Form 425

Filed by Exelon Corporation

Reg. No. 333-155278

Pursuant to Rule 425 under the

Securities Act of 1933, as amended

Subject Company: NRG Energy, Inc.

On February 10, 2009, Exelon began using the following slides in discussions with investors:

Exelon
+
NRG:
Committed,
Moving
Forward
Investor Meetings
February 2009

Important Information
This
presentation
relates
to
the
offer
(the
“Offer”)
by
Exelon
Corporation
(“Exelon”)
through
its
direct
wholly-owned
subsidiary,
Exelon
Xchange
Corporation
(“Xchange”),
to
exchange
each
issued
and
outstanding
share
of
common
stock
(the
“NRG
shares”)
of
NRG
Energy,
Inc.
(“NRG”)
for
0.485
of
a
share
of
Exelon
common
stock.
This
presentation
is
for
informational
purposes
only
and
does
not
constitute
an
offer
to
exchange,
or
a
solicitation
of
an
offer
to
exchange,
NRG
shares,
nor
is
it
a
substitute
for
the
Tender
Offer
Statement
on
Schedule
TO
or
the
Prospectus/Offer
to
Exchange
included
in
the
Registration
Statement
on
Form
S-4
(Reg.
No.
333-
155278)
(including
the
Letter
of
Transmittal
and
related
documents
and
as
amended
from
time
to
time,
the
“Exchange
Offer
Documents”)
previously
filed
by
Exelon
and
Xchange
with
the
Securities
and
Exchange
Commission
(the
“SEC”).
The
Offer
is
made
only
through
the
Exchange
Offer
Documents.
Investors
and
security
holders
are
urged
to
read
these
documents
and
other
relevant
materials
as
they
become
available,
because
they
will
contain
important
information.
Exelon
expects
to
file
a
proxy
statement
on
Schedule
14A
and
other
relevant
documents
with
the
SEC
in
connection
with
the
solicitation
of
proxies
(the
“NRG
Meeting
Proxy
Statement”)
for
the
2009
annual
meeting
of
NRG
stockholders
(the
“NRG
Meeting”).
Exelon
will
also
file
a
proxy
statement
on
Schedule
14A
and
other
relevant
documents
with
the
SEC
in
connection
with
its
solicitation
of
proxies
for
a
meeting
of
Exelon
shareholders
(the
“Exelon
Meeting”)
to
be
called
in
order
to
approve
the
issuance
of
shares
of
Exelon
common
stock
pursuant
to
the
Offer
(the
“Exelon
Meeting
Proxy
Statement”).
Investors
and
security
holders
are
urged
to
read
the
NRG
Meeting
Proxy
Statement
and
the
Exelon
Meeting
Proxy
Statement
and
other
relevant
materials
as
they
become
available,
because
they
will
contain
important
information.
Investors
and
security
holders
can
obtain
copies
of
the
materials
described
above
(and
all
other
related
documents
filed
with
the
SEC)
at
no
charge
on
the
SEC’s
website:
www.sec.gov.
Copies
can
also
be
obtained
at
no
charge
by
directing
a
request
for
such
materials
to
Innisfree
M&A
Incorporated,
501
Madison
Avenue,
20th
Floor,
New
York,
New
York
10022,
toll
free
at
1-877-750-9501.
Investors
and
security
holders
may
also
read
and
copy
any
reports,
statements
and
other
information
filed
by
Exelon,
Xchange
or
NRG
with
the
SEC,
at
the
SEC
public
reference
room
at
100
F
Street,
N.E.,
Washington,
D.C.
20549.
Please
call
the
SEC
at
1-800-SEC-
0330
or
visit
the
SEC’s
website
for
further
information
on
its
public
reference
room.
Exelon,
Xchange
and
the
individuals
to
be
nominated
by
Exelon
for
election
to
NRG’s
Board
of
Directors
will
be
participants
in
the
solicitation
of
proxies
from
NRG
stockholders
for
the
NRG
Meeting
or
any
adjournment
or
postponement
thereof.
Exelon
and
Xchange
will
be
participants
in
the
solicitation
of
proxies
from
Exelon
shareholders
for
the
Exelon
Meeting
or
any
adjournment
or
postponement
thereof.
In
addition,
certain
directors
and
executive
officers
of
Exelon
and
Xchange
may
solicit
proxies
for
the
Exelon
Meeting
and
the
NRG
Meeting.
Information
about
Exelon
and
Exelon’s
directors
and
executive
officers
is
available
in
Exelon’s
proxy
statement,
dated
March
20,
2008,
filed
with
the
SEC
in
connection
with
Exelon’s
2008
annual
meeting
of
shareholders.
Information
about
Xchange
and
Xchange’s
directors
and
executive
officers
is
available
in
Schedule
II
to
the
Prospectus/Offer
to
Exchange. 
Information
about
any
other
participants
will
be
included
in
the
NRG
Meeting
Proxy
Statement
or
the
Exelon
Meeting
Proxy
Statement,
as
applicable.
2

