Filed by NRG Energy, Inc. pursuant to
Rule 425 of the Securities Act of 1933
Subject Company: NRG Energy, Inc.
Commission File No.: 001-15891
On June 19, 2009, David Crane, President and Chief Executive Officer of NRG Energy, Inc.
(NRG), issued the following letter to employees of NRG:
[NRG ENERGY, INC. LETTERHEAD]
|
|
|
Date: |
|
June 19, 2009 |
To:
|
|
All Staff |
From:
|
|
David CranePresident and CEO |
Subject:
|
|
Exelon Q&A |
Please see below our answers to the latest questions we have received from all of you.
1. |
|
Where will this years Annual Meeting of Stockholders take place? |
|
|
Our 2009 Annual Meeting of Stockholders will be held on July 21, at the Hyatt Regency in
Princeton, NJ at 10:00 am eastern. |
2. |
|
When does NRG file its definitive proxy statement, and when will I receive my WHITE proxy
card in the mail? |
|
|
We filed our definitive proxy statement on June 16 and began the mailing process on the same
day. If youre an NRG stockholder (as of June 15) you can expect to receive your NRG proxy
statement, which will contain a WHITE proxy card, shortly. Once you receive NRGs proxy
statement, you can vote your shares for our nominees by promptly signing, dating and returning
the enclosed WHITE proxy card. |
|
|
You may also vote by phone or internet by following the instructions on the proxy card. If you
agree with our Board and managements decision that Exelons offer significantly undervalues
NRG, we ask that you vote the WHITE proxy card and simply disregard Exelons
blue proxy card. Your vote is important, no matter how many or how few shares you own. |
|
|
|
NRGS BOARD UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS: |
|
a. |
|
Vote FOR NRGs four experienced and highly qualified INDEPENDENT
directors John F. Chlebowski, Howard E. Cosgrove, William E. Hantke
and Anne C. Schaumburg; and |
|
b. |
|
Vote AGAINST Exelons proposal to expand your Board and thereby reject
the Exelon expansion slate of nominees. |
|
|
to NRG stockholders. STP 3&4 was recently selected as one of only four nuclear development
projects advanced by the U.S. Department of Energys nuclear loan guarantee program. Further,
our eSolar agreement to acquire rights to develop solar power plants totaling 500MW, our
substantially hedged baseload position, the MIBRAG asset sale, and the 400MW GenConn gas
peaking facilities financing, exemplify the value weve added to NRG in recent months. |
|
|
There has been some indication, again largely through comments attributed to John Rowe, who is
Chairman of Exelons Board of Directors as well as their President and CEO, that Exelon
acknowledges this dynamic so hopefully their board will do a service to both companies
shareholders either by increasing their offer by a very substantial amount, or by ceasing their
hostile actions against NRG. |
|
|
If they do increase their offer or change it in any way, the NRG Board will conduct a thorough
review of its sufficiency as it did with Exelons original and unchanged offer. |
8. |
|
Whats the latest on the regulatory approvals Exelon needs for any bid to succeed? Has the
U.S. Department of Justice issued a ruling yet? |
|
|
Exelon has not yet received approval from the Department of Justice or the Nuclear Regulatory
Commission (NRC). On a state level, approvals from California, New York, Pennsylvania and Texas
are still needed, and a notice must be filed in Illinois. Additionally, Massachusetts may also
have to weigh in on the offer. As weve said for some time now, the timing to overcome these
obstacles remains uncertain. |
|
|
While the Federal Energy Regulatory Commission (FERC) recently approved Exelons hostile
proposal for NRG, Exelon has faced similar regulatory review in two previous failed
transactions Public Service Enterprise Group (PSEG) and Illinois Power. In the case of PSEG,
Exelon received approval from FERC, yet after two years and after spending approximately $130
million in the process, no transaction was consummated. |
If you have further questions, please send them to NRGCommunications. We will use them in
upcoming communications as much as possible. And be sure to visit the Exelon Information Center via
the link on the Insider front page for the latest information.
Important Information
In connection with its 2009 Annual Meeting of Stockholders (the 2009 Annual Meeting), NRG Energy,
Inc. (NRG) has filed a definitive proxy statement on Schedule 14A with the Securities and
Exchange Commission (the SEC). INVESTORS AND STOCKHOLDERS OF NRG ARE URGED TO READ THE PROXY
STATEMENT FOR THE 2009 ANNUAL MEETING IN ITS ENTIRETY BECAUSE IT CONTAINS IMPORTANT INFORMATION.
In response to the exchange offer proposed by Exelon Corporation referred to in this communication,
NRG has filed with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9. STOCKHOLDERS
OF NRG ARE ADVISED TO READ NRGS SOLICITATION/ RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 IN ITS
ENTIRETY BECAUSE IT CONTAINS IMPORTANT INFORMATION. This communication does not constitute an offer
to sell or the solicitation of an offer to buy any securities of NRG.
Investors and stockholders will be able to obtain free copies of NRGs definitive proxy statement,
the Solicitation/Recommendation Statement on Schedule 14D-9, any amendments or supplements to the
proxy statement and/or the Schedule 14D-9, any other documents filed by NRG in connection with the
2009 Annual Meeting and/or the exchange offer by Exelon Corporation, and other documents filed with
the SEC by NRG at the SECs website at www.sec.gov. Free copies of the definitive proxy statement,
the Solicitation/ Recommendation Statement on Schedule 14D-9, and any amendments and supplements to
these documents can also be obtained by directing a request to Investor Relations Department, NRG
Energy, Inc., 211 Carnegie Center, Princeton, New Jersey 08540.
NRG and its directors and executive officers will be deemed to be participants in the solicitation
of proxies in connection with its 2009 Annual Meeting. Detailed information regarding the names,
affiliations and interests of NRGs directors and executive officers is available in the definitive
proxy statement for the 2009 Annual Meeting, which was filed with the SEC on June 16, 2009.
Forward-Looking Statements
This communication contains forward-looking statements that may state NRGs or its managements
intentions, hopes, beliefs, expectations or predictions for the future. Such forward-looking
statements are subject to certain risks, uncertainties and assumptions, and typically can be
identified by the use of words such as will, expect, estimate, anticipate, forecast,
plan, believe and similar terms. 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, risks and uncertainties related to the capital markets
generally.
The foregoing review of factors that could cause NRGs actual results to differ materially from
those contemplated in the forward-looking statements included herein should be considered in
connection with information regarding risks and uncertainties that may affect NRGs future results
included in NRGs filings with the SEC at www.sec.gov. 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.