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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): November 7, 2008</B>

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<P align="center" style="font-size: 24pt"><B>RELIANT ENERGY, INC.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

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    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>1-16455</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>76-0655566</B></TD>
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    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>1000 Main Street<BR>Houston, Texas<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>77002</B></TD>
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    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(713) 497-3000</B>


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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="left" style="font-size: 10pt; text-indent: 4%">In this Current Report on Form 8-K (Form 8-K) and in the exhibit included as part of this report, &#147;Reliant Energy&#148;
refers to Reliant Energy, Inc., and &#147;we,&#148; &#147;us&#148; and &#147;our&#148; refer to Reliant Energy and its subsidiaries.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;2.02. Results of Operations and Financial Condition.</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">On November&nbsp;7, 2008, we issued a press release (earnings release) setting forth our results of operations for the
three and nine months ended September&nbsp;30, 2008. A copy of the earnings release is furnished as Exhibit&nbsp;99.1 to this
Form 8-K. Copies of this Form 8-K and the earnings release are available at http://www.reliant.com/corporate in the
investor relations section.


<P align="left" style="font-size: 10pt; text-indent: 4%">In analyzing and planning for our business, we supplement our use of financial measures that are calculated and
presented in accordance with accounting principles generally accepted in the United States of America (GAAP)&nbsp;with a
number of non-GAAP financial measures. We use these non-GAAP financial measures in communications with investors,
analysts, rating agencies, banks and other parties. Non-GAAP financial measures are not standardized; therefore, it
may not be possible to compare these financial measures with other companies&#146; non-GAAP financial measures having the
same or similar names. These non-GAAP financial measures reflect an additional way of viewing aspects of our
operations that, when viewed with our GAAP results, may provide a more complete understanding of factors and trends
affecting our business segments. These non-GAAP financial measures should not be relied upon without considering the
GAAP financial measures. Investors should review our consolidated financial statements and publicly filed reports in
their entirety and not rely on any single financial measure.


<P align="left" style="font-size: 10pt; text-indent: 4%">In this Form 8-K, we discuss the non-GAAP financial measures included in or attached to the earnings release,
including the reasons that we believe that these measures provide useful information and the additional purposes for
which these measures are used. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP
financial measures are contained in the earnings release or its attachment. We note that, where non-GAAP financial
measures are presented on a forward-looking basis, certain factors that could affect GAAP financial measures are not
accessible or estimable on a forward-looking basis. These factors include future unrealized gains/losses on energy
derivatives and could include other items that may be material, such as mothballs/retirements and legal and regulatory
settlements.


<P align="left" style="font-size: 10pt"><B>Non-GAAP Margin Measures.</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">We believe that retail gross margin, retail contribution margin, open wholesale gross margin, open energy gross
margin and open wholesale contribution margin are meaningful to investors and others because our management uses these
measures in addition to GAAP measures, in evaluating the performance and outlook of our business segments, retail
energy and wholesale energy.


<P align="left" style="font-size: 10pt; text-indent: 4%">&#147;<I>Retail Gross Margin</I>.&#148; We define &#147;retail gross margin&#148; as revenues less cost of sales for our retail energy
segment adjusted to exclude the impact of unrealized gains/losses on energy derivatives, as described below.


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    <TD><U>Unrealized Gains/Losses on Energy Derivatives</U>. We use derivative instruments to manage
operational or market constraints and to execute our retail energy segment&#146;s supply procurement strategy.
We are required to record in our consolidated statement of operations non-cash gains/losses related to
future periods based on current changes in forward commodity prices for derivative instruments receiving
mark-to-market accounting treatment. We refer to these gains and losses prior to settlement, as well as
ineffectiveness on cash flow hedges, as &#147;unrealized gains/losses on energy derivatives.&#148; In
substantially all cases, the underlying transactions being hedged receive accrual accounting treatment,
resulting in a mismatch of accounting treatments. Since the application of mark-to-market accounting has
the effect of pulling forward into current periods non-cash gains/losses relating to and reversing in
future delivery periods, analysis of results of operations from one period to another can be difficult.
We believe that excluding these unrealized gains/losses on energy derivatives provides a more meaningful
representation of our economic performance in the reporting period and is therefore useful to us,
investors, analysts and others in facilitating the analysis of our results of operations from one period
to another.</TD>
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<P align="left" style="font-size: 10pt; text-indent: 4%">The most directly comparable GAAP financial measure is contribution margin, including unrealized gains/losses on
energy derivatives (our segment measure) for the retail energy segment.