Forward-Looking Statements
This
presentation
includes
forward-looking
statements.
These
forward-looking
statements
include,
for
example,
statements
regarding
benefits
of
the
proposed
merger,
integration
plans
and
expected
synergies.
There
are
a
number
of
risks
and
uncertainties
that
could
cause
actual
results
to
differ
materially
from
the
forward-looking
statements
made
herein.
The
factors
that
could
cause
actual
results
to
differ
materially
from
these
forward-looking
statements
include
Exelon’s
ability
to
achieve
the
synergies
contemplated
by
the
proposed
transaction,
Exelon’s
ability
to
promptly
and
effectively
integrate
the
businesses
of
NRG
and
Exelon,
and
the
timing
to
consummate
the
proposed
transaction
and
obtain
required
regulatory
approvals
as
well
as
those
discussed
in
(1)
Exelon’s
2008
Annual
Report
on
Form
10-K
in
(a)
ITEM
1A.
Risk
Factors,
(b)
ITEM
7.
Management’s
Discussion
and
Analysis
of
Financial
Condition
and
Results
of
Operations
and
(c)
ITEM
8.
Financial
Statements
and
Supplementary
Data:
Note
18;
(2)
Exelon’s
preliminary
prospectus/offer
to
exchange
that
is
contained
in
the
Registration
Statement
on
Form
S-4
(Reg.
No.
333-155278)
that
Exelon
has
filed
with
the
SEC
in
connection
with
the
offer;
and
(3)
other
factors
discussed
in
Exelon’s
filings
with
the
SEC.
Readers
are
cautioned
not
to
place
undue
reliance
on
these
forward-looking
statements,
which
apply
only
as
of
the
date
of
this
filing.
Exelon
does
not
undertake
any
obligation
to
publicly
release
any
revision
to
its
forward-looking
statements
to
reflect
events
or
circumstances
after
the
date
of
this
filing,
except
as
required
by law.
Statements
made
in
connection
with
the
exchange
offer
are
not
subject
to
the
safe
harbor
protections
provided
to
forward-looking
statements
under
the
Private
Securities
Litigation
Reform
Act
of
1995.
All
information
in
this
presentation
concerning
NRG,
including
its
business,
operations,
and
financial
results,
was
obtained
from
public
sources.
While
Exelon
has
no
knowledge
that
any
such
information
is
inaccurate
or
incomplete,
Exelon
has
not
had
the
opportunity
to
verify
any
of
that
information.
3

Agenda for Today’s Discussion
•
Full and Fair Offer
•
Capturing the Value of Growth Opportunities
•
Committed To Execution
4

1.  Full and Fair Offer

Full and Fair Offer
•
On
November
12
th
,
Exelon
launched
an
exchange
offer
for
all
of
the
outstanding
shares
of
NRG
common
stock
•
Filed
Form
S-4
with
the
SEC
•
Fixed
exchange
ratio
of
0.485
Exelon
share
for
each
NRG
common
share
•
Represents
a
37%
premium
to
the
October
17
th
NRG
closing
price
6

