COLLATERAL AGENCY AND

                            INTERCREDITOR AGREEMENT





                         Dated as of February 22, 2000



                                     among



                          NRG NORTHEAST GENERATING LLC



                          THE GUARANTORS party hereto,



                        THE TRUSTEE UNDER THE INDENTURE,



                    THE WORKING CAPITAL AGENTS party hereto,



                         EACH SENIOR SECURED DEBT AGENT



                                      and



                              THE COLLATERAL AGENT



<PAGE>   2



                               TABLE OF CONTENTS





<TABLE>

<S>        <C>                                                                              <C>

Section 1.  Definitions .......................................................................2



Section 2.  Priority of Security Interests ....................................................4



Section 3.  Exercise of Rights ................................................................5



Section 4.  Certain Actions ...................................................................6



Section 5.  Receipt of Money or Proceeds ......................................................7



Section 6.  Application of Proceeds ...........................................................7



Section 7.  Event of Eminent Domain; Event of Loss ............................................9



Section 8.  Appointment and Duties of Collateral Agent .......................................10



Section 9.  Rights of Collateral Agent .......................................................10



Section 10.  Lack of Reliance on the Collateral Agent ........................................13



Section 11.  Indemnification; Bankruptcy .....................................................14



Section 12.  Resignation or Removal of the Collateral Agent ..................................15



Section 13.  Representations and Warranties ..................................................15



Section 14.  Additional Secured Parties; Agreement for Benefit of Parties Hereto .............16



Section 15.  Severability ....................................................................17



Section 16.  Notices .........................................................................17



Section 17.  Successors and Assigns ..........................................................19



Section 18.  Counterparts ....................................................................19



Section 19.  Governing Law ...................................................................19



Section 20.  Consent to Jurisdiction .........................................................19



Section 21.  Waiver of Jury Trial ............................................................20



Section 22.  No Impairments of Other Rights ..................................................20



Section 23.  Amendment; Waiver ...............................................................20

</TABLE>











                                      -i-



<PAGE>   3

<TABLE>

<S>                                                                                           <C>

Section 24.  Headings. .......................................................................20



Section 25.  Termination. ....................................................................20



Section 26.  Entire Agreement. ...............................................................20



Section 27.  Limitation of Liability. ........................................................21



Section 28.  Execution in Lieu of Agent. .....................................................22



Section 29.  Conflicts With Other Security Documents. ........................................22



Section 30.  Effective Date. .................................................................22

</TABLE>







EXHIBITS:



Exhibit A - Form of Designation Letter











                                      -ii-



<PAGE>   4

                 This COLLATERAL AGENCY AND INTERCREDITOR AGREEMENT (this

"Agreement") dated as of February 22, 2000 among (i) NRG NORTHEAST GENERATING

LLC, a Delaware limited liability company (together with its successors and

assigns, (the "Issuer"), (ii) the Guarantors party hereto, (iii) the trustee

under the Indenture (together with its successors and assigns in such capacity,

the "Trustee"), acting in such capacity and on behalf of the holders of the

Bonds (as defined in the Indenture), (iv) the agents under the Working Capital

Agreement (as defined in the Indenture) (together with its successors and

assigns in such capacity, the "Working Capital Agents"), acting in such

capacity and on behalf of the lenders party to the Working Capital Agreement,

(v) any trustees or agents under any other Senior Secured Debt Documents (as

defined below), on behalf of the holders of the indebtedness or obligations

evidenced by such Senior Secured Debt Documents (together with their respective

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