<P align="left" style="font-size: 10pt; text-indent: 4%">&#147;<I>Retail Contribution Margin.</I>&#148; We define &#147;retail contribution margin&#148; as revenues less cost of sales, operation and
maintenance, selling and marketing and bad debt expense, adjusted to exclude the impact of unrealized gains/losses on
energy derivatives, as described above under &#147;Retail Gross Margin.&#148; The most directly comparable GAAP financial
measure is contribution margin, including unrealized gains/losses on energy derivatives (our segment measure) for the
retail energy segment.


<P align="left" style="font-size: 10pt; text-indent: 4%"><I>&#147;Open Wholesale Gross Margin&#148; </I>and <I>&#147;Open Energy Gross Margin.&#148; </I>Open wholesale gross margin involves two
components: &#147;open energy gross margin&#148; and &#147;other margin.&#148; Open energy gross margin is calculated using the power
sales prices received by the plants less delivered spot fuel prices. This figure excludes the effects of other margin,
our historical and operational wholesale hedges and unrealized gains/losses on energy derivatives. Other margin
represents power purchase agreements, capacity payments, ancillary services revenues and selective commercial hedge
strategies. Open wholesale gross margin excludes the effect of the following:


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    <TD><U>Historical and Operational Wholesale Hedges</U><I>. </I>We exclude the recurring effect of certain
historical wholesale hedges that were entered into in order to hedge the economics of a portion of our
wholesale operations.&nbsp; These amounts primarily relate to settlements of forward power hedges, long-term
tolling purchases, long-term natural gas transportation contracts not serving our generation assets and
our legacy energy trading.&nbsp; We also exclude the effect of certain on-going operational wholesale hedges
that were entered into primarily to mitigate certain operational risks at our generation assets.&nbsp; These
amounts primarily relate to settlements of fuel hedges, long-term natural gas transportation contracts
and storage contracts.&nbsp; Operational wholesale hedges are derived based on methodology consistent with the
calculation of open energy gross margin. We believe that it is useful to us, investors, analysts and
others to show our results in the absence of both historical and operational hedges. The impact of these
hedges on our financial results is not a function of the operating performance of our generation assets,
and excluding the impact better reflects the operating performance of our generation assets based on
prevailing market conditions.</TD>
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    <TD><U>Unrealized Gains/Losses on Energy Derivatives</U>. We use derivative instruments to manage
operational or market constraints and to increase the return on our generation assets. We are required
to record in our consolidated statement of operations non-cash gains/losses related to future periods
based on current changes in forward commodity prices for derivative instruments receiving mark-to-market
accounting treatment. We refer to these gains and losses prior to settlement, as well as ineffectiveness
on cash flow hedges, as &#147;unrealized gains/losses on energy derivatives.&#148; In some cases, the underlying
transactions being hedged receive accrual accounting treatment, resulting in a mismatch of accounting
treatments. Since the application of mark-to-market accounting has the effect of pulling forward into
current periods non-cash gains/losses relating to and reversing in future delivery periods, analysis of
results of operations from one period to another can be difficult. We believe that excluding these
unrealized gains/losses on energy derivatives provides a more meaningful representation of our economic
performance in the reporting period and is therefore useful to us, investors, analysts and others in
facilitating the analysis of our results of operations from one period to another. These gains/losses
are also not a function of the operating performance of our generation assets, and excluding their impact
helps isolate the operating performance of our generation assets under prevailing market conditions.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt; text-indent: 4%">The most directly comparable GAAP measure is contribution margin, including historical and operational wholesale
hedges and unrealized gains/losses on energy derivatives (our segment measure) for the wholesale energy segment.


<P align="left" style="font-size: 10pt; text-indent: 4%"><I>&#147;Open Wholesale Contribution Margin.&#148; </I>We define &#147;open wholesale contribution margin&#148; as revenues less cost of
sales, operation and maintenance and bad debt expense, adjusted to exclude the impact of historical and operational
wholesale hedges and unrealized gains/losses on energy derivatives, as described above under &#147;Open Wholesale Gross
Margin&#148; and &#147;Open Energy Gross Margin.&#148; The most directly comparable GAAP financial measure is contribution margin, including historical and operational wholesale hedges and unrealized gains/losses
on energy derivatives (our segment measure) for the wholesale energy segment.