7
Value Created for NRG Shareholders
1.
IPP
index
includes
CPN,
DYN,
MIR
and
RRI
2.
Based
upon
a
~95%
correlation
between
NRG
and
the
IPP
Index
for
12
months
prior
to
October
17,
2008
3.
Calculated
by
multiplying
the
offer
exchange
ratio
(0.485)
times
EXC’s
daily
closing
stock
price
4.
Henry
Hub
forward
gas
for
calendar
year
2011
Source:
FactSet.
Closing
prices
as
of
January
29,
2009
Assuming that NRG’s
stock price maintained
its historic relationship
to movement in the IPP
index
(1)
, NRG stock
would have declined
~16% since October 17,
2008 in the absence of
the Exelon offer
(2)
; with
those assumptions,
NRG’s implied stock
price would have been
~$16 at January 29,
2009, compared with its
actual closing price of
$23.55. 
During the same period,
EXC’s share price
increased by ~3.4% to
$56.38.
•
Since the announcement of EXC offer, NRG and EXC have outperformed the IPP
index
(1)
•
We believe NRG’s stock price is being supported by EXC’s offer and is not reflective
of
NRG’s
true
stand
alone
value
–
we
believe
NRG’s
“market
discovery”
process
will
prove
difficult
given
current
commodity
and
credit
conditions

2.  Capturing the Value of Growth Opportunities

Exelon Offers Lower Risk Growth Opportunities
9
I/B/E/S ’09-’11 EBITDA
1
I/B/E/S ’09-’11 EPS
1
Growth Drivers
“Cost to Achieve
Growth”
•
Nuclear uprates
•
PA POLR roll-off
•
PJM capacity markets
•
Carbon upside
•
Ordinary business
operations expense
•
STP nuclear expansion
with sub-investment grade
balance sheet
•
Other low carbon capital
expenditure programs
•
Heavy capital expenditure
investments
•
Dependence on new build
construction including
new nuclear
5.5%
15.6%
3.2%
7.4%
We believe
Exelon’s near-
term growth
drivers are more
predictable and
have dramatically
less capital at risk
than NRG’s
1.
Based
solely
on
I/B/E/S
estimates
for
Exelon
and
NRG
as
of
1/27/09,
representing
annual
growth
rates.
Not
necessarily
representative
of
either
company’s
internal
forecasts.
Provided
for
illustration
only.
Not
intended
as
earnings
guidance
or
as
a
forecast
of
expected
results.

10
Exelon is Better Positioned to Capture the Value of
Growth Opportunities
•
Need to find equity
partners before
starting; decreases
flexibility
•
Sub-optimal power
prices and hedges to
secure financing
•
Covenant inflexibility
•
Cash sweeps to debt
holders
•
Equity selldown
before
construction
•
Secure off-take
agreements /
hedges
•
Non-recourse,
high yield
financing
•
Largest market
capitalization in the sector
–
allowing Exelon to keep
proportionately more
equity
•
Balance
sheet
flexibility
to
lock-in optimal off-take
agreements / hedges 
when needed
•
Has option to raise
corporate
or
project
level
debt
depending
on
value
to shareholders
NRG’s
Development
Attributes
(1)
Implications
Exelon Solution
Lack of
Balance Sheet
Flexibility
Balance
Sheet
Strength
VS.
1.
Per NRG December 1, 2008 investor presentation.
•
NRG’s development
model requires external
solutions that as a
standalone
company it
cannot implement on its
own; and
•
The potential cost to
finance its development
projects and the
availability of capital.
We believe the market will
likely discount NRG’s
standalone growth
prospects given:
The combined company,
given its stronger financial
position, will be better
positioned to realize the
value of growth
opportunities than NRG
stand alone

