Institutional Investor Karl W. Miller Re-Affirms Support for Exelon Corporation's Bid for NRG and Election of Exelon Director Nominees

MIAMI, July 17 /PRNewswire/ -- Karl W. Miller, a senior energy executive and institutional investor, today issued the following statement through his advisors, re-affirming support for Exelon Corporation's bid to acquire NRG and the election of Exelon Director Nominees.

NRG's advertised open letter to shareholders on July 16, 2009 offered no new or significant value creation to NRG shareholders other than attempts to explain lack of performance by the current management and board of directors.

When you are explaining, you are losing at shareholder expense. NRG shareholders have a unique opportunity that is rare in this market to create significant value by exercising control of the NRG board through their stock votes.

The NRG board of directors has had an excessive amount of time to deliver a better price for the company to shareholders, which they have failed to do. No amount of explanation in the form of shareholder letters, proxy solicitation firm calls, or other materials will override the fact that Exelon is the only bona fide buyer at the table.

If there were other credible and serious buyers for NRG other than Exelon Corporation, the NRG Board of Directors would have to exercise their fiduciary obligation and disclose the names potential buyers to all NRG shareholders.

NRG shareholders should vote for Exelon's director nominees based upon the following clear and concise points:

• Exelon, as a regulated Utility holding company has superior access to capital with the capital markets in financial turmoil. Exelon is therefore better positioned to re-finance, restructure and obtain new debt facilities for NRG current assets to facilitate growth.
  

• Exelon is better prepared to execute on considered and careful strategic planning, as the industry moves into yet another era. NRG in its current corporate structure was born out of a bankruptcy restructuring in itself, not a well thought out strategic execution plan.
  

• Exelon, with its expertise in managing a large nuclear fleet of power plants is best positioned to take advantage of any nuclear renaissance. The length of time-between now and when the need will again become evident for additional nuclear power plants corresponds roughly to the design and construction stages of additional large coal fired plants. Those plants, once in place and with their lower generation costs, will be very well placed to participate profitably in the energy markets.
  

• Exelon will sell non-strategic NRG power generation assets and most likely dividend those proceeds to shareholders in the form of cash, in addition to the stable regulated returns and annual dividends NRG shareholders will earn as future Exelon shareholders providing an overall superior return on capital than NRG can provide on a stand alone basis.
  

• Exelon is prepared for the future. There will again be energy shortages, increased fuel price volatility, and a marked need for new power generation, primarily natural gas on an interim basis to compliment low cost, base-load nuclear production, due to the moderate construction time for natural gas plants, their proven efficiency and security of fuel supply.
  
  

About Mr. Miller

Mr. Miller is a globally recognized energy executive and institutional investor with a balance of both financial and energy sector expertise. Mr. Miller began his career on Wall Street during the 1980's and has an extensive background in banking, commodities trading and risk management.

Mr. Miller has a long history in the global energy business and has held a variety of executive management positions both within the United States, Europe and Asia. Mr. Miller has bid on over $25 billion in energy related assets during his career.

Mr. Miller has built, restructured and managed energy businesses for major public energy companies on several continents, including PG&E Corporation, Electricite de France, El Paso Energy, Enron Corporation and JPMorgan Chase.

Mr. Miller holds an MBA in Finance from the Kenan-Flagler Business School at The University of North Carolina, Chapel Hill. Mr. Miller also holds a B.A. in Accounting from Catholic University located in Washington DC.

Mr. Miller is currently on medical leave until late 2009.

SOURCE VBCC