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<P align="left" style="font-size: 10pt"><B>Non-GAAP EBITDA Measures</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">&#147;<I>EBITDA</I>&#148; and &#147;<I>Adjusted EBITDA.</I>&#148; We believe that earnings (loss)&nbsp;before interest, taxes, depreciation and
amortization (EBITDA)&nbsp;and adjusted EBITDA provide meaningful representations of our consolidated operating performance.
We consider EBITDA and adjusted EBITDA as performance measures rather than liquidity measures. In addition, many
analysts and investors use EBITDA to evaluate financial performance. Adjusted EBITDA includes the following
adjustments:


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    <TD><U>Unrealized Gains/Losses on Energy Derivatives</U>. Described above under &#147;Retail Gross Margin&#148;
and &#147;Open Wholesale Gross Margin&#148; and &#147;Open Energy Gross Margin.&#148;</TD>
</TR>

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    <TD><U>Western States Litigation and Similar Settlements</U>. We exclude charges related to settlement
of civil and criminal actions in our legacy western states and similar litigation. Because these charges
are not representative of our ongoing business operations, our management believes that excluding them
provides a more meaningful representation of our results of operations.&nbsp; For additional information, see
note 14(a) to our consolidated financial statements in our most recent Form 10-K and note 11(a) to our
interim financial statements in our Form 10-Q.</TD>
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    <TD><U>Debt Extinguishments</U>. We exclude charges incurred in connection with the refinance of debt.
These charges consist primarily of the cash premium paid in 2007 to holders who tendered their 9.25%
senior secured notes due 2010 and 9.50% senior secured notes due 2013 and the consent solicitation fee
paid to holders who tendered prior to the consent payment deadline. These charges result from our
efforts to increase our financial flexibility and are not a function of our operating performance.
Accordingly, our management believes that excluding them provides a more meaningful representation of our
results of operations. For additional information, see note 6(c) to our consolidated financial
statements in our most recent Form 10-K and note 7 to our interim financial statements in our Form 10-Q.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt; text-indent: 4%">The most directly comparable GAAP financial measure to EBITDA and adjusted EBITDA is income (loss)&nbsp;from continuing
operations before income taxes.


<P align="left" style="font-size: 10pt; text-indent: 4%">&#147;<I>Open EBITDA.</I>&#148; Open EBITDA includes the adjustments described above under &#147;EBITDA&#148; and &#147;Adjusted EBITDA&#148; as well
as the following adjustments, which we believe help to provide a meaningful representation of our consolidated
operating performance:


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    <TD><U>Historical and Operational Wholesale Hedges</U>. Described above under &#147;Open Wholesale Gross
Margin&#148; and &#147;Open Energy Gross Margin.&#148;</TD>
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</TABLE>


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    <TD><U>Gains on Sales of Emission and Exchange Allowances</U>. As part of our effort to operate our
business efficiently, we periodically sell emission and exchange allowances inventory in excess of our
forward power sales commitments if the price is above our view of their value. We believe that excluding
the gains from such sales is useful because these gains are not directly tied to the operating
performance of our generation assets, and excluding them helps to isolate the operating performance of
our generation assets under prevailing market conditions.</TD>
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</TABLE>


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    <TD><U>Gains or Losses on Sales of Assets</U>. We exclude gains or losses on asset sales because we
believe that these gains or losses are not directly tied to the operating performance of our generation
assets, and excluding them helps to isolate the operating performance of our generation assets under
prevailing market conditions.</TD>
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</TABLE>


<P align="left" style="font-size: 10pt; text-indent: 4%">The most directly comparable GAAP financial measure to open EBITDA is income (loss)&nbsp;from continuing operations
before income taxes.


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<P align="left" style="font-size: 10pt"><B>Non-GAAP Free Cash Flow Measures</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">Our non-GAAP cash flow measures may not be representative of the amount of residual cash flow that is available to
us for discretionary expenditures, since they may not include deductions for all non-discretionary expenditures. We
believe, however, that our non-GAAP cash flow measures are useful because they provide a representation of our cash
level available to service debt on a normalized basis, both before and after capital expenditures and emission and
exchange allowances activity.