3. Committed to Execution

12
Committed to Execution
12
Q4 2008
Q1 2009
Q2 2009
Q3 2009
Q4 2009
Receive Regulatory
Approvals
* Notice filing only
10/19:
Announce Offer
NRG and Exelon
Shareholder
Meetings
2/25: Exchange
Offer Expires
11/12:
Exchange Offer
Filed
Make Filings and Work to Secure Regulatory Approvals
(FERC, NRC, DOJ/FTC, PUCT, NYPSC, PAPUC, CPUC, ICC*)
Proxy Solicitation
Expected
Transaction
Close

13
Strong Initial Exchange Offer Results
13
•
As of January 6
th
, 45.6% of NRG shares had
been tendered into the exchange offer
•
Many NRG shareholders have informed Exelon they want to
see meaningful discussions sooner rather than later
•
NRG board and management continue to refuse to allow due
diligence -
designed to verify assumed values and identify
additional value -
that could lead to a negotiated transaction
•
Exchange offer extended until February 25
th
•
Seeking highest possible level of NRG shareholder support
to facilitate a negotiated transaction between Exelon and
NRG
A strong tender result on February 25
th
is the best way for
NRG shareholders to facilitate a transaction
We remain
committed to and are
moving forward with
the transaction

Moving Forward with Proxy Solicitation
•
Pursuing, and soliciting proxies for, two
shareholder actions at NRG annual meeting
•
Proposed an expansion of the NRG board from 12 to 19
directors
•
Nominated nine well-qualified, independent candidates who we
believe will act in the best interests of NRG and the NRG
shareholders
•
Encouraging NRG shareholders to support the
proposed slate
•
Materials will be sent to NRG shareholders, including a proxy
and instructions on how to vote for the slate of new directors
•
Vote will take place at the NRG annual shareholder meeting,
likely to occur in May or June
NRG shareholders deserve independent, well-qualified NRG
directors to act in their best interest
14

Making Progress on Regulatory Approvals
•
Initial filings have been made with the following
(1)
:
•
FERC
(Docket #EC09-32-000)
•
Hart-Scott-Rodino (DOJ/FTC)
•
Request for additional information was issued by the DOJ on
January 16
th
, extending HSR waiting period
•
NRC
•
State regulatory commissions, including
•
Texas
(Docket #36555)
•
New York
(Docket #08 E 1486)
•
Filings will also be made with the following:
•
Pennsylvania and California state regulatory commissions
•
Various state siting
commissions
•
Notice filing in Illinois
1.
As of February 6, 2009
Regulatory hurdles are manageable
15

Financing Is Not an Obstacle
•
Believe we can obtain committed financing for the
entire ~$8 billion of NRG debt, if needed, at the
appropriate time
•
Decision to defer commitments allows us to take advantage of
improving credit markets
•
Exelon’s relationships with many of NRG’s banks should facilitate
arrangements for new credit facilities when current conflicts are
eliminated
•
Believe a negotiated combination can be structured in
a way to reduce refinancing requirements to $4B or
less
•
We believe that the contemplated structure would not trigger the
change of control provision for NRG’s $4.7B of Senior Notes, and
would substantially improve credit metrics for those bondholders
•
We have asked for approval of the contemplated structure in our
regulatory filings
16
Reflecting our confidence that we can obtain committed
financing at the appropriate time, our offer is not subject to a
financing condition

•
Full and generous price –
upfront premium of 37%
•
Tax-free opportunity to participate in the future growth
of the largest and most diversified US power
company, with a substantially improved credit profile
and access to liquidity
•
Requisite scope, scale and financial strength
•
Stronger credit metrics and investment grade balance sheet
•
Best-in-class nuclear and fossil operations
•
Low-cost generator, operating in the most attractive markets
•
Exelon 2020 principles will be adapted to the combined fleet
•
Potential for substantial synergies
•
Manageable regulatory hurdles to close
Compelling Value for NRG Shareholders
17

