Margin 192 265 (73) 1,112 1,214 (102) Trading margins 6 (4) 10 5 (49) 54 Total Wholesale Energy Gross Margin $198 $261 $(63) $1,117 $1,165 $(48) Wholesale Energy Operating Data (2): Three Months Twelve Months Ended Ended December 31, December 31, 2004 2003 2004 2003 (gigawatt hours) (gigawatt hours) Wholesale net power generation volumes 9,982 9,907 41,066 42,012 Wholesale power purchase volumes 9,860 16,354 35,969 70,601 Wholesale power sales volumes (3) 19,842 26,261 77,035 112,613 (1) Includes Enron write-off, ineffectiveness and non-trading derivatives not designated as hedges. (2) These amounts exclude volumes associated with our discontinued operations. (3) These amounts include physically delivered volumes, physical transactions that are settled prior to delivery and hedge activity related to our power generation portfolio. Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. Reliant Energy, Inc. and Subsidiaries Net Generation Volumes (1) (MWh) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, By region: 2004 2003 2004 2003 Mid-Continent 2,560,740 3,029,013 10,354,237 12,213,756 Mid-Atlantic 2,903,788 2,909,001 11,583,594 12,035,546 New York 863,030 689,007 4,015,580 3,481,308 Southeast 363,836 507,525 2,198,244 2,986,047 West 2,006,266 1,448,587 7,445,181 5,632,443 ERCOT 1,284,029 1,323,557 5,468,672 5,663,035 Total 9,981,689 9,906,690 41,065,508 42,012,135 Three Months Ended Twelve Months Ended December 31, December 31, By asset type: 2004 2003 2004 2003 Base load 7,876,024 7,787,135 30,984,944 31,240,593 Intermediate 1,930,911 1,872,494 8,514,841 8,815,285 Peaking 174,754 247,061 1,565,723 1,956,257 Total 9,981,689 9,906,690 41,065,508 42,012,135 (1) These amounts exclude volumes associated with our discontinued operations. Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. Reliant Energy, Inc. and Subsidiaries Mid-Continent Asset Summary (Unaudited) Summer/ Winter Heat Q4 net Q4 net Average Rate generation capacity Unit Name Capacity (MMBtu/ volume(1)(MWh) factor(2)(MWh) (MW) MWh) 2004 2003 2004 2003 Base Load Avon Lake 7 & 9 692 12.3 822,136 996,002 54% 65% Cheswick 1 583 9.9 893,680 926,221 69% 72% Elrama 1-4 487 11.5 394,107 494,803 37% 46% New Castle 3-5 325 10.7 203,015 443,514 28% 62% Niles 1-2 216 105.0 247,749 169,587 52% 36% 2,303 2,560,687 3,030,127 50% 60% Intermediate Brunot Island CCGT 287 9.8 (1,964) (2,100) 0% 0% Peaking Aurora 1-10 912 10.2 1,168 - 0% 0% Avon Lake 10 29 17.4 462 759 1% 1% Brunot Island 1A-1C 60 13.6 (63) 241 0% 0% Ceredo 1-6 475 12.1 505 - 0% 0% New Castle A-B 6 10.0 5 28 0% 0% Niles A 30 21.3 (60) (42) 0% 0% Shelby 1-8 371 9.8 - - 0% 0% 1,883 2,017 986 0% 0% Mid-Continent Total 4,473 2,560,740 3,029,013 26% 31% (1) Represents net generation assets only. (2) Capacity factor is the ratio of the actual net electricity generated to the energy that could have been generated at continuous full-power operation during the period. Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. Reliant Energy, Inc. and Subsidiaries Mid-Atlantic Asset Summary (Unaudited) Summer/ Winter Heat Q4 net Q4 net Average Rate(1) generation capacity factor Unit Name Capacity (MMBtu/ volume(2)(MWh) (1)(3)(MWh) (MW)(1) MWh) 2004 2003 2004 2003 Base Load Conemaugh 1-2 (16%) 280 9.4 531,955 561,402 86% 91% Deep Creek 1-2 19 N/A 8,409 11,033 20% 26% Keystone 1-2 (16%) 282 9.5 461,052 598,367 74% 96% Piney Station 1-3 28 N/A 16,679 18,193 27% 29% Portland 1&2 400 10.2 406,181 445,723 46% 50% Seward 1 520 9.7 472,936 - 41% 0% Seward 5 - - - 108,511 Shawville 1-4 608 10.2 796,249 854,260 59% 64% Titus 1-3 246 11.1 165,520 278,660 30% 51% 2,383 2,858,981 2,876,149 54% 55% Intermediate Gilbert CCGT 336 9.5 3,603 7,703 0% 1% Gilbert 9 168 11.1 (389) 1,049 0% 0% Hunterstown CCGT 795 6.9 16,602 21,139 1% 1% Sayreville 4-5 - (887) Seward 4 - (1,356) Portland 5 144 10.1 6,693 5,350 2% 2% 1,443 26,509 32,998 1% 1% Peaking Blossburg 1 23 14.6 638 61 1% 0% Gilbert 1-4 111 15.2 (32) (359) 0% 0% Glen Gardner 1-8 184 14.6 (211) (165) 0% 0% Hamilton 1 23 14.7 103 - 0% 0% Hunterstown 1-3 71 14.8 227 (189) 0% 0% Mountain 1-2 47 14.3 401 517 0% 0% Orrtanna 1 23 14.4 - 163 0% 0% Portland 3-4 40 13.1 149 - 0% 0% Sayreville 1-4 264 13.8 12,249 598 2% 0% Shawnee 1 23 14.0 - 52 0% 0% Shawville 5-7 6 10.2 (74) (10) 0% 0% Tolna 1-2 47 14.2 143 239 0% 0% Titus 4-5 35 18.3 99 - 0% 0% Wayne 1 - (179) Warren 3 68 12.8 (114) (196) 0% 0% Werner 1-4 252 13.8 4,564 (750) 1% 0% Keystone 3-6 2 10.3 143 55 3% 1% Conemaugh A-D 2 9.7 13 17 0% 0% 1,221 18,298 (146) 1% 0% Mid-Atlantic Total 5,047 2,903,788 2,909,001 26% 26% (1) Excludes (a) Seward 4 & 5 of 197 MW, which were retired in November 2003, (b) Sayreville 4-5 of 232 MW, which were retired in February 2004 and ( c) Wayne 1 of 66 MW, which was retired in May 2004. (2) Represents net generation assets only. (3) Capacity factor is the ratio of the actual net electricity generated to the energy that could have been generated at continuous full-power operation during the period. Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. Reliant Energy, Inc. and Subsidiaries New York Asset Summary (Unaudited) Summer/ Winter Heat Q4 net Q4 net Average Rate generation capacity Unit Name Capacity (MMBtu/ volume(1)(MWh) factor(2)(MWh) (MW) MWh) 2004 2003 2004 2003 Intermediate Astoria 3-5 1,105 10.9 843,726 684,932 35% 28% Peaking Astoria 2 178 12.3 (1,438) (1,525) 0% 0% Gowanus 1-4 610 18.0 932 1,970 0% 0% Narrows 1-2 317 17.4 19,810 3,630 3% 1% 1,105 19,304 4,075 1% 0% New York Total 2,210 863,030 689,007 18% 14% (1) Represents net generation assets only. (2) Capacity factor is the ratio of the actual net electricity generated to the energy that could have been generated at continuous full-power operation during the period. Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. Reliant Energy, Inc. and Subsidiaries Southeast Asset Summary (Unaudited) Summer/ Winter Heat Q4 net Q4 net Average Rate generation capacity Unit Name Capacity (MMBtu/ volume(1)(MWh) factor(2)(MWh) (MW) MWh) 2004 2003 2004 2003 Base Load Sabine 54 10.0 70,320 86,035 59% 72% Intermediate Indian River 1-3 587 10.5 158,381 154,652 12% 12% Choctaw 800 6.9 - 27,519 0% 2% 1,387 158,381 182,171 5% 6% Peaking Osceola 1-3 465 11.0 56,842 131,359 6% 13% Shady Hills (3) 474 10.8 62,396 91,692 6% 9% Vandolah (3) 630 10.8 15,897 16,268 1% 1% 1,569 135,135 239,319 4% 7% Southeast Total 3,010 363,836 507,525 5% 8% (1) Represents net generation assets only. (2) Capacity factor is the ratio of the actual net electricity generated to the energy that could have been generated at continuous full-power operation during the period. (3) Under contract. Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. Reliant Energy, Inc. and Subsidiaries West Asset Summary (Unaudited) Summer/ Winter Heat Q4 net Q4 net Average Rate(1) generation capacity factor Unit Name Capacity (MMBtu/ volume(2)(MWh) (1)(3)(MWh) (MW)(1) MWh) 2004 2003 2004 2003 Base Load Bighorn CCGT 591 7.2 597,785 - 46% 0% El Dorado CCGT 235 7.2 504,222 471,267 97% 91% 826 1,102,007 471,267 60% 26% Intermediate Coolwater 1-2 146 10.5 (265) (252) 0% 0% Coolwater 3-4 476 10.0 118,409 167,195 11% 16% Etiwanda 1-2 - - - Etiwanda 3-4 640 10.0 8,330 11,325 1% 1% Mandalay 1-2 430 9.5 151,382 127,936 16% 13% Ormond Beach 1-2 1,516 9.6 626,403 668,289 19% 20% 3,208 904,259 974,493 13% 14% Peaking Ellwood 54 13.3 - 21 0% 0% Etiwanda 5 - - - 796 Mandalay 3 130 15.8 - 2,010 0% 1% 184 - 2,827 0% 1% West Total 4,218 2,006,266 1,448,587 22% 16% (1) Excludes Etiwanda 1-2 of 264 MW, which was retired in October 2003 and Etiwanda 5 of 118 MW, which was retired in January 2004. (2) Represents net generation assets only. (3) Capacity factor is the ratio of the actual net electricity generated to the energy that could have been generated at continuous full-power operation during the period. Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. Reliant Energy, Inc. and Subsidiaries ERCOT Asset Summary (Unaudited) Summer/ Winter Heat Q4 net Q4 net Average Rate generation capacity Unit Name Capacity (MMBtu/ volume(1)(MWh) factor(2)(MWh) (MW) MWh) 2004 2003 2004 2003 Base Load Channelview 805 10.3 1,245,957 1,288,002 70% 72% Landfill Gas 26 11.0 38,072 35,555 66% 62% ERCOT Total 831 1,284,029 1,323,557 70% 72% (1) Represents net generation assets only. (2) Capacity factor is the ratio of the actual net electricity generated to the energy that could have been generated at continuous full-power operation during the period. Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. Reliant Energy, Inc. and Subsidiaries Adjusted Net Debt - to - EBITDA (1) (in millions, except ratio) (Unaudited) December 31, 2004 Debt: Senior secured term loan $1,300 Senior secured revolver 199 Senior secured notes 1,850 Convertible senior subordinated notes 275 Orion Power 12% notes (2) 457 PEDFA fixed-rate bonds for Seward plant due 2036 500 REMA term loans due 2005 to 2006 28 Channelview 359 Receivables facility 227 Warrants (1) Other (3) 2 El Dorado debt (off-balance sheet) 63 REMA operating lease (off-balance sheet) 522 Total debt and debt equivalents (4) 5,781 Less: Cash and cash equivalents (107) Restricted cash (41) Net margin deposits (491) Adjusted Net Debt $5,142 Adjusted EBIT $493 (5) Less: El Dorado equity loss 13 (5) Add: 50% El Dorado EBITDA (4)(5) REMA lease expense 60 (5) Receivables facility expense (for 9 months) (per the agreement) 18 (5) Adjusted depreciation and amortization 449 (5) Adjusted EBITDA (per the agreement) $1,029 (5) Ratio 5.00 (1) Calculated in accordance with amended December 2004 credit facility. (2) Orion 12% notes includes purchase accounting adjustments of $57 million. (3) Other subsidiary debt. (4) Debt equivalents include off-balance sheet REMA lease of $522 million and our portion of off-balance sheet El Dorado, an equity investment, debt of $63 million. (5) Represents amounts for the year ended December 31, 2004. Reference is made to Reliant Energy, Inc.'s Current Report on Form 8-K dated November 18, 2004. PRNewswire-FirstCall -- March 2 END FIRST AND FINAL ADD DATASOURCE: Reliant Energy, Inc.

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