GenOn Energy marks $9 million operating loss for quarter ended June 30

By Caroline Salls

Pittsburgh, Aug. 9 – GenOn Energy, Inc. reported a $9 million operating loss for the quarter ended June 30 on $366 million in total operating revenue, according to a 10-Q filed Wednesday with the Securities and Exchange Commission.

In comparison, GenOn posted a $76 million operating loss for the quarter ended June 30, 2016 on $398 million in total operating revenue.

Net income for the second quarter of this year was $7 million, improving from a $116 million net loss for the same period of 2016.

Meanwhile, GenOn recorded a $1 million operating loss for the six months ended June 30 on $747 million in total operating revenue, compared with the $68 million of operating income posted for the first half of last year on $977 million in total operating revenue.

The net loss for the first half of 2017 was $30 million, widening from a $15 million net loss for the first six months of 2016.

The company had $743 million in cash and cash equivalents as of June 30, down from $1,034,000,000 at Dec. 31, 2016.

According to the 10-Q, GenOn’s results were driven by electricity prices and decreases in gross margin and economic gross margin.

GenOn, a Princeton, N.J.-based power producer, filed for bankruptcy on June 14 in the U.S. Bankruptcy Court for the Southern District of Texas. The Chapter 11 case number is 17-33695.

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