Appendix
18

Without
Premium
0
1,000
3,000
2,000
With
Premium
Conservative
DCF Estimate
Replacement
Costs
NRG Stock Value
NRG Long-Term Value
975
1,350
2,050
3,000+
Price per Kilowatt Comparison for Texas Baseload Generation
Less than 45% of
replacement value
Even with premium, purchase
price is 66% of conservative
long-term DCF value
$/kW values are for 5,325 MW of Texas baseload which includes Parish coal, Limestone and STP; values implied by NRG stock price are determined
by subtracting value of other NRG assets from NRG enterprise value based on October 17th close.
Exelon Unlocks NRG Value
Price
($/kilowatt)
19

Combination Expected to Create
Substantial Synergies
Exelon
Operations & Maintenance:
$4,289
1
NRG
Maintenance & Other Opex:
$950
General & Admin Expenses:
$309
Other COGS:
$454
Pro Forma
Combined Non-fuel Expenses:
$6,002
Estimated Annual Cost Savings:
$180 -
$300
2
% of Combined Expenses:
3%-5%
Costs to Achieve
$100
NPV of Estimated Synergies:
$1,500-$3,000
20
($ in Millions)
Transaction expected to
create
$1.5
–
$3
billion
of
value
through
synergies
–
with opportunity for more
Reflects no revenue or fuel cost synergies.  Excludes transaction and other costs of $654 million and excludes increased interest
expense related to refinancing of NRG debt.
1.  Company 10-K for 2007 and investor presentations.
2.  Based on a preliminary analysis of publicly available information.  Subject to due diligence investigation.
1

Market
capitalization as
of 10/17/2008
$5.3 billion
$0.4
Value to NRG
Shareholders
$2.4 billion
$5.1
$2.0
Market cap as of
10/17/08
Premium to NRG
Value of estimated
synergies
Market cap as of
10/17/08
+ premium
+ synergies
Additional upside to
NRG shareholders
Market
capitalization as
of 10/17/2008
$5.3 billion
(1)
(2)
$7.7 billion
(3)
(4)
$12.8 billion
NRG Shareholders Capture Value
Excludes transaction and other costs of $654 million and excludes increased interest expense related to refinancing of NRG debt.
1.
Assumes 275M diluted shares outstanding.
2.
Assumes an offer price of $26.43; 37% premium to 10/17/08 close price; 275M  shares outstanding.
3.
Value of synergies to NRG shareholders based on proportionate ownership of combined entity.  Synergies estimate based on mid point
of
$1.5
billion
-
$3.0
billion.
4.
Additional
upside
defined
as
the
value
that
is
created
if
both
companies’
stocks
simultaneously
reach
their
respective
52-week
high
prices (EXC: $92.13, NRG: $45.78). 
21
Value Creation
to NRG
Shareholders
($ billions)
Creates compelling value for NRG shareholders today and allows them
to share in growth of Exelon stock.
Value to NRG
shareholders
44% of market cap
$12.8 billion
= $46.50 per NRG share
> NRG’s 52-week high

Percent Contribution of Free Cash Flow
22
1.
NRG’s
12/1/2008
“NRG’s
Path
to
Shareholder
Value”
presentation,
slide
4.
Implied
ownership
based
on
a
0.485x
exchange ratio
2.
PECO
PPA
assumes
market
prices
as
of
11/30/2008.
Assumes
carbon
at
$10-20
per
tonne.
Not
necessarily
representative of either company’s internal forecast or indicative of results for any other year.
•
NRG states they contribute 30% of the free cash flow
while getting 17% ownership of the pro-forma
company based on offer
1
•
NRG’s position is only a single year (2008) calculation
•
Ignores PECO PPA roll-off in 2011 and Exelon
carbon uplift
•
Factoring in these two omitted pieces for 2008,
NRG’s free cash flow contribution of the pro-forma
company would be 15-17% for 2008
2

