Xcel Energy 2004 Annual Report Download - page 43

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Xcel Energy Annual Report 2004
41
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholder of NRG Energy, Inc.:
In our opinion, the consolidated balance sheets and the related consolidated statements of operations, cash flows and stockholder’s (deficit)/equity (not
presented separately herein) present fairly, in all material respects, the results of operations and cash flows of NRG Energy, Inc. and its subsidiaries for the
year ended December 31, 2002 in conformity with accounting principles generally accepted in the United States of America. These financial statements
are the responsibility of the Company’s management; our responsibility is to express an opinion on these financial statements based on our audits. We
conducted our audits of these statements in accordance with standards of the Public Company Accounting Oversight Board (United States) of America.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management and evaluating the overall financial statement presentation. We believe our
audits provide a reasonable basis for our opinion.
The consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 and
Note 29 to the consolidated financial statements, the Company is experiencing credit and liquidity constraints and has various credit arrangements that
are in default. As a direct consequence, during 2002 the Company entered into discussions with its creditors to develop a comprehensive restructuring
plan. In connection with its restructuring efforts, the Company and certain of its subsidiaries filed for Chapter 11 bankruptcy protection. These conditions
raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described
in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
PricewaterhouseCoopers LLP
Minneapolis, Minnesota
March 28, 2003, except as to Notes 29 and 30, which are as of December 3, 2003.