<P align="left" style="font-size: 10pt; text-indent: 4%">&#147;<I>Adjusted Cash Flow Provided By (Used In) Continuing Operations.</I>&#148; We define adjusted cash flow provided by (used
in) continuing operations as operating cash flow from continuing operations (which is the most directly comparable GAAP
financial measure) excluding:


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    <TD><U>Western States Litigation and Similar Settlements Payments</U>. We exclude the cash outflows
related to settlement of civil and criminal actions in our legacy western states and similar litigation.
Because these payments are not representative of our ongoing business operations, we believe that
excluding these outflows provides a more meaningful representation of our cash flow on an ongoing basis.
For additional information, see note 14(a) to our consolidated financial statements in our most recent
Form 10-K and note 11(a) to our interim financial statements in our Form 10-Q.</TD>
</TR>

</TABLE>


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    <TD><U>Change in Margin Deposits, Net</U>. We post collateral to support a portion of our commodity
sales and purchase transactions.&nbsp; The collateral provides assurance to counterparties that contractual
obligations will be fulfilled.&nbsp; As the obligations are fulfilled, the collateral is returned.&nbsp; We
commonly use both cash and letters of credit as collateral.&nbsp; The use of cash as collateral appears as an
asset on the balance sheet and as a use of cash in operating cash flow.&nbsp; When cash collateral is
returned, the asset is eliminated from the balance sheet and it appears as a source of cash in operating
cash flow. We believe that it is useful to exclude changes in margin deposits, since changes in margin
deposits reflect the net inflows and outflows of cash collateral and are driven by hedging levels and
changes in commodity prices, not by the cash flow generated by the business related to sales and
purchases in the reporting period.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt; text-indent: 4%"><I>&#147;Free Cash Flow Provided By (Used In) Continuing Operations.&#148; </I>Free cash flow provided by (used in) continuing
operations is the same as adjusted cash flow provided by (used in) continuing operations but is further adjusted for
capital expenditures and the following item:


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    <TD><U>Net Sales (Purchases) of Emission and Exchange Allowances</U>. The cash flows from sales and
purchases of emission and exchange allowances are classified as investing cash flows for GAAP purposes;
however, we purchase and sell emission and exchange allowances in connection with the operation of our
generating assets. As part of our effort to operate our business efficiently, we periodically sell
emission and exchange allowances inventory in excess of our forward power sales commitments if the price
is above our view of their value. Consistent with subtracting capital expenditures (which is a GAAP
investing cash flow activity) in calculating free cash flow, we add sales and subtract purchases of
emission and exchange allowances.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt; text-indent: 4%">If we complete our planned offering of convertible preferred stock, we intend to subtract the related dividend
payments to arrive at free cash flow provided by (used in) continuing operations. Unlike interest payments, which are
classified as operating cash flows for GAAP purposes, these dividend payments will be classified as financing cash
flows for GAAP purposes. We believe subtracting the dividends payments will provide a more meaningful representation
of our cash level available to service debt on a normalized basis.


<P align="left" style="font-size: 10pt; text-indent: 4%">The most directly comparable GAAP financial measure to free cash flow provided by (used in) continuing operations
is operating cash flow from continuing operations.


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<P align="left" style="font-size: 10pt"><B>Other Non-GAAP Measures</B>


<P align="left" style="font-size: 10pt; text-indent: 4%">&#147;<I>Gross Debt</I>.&#148; Gross debt is total GAAP debt plus certain off balance sheet debt. We believe that gross debt is a
useful measure of our financial obligations and the strength and flexibility of our capital structure.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>


<P align="left" style="font-size: 10pt">(d)&nbsp;We furnish the following exhibit:


<P align="left" style="font-size: 10pt; text-indent: 4%">99.1&#151;Press Release dated November&nbsp;7, 2008


<P align="center" style="font-size: 10pt"><B>CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">The earnings release
and this report contain &#147;forward-looking statements&#148; within the meaning of Section&nbsp;27A of the Securities Act
of 1933, as amended, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements
are statements that contain projections, assumptions or estimates about our revenues, income, capital structure and
other financial items, our plans and objectives for future operations or about our future economic performance,
transactions and dispositions and financings and approvals related thereto. In many cases you can identify
forward-looking statements by terminology such as &#147;anticipate,&#148; &#147;estimate,&#148; &#147;believe,&#148; &#147;continue,&#148; &#147;could,&#148; &#147;intend,&#148;
&#147;may,&#148; &#147;plan,&#148; &#147;potential,&#148; &#147;predict,&#148; &#147;should,&#148; &#147;will,&#148; &#147;expect,&#148; &#147;objective,&#148; &#147;projection,&#148; &#147;forecast,&#148; &#147;goal,&#148;
&#147;guidance,&#148; &#147;outlook,&#148; &#147;effort,&#148; &#147;target&#148; and other similar words. However, the absence of these words does not mean
that the statements are not forward-looking.