Pro Forma
Exelon
23
Combined company expected to
have requisite scope, scale and
financial strength to succeed in an
increasingly volatile energy market
Pro Forma Quick Stats
($s in millions)
Combined assets
1
$68,900
LTM EBITDA
2
$9,400
Market cap
(as of 1/27/2009)
$41,800
Enterprise value
3
$62,500
Generating capacity
4
~51,000 MWs
Combination Will Result in Scope, Scale and
Financial Strength
1.
Reflects
total
assets
(under
GAAP)
with
no
adjustments.
Based
upon
9/30/08
Form
10-Q.
2.
Reflects
Last
Twelve
Months
EBITDA
(Earnings
before
Interest,
Income
Taxes,
Depreciation
and
Amortization)
as
of
9/30/08
with
no
adjustments.
3.
Calculation
of
Enterprise
Value
=
Market
Capitalization
(as
of
1/27/09)
+
Total
Debt
(as
of
9/30/08)
+
Preferred
Securities
(as
of
9/30/08)
+
Minority
Interest
(as
of
9/30/08)
–
Cash
&
Cash
Equivalents
(as
of
9/30/08).
Debt,
Preferred
Securities,
Minority
Interest
and
Cash
&
Cash
Equivalents
based
upon
9/30/08
Form
10-Q.
4.
Includes
owned
and
contracted
capacity
after
giving
effect
to
planned
divestitures
after
regulatory
approvals.
Enterprise
Value
Market Cap
$0
$30
$50
$60
$40
$20
$70
$10
Southern
Dominion
Duke
FPL
First
Energy
Entergy

0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
EXC
D
PEG
PPL
EIX
NRG
MIR
DYN
RRI
10/17/2007
10/17/2008
24
Credit Ratings Are a Valuation Differentiator
1-year
Forward
EV/EBITDA
Investment Grade
Non-Investment Grade
Source:
Bloomberg,
FactSet
as
of
10/17/2008
Investment grade
credit ratings
provide access to
capital markets for
growth capital and
minimize collateral
requirements
which maximizes
liquidity and
contributes to
superior valuations
in difficult markets
Multiples of non-investment grade peers have fallen approximately
40%, whereas multiples of EXC and its investment grade peers have
fallen less than 15%
5.6
9.6
Non-Investment Grade
6.8
7.7
Investment Grade
2008
2007
Average Multiples (x)

6.0%
8.0%
8.80%
12.10%
Exelon Generation
NRG
4.0
6.0
8.0
10.0
12.0
10/18/2007
12/30/2007
3/12/2008
5/24/2008
8/5/2008
10/17/2008
NRG
Exelon
25
Stable, Predictable Cash Flow Is Awarded
Premium Valuation
Exelon’s strong,
diversified cash
flow streams have
provided for a
more stable
valuation during
periods of
depressed
commodity
valuations and/or
market turbulence.
4.6x
7.5x
1.
Yield
to
maturity
of
weighted
average
of
Exelon
Generation
outstanding
publicly
traded
debt
2.
Yield
to
maturity
of
weighted
average
of
NRG
outstanding
publicly
traded
debt
Source:
Per
NRG
December
1,
2008
investor
presentations,
Company
filings,
Bloomberg
Average EV / LTM EBITDA for last:
Current
1 month
6 months
1 year
NRG
4.6
5.8
8.2
8.3
Exelon
7.5
7.8
9.7
9.8
1
2
BBB+
B+
7/1/08
10/17/08
7/1/08
10/17/08
We believe the
market will likely
discount NRG’s
standalone growth
prospects given
the potential cost
to finance its
development
projects.
Credit
Rating
Exelon Debt (YTM)
NRG Debt (YTM)
Enterprise Value / LTM EBITDA
Cost of Debt
Source:  FactSet
as of 10/17/2008
6.7%
1/27/09
BBB
8.4%
1/27/09
BBB+

World Class Nuclear & Fossil Operations
26
NRG:
High performing nuclear plant
•
Top quartile capacity factor: 94.9%
•
Large, well-maintained, relatively young units
Fossil fleet
•
Half of >500 MW coal units are top quartile
capacity factor
•
90% of coal fleet lower-cost PRB and lignite
Combined Company:
•
Largest U.S. power company in terms of generating
capacity: ~51,000 MW fleet (18,000 MW nuclear)
•
Best-in-class nuclear and fossil operations
•
Second lowest carbon emitting intensity in the industry
•
Geographic and fuel diversification with an improved
dispatch profile
Exelon:
Premier U.S. nuclear fleet
•
Best fleet capacity factor: ~ 94%
•
Lowest fleet production costs: ~ $15 / MWh
•
Shortest fleet average refueling outage duration:
24 days
•
Strong reputation for performance and safety

