hin PG&E Corporation PCG PCG US Brian Chin NEUTRAL Calpine CPN CPN US Brian Chin Exelon EXC EXC US Brian Chin InfraREIT, Inc. HIFR HIFR US Brian Chin NRG Energy NRG NRG US Brian Chin Pinnacle West Corp PNW PNW US Brian Chin PPL Corporation PPL PPL US Brian Chin UNDERPERFORM AES Corporation AES AES US Brian Ch

, we expect gross recourse debt leverage would increase from 4.2x to 5.3x at the end of 2013, before falling to 4.3x at the end of 2014. We believe NRG Energy is set up to survive an extended period of low power prices. Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan P

, we expect gross recourse debt leverage would increase from 4.2x to 5.3x at the end of 2013, before falling to 4.3x at the end of 2014. We believe NRG Energy is set up to survive an extended period of low power prices. Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan P

organ - El Paso Gas T&D USA 2011 $1.209 Genesis Energy Gas T&D USA 2012 $45 FREIF North American Power I Power Generation USA 2012 $61 NRG Energy Power Generation USA 2012 $88 Sabine Pass LNG USA 2013 $139 Targa Resources Partners Gas T&D USA 2013 $69 Intergen N V. Power Generat

). we expect gross recourse debt leverage would increase from 4.2x to 5.3x at the end of 2013, before falling to 4.3x at the end of 2014. We believe NRG Energy is set up to survive an extended period of low power prices. Paul Barrett, CFA Managing Director Global Investment Opportunities Group 3PMorgan