<P align="left" style="font-size: 10pt; text-indent: 4%">Actual results may differ materially from those expressed or implied by forward-looking statements as a result of
many factors or events, including, but not limited to, ongoing
negotiations with Merrill Lynch and GS&nbsp;Loan Partners, ability to
complete the issuance of convertible preferred stock to an affiliate
of First Reserve, outcome of strategic alternative review, legislative, regulatory and/or market
developments, the outcome of pending lawsuits, governmental proceedings and investigations, the effects of competition,
financial market conditions, access to capital, the timing and extent of changes in commodity prices and interest
rates, weather conditions and other factors we discuss or refer to in the &#147;Risk Factors&#148; section of our most recent
Annual Report on Form 10-K filed with the Securities and Exchange Commission. Our filings and other important
information are also available on our website at <U>www.reliant.com</U>.


<P align="left" style="font-size: 10pt; text-indent: 4%">Each forward-looking statement speaks only as of the date of the particular statement and we undertake no
obligation to update or revise any forward-looking statement, whether as a result of new information, future events or
otherwise.


<P align="center" style="font-size: 10pt"><B>INFORMATION FURNISHED</B>



<P align="left" style="font-size: 10pt; text-indent: 4%">The information in Item&nbsp;2.02 and Exhibit&nbsp;99.1 of this Form 8-K is being furnished, not filed. Accordingly, the
information will not be incorporated by reference into any registration statement filed by Reliant Energy under the
Securities Act of 1933, as amended, unless specifically identified as being incorporated by reference therein.


<P align="center" style="font-size: 10pt">6





<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">6
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<P align="center" style="font-size: 10pt"><B>SIGNATURE</B>



<P align="left" style="font-size: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.



<P align="left" style="margin-left:48%; font-size: 10pt"><B>RELIANT ENERGY, INC.</B>
<BR>
(Registrant)


<P align="left" style="font-size: 10pt">Date: November&nbsp;7, 2008



<P align="left" style="margin-left:48%; font-size: 10pt; margin-top: -11pt">By: <U><B>/</B>s/ Thomas
C.
Livengood&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas C. Livengood<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Senior Vice President and Controller</I>