65
70
75
80
85
90
95
100
Operator (# of Reactors)
Range
5-Year Average
Sources:
Platt’s,
Nuclear
News,
Nuclear
Energy
Institute
and
Energy
Information
Administration
(Department
of
Energy).
Sustained production excellence
EXC:  World-Class Nuclear Fleet Operator
Average Capacity Factor
Range of Fleet 2-Yr Avg Capacity Factor (2003-2007)
EXC 93.5%
80%
85%
90%
95%
100%
Exelon
Industry
27

1
st
Quartile
2
nd
Quartile
3
rd
Quartile
4
th
Quartile
2006-2007 Average Production Cost for
Major Nuclear Operators
(1)
Average
Among major nuclear plant fleet operators, Exelon is consistently
the lowest-cost producer of electricity in the nation
EXC:  Lowest Cost Nuclear Fleet Operator
1.
Source: 2007 Electric Utility Cost Group (EUCG) survey. Includes
Fuel Cost plus Direct O&M divided by net generation.
28

29
Operating in Most Attractive Markets
•
Geographically complementary generation asset base 
•
Predominantly located in competitive markets
•
Strong presence in PJM (Mid-Atlantic and Midwest) and ERCOT
6,280
Contracted*
51,403
2,085
CAL ISO
13,027
ERCOT
By RTO
Combined¹
PJM
22,812
MISO
1,065
ISO NE
2,174
NYISO
3,960
SERC
2,405
WECC
45
Total
53,853
By Fuel Type
Combined¹
Nuclear
18,144
Coal
8,986
Gas/Oil
18,801
Other
1,642
Contracted
6,280
*Contracted
in
various
RTOs,
mainly
in
PJM
and
ERCOT
1.
Excludes
international
assets.
Before
any
divestitures.
Exelon
NRG

<1%
<1%
6%
Coal
Exelon
~150,000 GWh
1
Pro Forma
Exelon
~198,000 GWh
1
Nuclear
PRB & Lignite Coal
Other Coal
Gas/Oil
Hydro/Other
2009 Historical Forward Coal Prices
Combined Entity Will Continue to Benefit
from Low Cost, Low Volatility Fuel Sources
Powder River Basin and lignite coal supply (90%
of NRG’s coal) provides low-sulfur at a relatively
stable price as compared to northern and central
Appalachian coal mines.
0.00
1.00
2.00
3.00
4.00
5.00
6.00
Powder River Basin
Northern Appalachian
Central Appalachian
Production Costs
0
2
4
6
8
10
12
2000
2001
2002
2003
2004
2005
2006
2007
Nuclear
Gas
Coal
Petroleum
Combined fleet will continue to be predominantly
low-cost fuel.
93%
Nuclear
1%
3%
75%
Nuclear
6%
Other
Coal
1. Based on 2007 data, does not include ~38,000
GWh of Exelon Purchased Power.
Q1 2007
Q2 2007
Q3 2007
Q4 2007
Q1 2008
Q2 2008
Q3 2008
cents/Kwh
$/mmbtu
30
15%
PRB &
Lignite Coal

0
50
100
150
50
100
150
200
250
2006 Electricity Generated (GWh, in thousands)
NRG
TVA
AEP
Duke
FPL
Southern
Exelon + NRG
Entergy
Exelon
Dominion
Progress
FirstEnergy
Bubble size represents carbon
intensity, expressed in terms of
metric tons of CO2 per MWh
generated
Source: EIA and EPA data as compiled by NRDC
Exelon 2020 principles will be adapted to the combined fleet
CO2 Emissions of Largest US Electricity Generators
2006 CO2 Emissions
from Electricity
Generation
(in million metric tons)
Largest
Fleet,
2
nd
Lowest
Carbon
Intensity
Top Generators by CO2 Intensity
10
9
8
7
6
5
4
3
2
1
AEP
NRG
Southern
Duke
FirstEnergy
TVA
Progress
Dominion
FPL
Exelon + NRG
Entergy
Exelon
0.83
0.80
0.74
0.66
0.64
0.64
0.57
0.50
0.35
0.31
0.26
0.07
31

