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Reliant Reverses Mass Market Churn With Growth of 11,000 Customers in Q1
May 5, 2011
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Reliant Energy reported customer growth in its mass market customer book of 11,000 during the first quarter of 2011.
As of March 31, 2011, Reliant's mass market customer count stood at 1.470 million, versus 1.459 million as of December 31, 2010, and 1.520 million a year ago.
The net gain of 11,000 mass market customers during the first quarter reverses a net loss of 9,000 mass market customers from September 30, 2010 through December 31, 2010, and losses of 20,000 for the third quarter of 2010, and 32,000 for the second quarter of 2010.
Reliant's Commercial & Industrial customer count was 60,000 as of March 31, 2011, versus 62,000 as of December 31, 2010 and 64,000 a year ago.
Total customer count was 1.530 million as of March 31, 2011, versus 1.521 million as of December 31, 2010 and 1.584 million a year ago.
For the quarter ending March 31, 2011, Reliant recorded lower Adjusted EBITDA of $151 million, versus $190 million a year ago. The adjusted metric excludes unrealized hedging impacts.
The reduced Adjusted EBITDA resulted from lower gross margins, reflecting year-over-year churn in the mass market business, as well as lower revenue pricing on customer acquisitions and renewals.
Reliant reported that improved retention rates and collection practices contributed to better customer payment patterns leading to a $5 million improvement in bad debt expense.
On a GAAP basis, Reliant Energy reported earnings of $272 million, versus a loss of $188 million a year ago.
NRG Energy is holding an earnings call this morning.
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