<P align="center" style="font-size: 10pt">

<P align="center" style="font-size: 10pt">7

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt; display: none">7
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<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit<BR>
Number
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
Exhibit&nbsp;Description</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated November&nbsp;7, 2008</TD>
</TR>
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</HTML>
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Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 7, 2008
RELIANT ENERGY, INC.
(Exact name of registrant as specified in its charter)
Delaware
1-16455
76-0655566
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1000 Main Street
Houston, Texas
77002
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(713) 497-3000
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
In this Current Report on Form 8-K (Form 8-K) and in the exhibit included as part of this report, "Reliant Energy"
refers to Reliant Energy, Inc., and "we," "us" and "our" refer to Reliant Energy and its subsidiaries.
Item 2.02. Results of Operations and Financial Condition.
On November 7, 2008, we issued a press release (earnings release) setting forth our results of operations for the
three and nine months ended September 30, 2008. A copy of the earnings release is furnished as Exhibit 99.1 to this
Form 8-K. Copies of this Form 8-K and the earnings release are available at http://www.reliant.com/corporate in the
investor relations section.
In analyzing and planning for our business, we supplement our use of financial measures that are calculated and
presented in accordance with accounting principles generally accepted in the United States of America (GAAP) with a
number of non-GAAP financial measures. We use these non-GAAP financial measures in communications with investors,
analysts, rating agencies, banks and other parties. Non-GAAP financial measures are not standardized; therefore, it
may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the
same or similar names. These non-GAAP financial measures reflect an additional way of viewing aspects of our
operations that, when viewed with our GAAP results, may provide a more complete understanding of factors and trends
affecting our business segments. These non-GAAP financial measures should not be relied upon without considering the
GAAP financial measures. Investors should review our consolidated financial statements and publicly filed reports in
their entirety and not rely on any single financial measure.
In this Form 8-K, we discuss the non-GAAP financial measures included in or attached to the earnings release,
including the reasons that we believe that these measures provide useful information and the additional purposes for
which these measures are used. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP
financial measures are contained in the earnings release or its attachment. We note that, where non-GAAP financial
measures are presented on a forward-looking basis, certain factors that could affect GAAP financial measures are not
accessible or estimable on a forward-looking basis. These factors include future unrealized gains/losses on energy
derivatives and could include other items that may be material, such as mothballs/retirements and legal and regulatory
settlements.
Non-GAAP Margin Measures.
We believe that retail gross margin, retail contribution margin, open wholesale gross margin, open energy gross
margin and open wholesale contribution margin are meaningful to investors and others because our management uses these
measures in addition to GAAP measures, in evaluating the performance and outlook of our business segments, retail
energy and wholesale energy.
"
Retail Gross Margin
." We define "retail gross margin" as revenues less cost of sales for our retail energy
segment adjusted to exclude the impact of unrealized gains/losses on energy derivatives, as described below.
•
Unrealized Gains/Losses on Energy Derivatives
. We use derivative instruments to manage
operational or market constraints and to execute our retail energy segment's supply procurement strategy.
We are required to record in our consolidated statement of operations non-cash gains/losses related to
future periods based on current changes in forward commodity prices for derivative instruments receiving
mark-to-market accounting treatment. We refer to these gains and losses prior to settlement, as well as
ineffectiveness on cash flow hedges, as "unrealized gains/losses on energy derivatives." In
substantially all cases, the underlying transactions being hedged receive accrual accounting treatment,
resulting in a mismatch of accounting treatments. Since the application of mark-to-market accounting has
the effect of pulling forward into current periods non-cash gains/losses relating to and reversing in
future delivery periods, analysis of results of operations from one period to another can be difficult.
We believe that excluding these unrealized gains/losses on energy derivatives provides a more meaningful
representation of our economic performance in the reporting period and is therefore useful to us,
investors, analysts and others in facilitating the analysis of our results of operations from one period
to another.
2
The most directly comparable GAAP financial measure is contribution margin, including unrealized gains/losses on
energy derivatives (our segment measure) for the retail energy segment.
"
Retail Contribution Margin.
" We define "retail contribution margin" as revenues less cost of sales, operation and
maintenance, selling and marketing and bad debt expense, adjusted to exclude the impact of unrealized gains/losses on
energy derivatives, as described above under "Retail Gross Margin." The most directly comparable GAAP financial
measure is contribution margin, including unrealized gains/losses on energy derivatives (our segment measure) for the
retail energy segment.
"Open Wholesale Gross Margin"
and
"Open Energy Gross Margin."
Open wholesale gross margin involves two
components: "open energy gross margin" and "other margin." Open energy gross margin is calculated using the power
sales prices received by the plants less delivered spot fuel prices. This figure excludes the effects of other margin,
our historical and operational wholesale hedges and unrealized gains/losses on energy derivatives. Other margin
represents power purchase agreements, capacity payments, ancillary services revenues and selective commercial hedge
strategies. Open wholesale gross margin excludes the effect of the following:
•
Historical and Operational Wholesale Hedges
.
We exclude the recurring effect of certain
historical wholesale hedges that were entered into in order to hedge the economics of a portion of our
wholesale operations.  These amounts primarily relate to settlements of forward power hedges, long-term