Exelon 2020 and NRG
Offer more low carbon
electricity in the
marketplace
Reduce emissions
from coal/oil fired
generation
Help our customers
and the communities
we serve reduce their
GHG emissions
Reduce or offset our
footprint by greening
our operations
Adapt Elements of
Exelon 2020 to NRG
•
Expand internal energy efficiency, SF6,
vehicle, and supply chain initiatives to
NRG portfolio
•
Offset a portion of NRG’s GHG emissions
•
Expand energy efficiency program
offerings
•
Add capacity to existing nuclear units
through uprates
•
Add new renewable generation
•
Add new gas-fired capacity
•
Continue to explore new nuclear
•
Address older/higher emitting coal
and oil units
•
Invest in clean coal technology R&D
32
Taking the next step in Exelon’s
commitment to address climate change
Options to Evaluate:
Expand the 2020 Plan

Clear Value under Multiple Scenarios
Value
Gas Prices
New Build Costs
Carbon Year/Price
Recession
$0
$6.50
$1,300
Moderate
2014/$22
$7.30
$1,100
Moderate
2020/$22
$7.10
$1,100
Severe
2014/$22
$7.30
$1,500
Moderate
2012/$12
$8.60
$1,500
Moderate
33
We look at fundamental value creation
under a wide range of future commodity
price scenarios and our analysis suggests
$1-3 billion of value, possibly more.
Gas
price
is
long-term
price
in
2008
$/MMBtu;
coal
price
is
long-term
price
in
2008
$/ton
for
PRB8800
excluding
transportation;
new
build
cost
is
long-term
combined
cycle
cost
in
PJM
in
2008
overnight
$/kW;
carbon
year
is
year
in
which
national
cap
and
trade
starts;
carbon
price
is
in
2012
$/tonne
assuming
7%
escalation;
moderate
recession
assumes
conditions
consistent
with
current
forward
prices;
and
severe
recession
assumes
five
years
of
no
load
growth.
Coal Prices
$11.00
$20.00
$20.00
$20.00
$11.00

34
Exelon More Than Meets the “Five Imperatives”
Outlined by NRG on May 28, 2008
1.
2.
3.
4.
5.
NRG’s Stated Imperatives
MUST
accumulate
generation
at
competitive
cost
This transaction accomplishes in one step what several transactions
might have accomplished for NRG in these regards.  Given the
current difficulty in accessing capital markets, it is unclear whether
NRG would have the ability to meet this objective without Exelon.
Exelon provides NRG stakeholders with broad trading expertise and
sound power marketing and risk management practices.  Exelon’s
significant experience in markets with locational prices is particularly
relevant since ERCOT is moving to a PJM-type structure.
Exelon’s breadth of operations and depth of service allows significant
access to customers, retail providers, and other sales channels.
NRG stakeholders become part of the most diversified and
competitive generation portfolio operating in 12 different states and 6
different regional transmission organizations.
Deal expected to provide NRG stakeholders with significant value
and upside and a share of the largest unregulated generation fleet in
the United States.
MUST
be
geographically
diversified
in
multiple
markets
MUST
develop
and
expand
our
route
to
market
through
contracting
with
retail
load
providers,
trading,
direct
sales,
etc
MUST
have
sophisticated
ability
to
trade,
procure,
hedge,
and
originate
for
electricity
and
input
fuels
MUST
develop
depth
and
breadth
in
key
markets,
particularly
across
fuel
types,
transmission
constraints
and
merit
order
Exelon Combination More
than Meets These Imperatives