tolling purchases, long-term natural gas transportation contracts not serving our generation assets and
our legacy energy trading.  We also exclude the effect of certain on-going operational wholesale hedges
that were entered into primarily to mitigate certain operational risks at our generation assets.  These
amounts primarily relate to settlements of fuel hedges, long-term natural gas transportation contracts
and storage contracts.  Operational wholesale hedges are derived based on methodology consistent with the
calculation of open energy gross margin. We believe that it is useful to us, investors, analysts and
others to show our results in the absence of both historical and operational hedges. The impact of these
hedges on our financial results is not a function of the operating performance of our generation assets,
and excluding the impact better reflects the operating performance of our generation assets based on
prevailing market conditions.
•
Unrealized Gains/Losses on Energy Derivatives
. We use derivative instruments to manage
operational or market constraints and to increase the return on our generation assets. We are required
to record in our consolidated statement of operations non-cash gains/losses related to future periods
based on current changes in forward commodity prices for derivative instruments receiving mark-to-market
accounting treatment. We refer to these gains and losses prior to settlement, as well as ineffectiveness
on cash flow hedges, as "unrealized gains/losses on energy derivatives." In some cases, the underlying
transactions being hedged receive accrual accounting treatment, resulting in a mismatch of accounting
treatments. Since the application of mark-to-market accounting has the effect of pulling forward into
current periods non-cash gains/losses relating to and reversing in future delivery periods, analysis of
results of operations from one period to another can be difficult. We believe that excluding these
unrealized gains/losses on energy derivatives provides a more meaningful representation of our economic
performance in the reporting period and is therefore useful to us, investors, analysts and others in
facilitating the analysis of our results of operations from one period to another. These gains/losses
are also not a function of the operating performance of our generation assets, and excluding their impact
helps isolate the operating performance of our generation assets under prevailing market conditions.
The most directly comparable GAAP measure is contribution margin, including historical and operational wholesale
hedges and unrealized gains/losses on energy derivatives (our segment measure) for the wholesale energy segment.
"Open Wholesale Contribution Margin."
We define "open wholesale contribution margin" as revenues less cost of
sales, operation and maintenance and bad debt expense, adjusted to exclude the impact of historical and operational
wholesale hedges and unrealized gains/losses on energy derivatives, as described above under "Open Wholesale Gross
Margin" and "Open Energy Gross Margin." The most directly comparable GAAP financial measure is contribution margin, including historical and operational wholesale hedges and unrealized gains/losses
on energy derivatives (our segment measure) for the wholesale energy segment.
3
Non-GAAP EBITDA Measures
"
EBITDA
" and "
Adjusted EBITDA.
" We believe that earnings (loss) before interest, taxes, depreciation and
amortization (EBITDA) and adjusted EBITDA provide meaningful representations of our consolidated operating performance.
We consider EBITDA and adjusted EBITDA as performance measures rather than liquidity measures. In addition, many
analysts and investors use EBITDA to evaluate financial performance. Adjusted EBITDA includes the following
adjustments:
•
Unrealized Gains/Losses on Energy Derivatives
. Described above under "Retail Gross Margin"
and "Open Wholesale Gross Margin" and "Open Energy Gross Margin."
•
Western States Litigation and Similar Settlements
. We exclude charges related to settlement
of civil and criminal actions in our legacy western states and similar litigation. Because these charges
are not representative of our ongoing business operations, our management believes that excluding them
provides a more meaningful representation of our results of operations.  For additional information, see
note 14(a) to our consolidated financial statements in our most recent Form 10-K and note 11(a) to our
interim financial statements in our Form 10-Q.
•
Debt Extinguishments
. We exclude charges incurred in connection with the refinance of debt.
These charges consist primarily of the cash premium paid in 2007 to holders who tendered their 9.25%
senior secured notes due 2010 and 9.50% senior secured notes due 2013 and the consent solicitation fee
paid to holders who tendered prior to the consent payment deadline. These charges result from our
efforts to increase our financial flexibility and are not a function of our operating performance.
Accordingly, our management believes that excluding them provides a more meaningful representation of our
results of operations. For additional information, see note 6(c) to our consolidated financial
statements in our most recent Form 10-K and note 7 to our interim financial statements in our Form 10-Q.
The most directly comparable GAAP financial measure to EBITDA and adjusted EBITDA is income (loss) from continuing
operations before income taxes.
"
Open EBITDA.
" Open EBITDA includes the adjustments described above under "EBITDA" and "Adjusted EBITDA" as well
as the following adjustments, which we believe help to provide a meaningful representation of our consolidated
operating performance:
•
Historical and Operational Wholesale Hedges
. Described above under "Open Wholesale Gross
Margin" and "Open Energy Gross Margin."
•
Gains on Sales of Emission and Exchange Allowances
. As part of our effort to operate our
business efficiently, we periodically sell emission and exchange allowances inventory in excess of our
forward power sales commitments if the price is above our view of their value. We believe that excluding
the gains from such sales is useful because these gains are not directly tied to the operating
performance of our generation assets, and excluding them helps to isolate the operating performance of
our generation assets under prevailing market conditions.
•
Gains or Losses on Sales of Assets
. We exclude gains or losses on asset sales because we
believe that these gains or losses are not directly tied to the operating performance of our generation
assets, and excluding them helps to isolate the operating performance of our generation assets under
prevailing market conditions.
The most directly comparable GAAP financial measure to open EBITDA is income (loss) from continuing operations
before income taxes.
4
Non-GAAP Free Cash Flow Measures
Our non-GAAP cash flow measures may not be representative of the amount of residual cash flow that is available to
us for discretionary expenditures, since they may not include deductions for all non-discretionary expenditures. We
believe, however, that our non-GAAP cash flow measures are useful because they provide a representation of our cash
level available to service debt on a normalized basis, both before and after capital expenditures and emission and
exchange allowances activity.
"
Adjusted Cash Flow Provided By (Used In) Continuing Operations.
" We define adjusted cash flow provided by (used
in) continuing operations as operating cash flow from continuing operations (which is the most directly comparable GAAP
financial measure) excluding:
•
Western States Litigation and Similar Settlements Payments
. We exclude the cash outflows
related to settlement of civil and criminal actions in our legacy western states and similar litigation.
Because these payments are not representative of our ongoing business operations, we believe that
excluding these outflows provides a more meaningful representation of our cash flow on an ongoing basis.
For additional information, see note 14(a) to our consolidated financial statements in our most recent
Form 10-K and note 11(a) to our interim financial statements in our Form 10-Q.
•
Change in Margin Deposits, Net
. We post collateral to support a portion of our commodity
sales and purchase transactions.  The collateral provides assurance to counterparties that contractual
obligations will be fulfilled.  As the obligations are fulfilled, the collateral is returned.  We
commonly use both cash and letters of credit as collateral.  The use of cash as collateral appears as an
asset on the balance sheet and as a use of cash in operating cash flow.  When cash collateral is
returned, the asset is eliminated from the balance sheet and it appears as a source of cash in operating
cash flow. We believe that it is useful to exclude changes in margin deposits, since changes in margin
deposits reflect the net inflows and outflows of cash collateral and are driven by hedging levels and
changes in commodity prices, not by the cash flow generated by the business related to sales and
purchases in the reporting period.
"Free Cash Flow Provided By (Used In) Continuing Operations."
Free cash flow provided by (used in) continuing
operations is the same as adjusted cash flow provided by (used in) continuing operations but is further adjusted for
capital expenditures and the following item:
•
Net Sales (Purchases) of Emission and Exchange Allowances
. The cash flows from sales and
purchases of emission and exchange allowances are classified as investing cash flows for GAAP purposes;
however, we purchase and sell emission and exchange allowances in connection with the operation of our
generating assets. As part of our effort to operate our business efficiently, we periodically sell
emission and exchange allowances inventory in excess of our forward power sales commitments if the price
is above our view of their value. Consistent with subtracting capital expenditures (which is a GAAP
investing cash flow activity) in calculating free cash flow, we add sales and subtract purchases of
emission and exchange allowances.
If we complete our planned offering of convertible preferred stock, we intend to subtract the related dividend
payments to arrive at free cash flow provided by (used in) continuing operations. Unlike interest payments, which are
classified as operating cash flows for GAAP purposes, these dividend payments will be classified as financing cash
flows for GAAP purposes. We believe subtracting the dividends payments will provide a more meaningful representation
of our cash level available to service debt on a normalized basis.
The most directly comparable GAAP financial measure to free cash flow provided by (used in) continuing operations
is operating cash flow from continuing operations.
5
Other Non-GAAP Measures
"
Gross Debt
." Gross debt is total GAAP debt plus certain off balance sheet debt. We believe that gross debt is a
useful measure of our financial obligations and the strength and flexibility of our capital structure.
Item 9.01. Financial Statements and Exhibits.
(d) We furnish the following exhibit:
99.1—Press Release dated November 7, 2008
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION
The earnings release
and this report contain "forward-looking statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements
are statements that contain projections, assumptions or estimates about our revenues, income, capital structure and
other financial items, our plans and objectives for future operations or about our future economic performance,
transactions and dispositions and financings and approvals related thereto. In many cases you can identify
forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend,"
"may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal,"
"guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean
that the statements are not forward-looking.
Actual results may differ materially from those expressed or implied by forward-looking statements as a result of
many factors or events, including, but not limited to, ongoing
negotiations with Merrill Lynch and GS Loan Partners, ability to
complete the issuance of convertible preferred stock to an affiliate
of First Reserve, outcome of strategic alternative review, legislative, regulatory and/or market
developments, the outcome of pending lawsuits, governmental proceedings and investigations, the effects of competition,
financial market conditions, access to capital, the timing and extent of changes in commodity prices and interest
rates, weather conditions and other factors we discuss or refer to in the "Risk Factors" section of our most recent
Annual Report on Form 10-K filed with the Securities and Exchange Commission. Our filings and other important
information are also available on our website at
www.reliant.com
.
Each forward-looking statement speaks only as of the date of the particular statement and we undertake no
obligation to update or revise any forward-looking statement, whether as a result of new information, future events or
otherwise.
INFORMATION FURNISHED
The information in Item 2.02 and Exhibit 99.1 of this Form 8-K is being furnished, not filed. Accordingly, the
information will not be incorporated by reference into any registration statement filed by Reliant Energy under the
Securities Act of 1933, as amended, unless specifically identified as being incorporated by reference therein.
6
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
RELIANT ENERGY, INC.
(Registrant)
Date: November 7, 2008
By:
/
s/ Thomas
C.
Livengood
Thomas C. Livengood
Senior Vice President and Controller
7
EXHIBIT INDEX
Exhibit
Number
Exhibit Description
99.1
Press Release dated November 7, 2008