NRG Energy, Inc. is a leading energy and home services company operating across the United States and Canada, focusing on delivering innovative and sustainable solutions under brand names such as NRG, Reliant, Direct Energy, Green Mountain Energy, and Vivint . The company's core business activities include the sale of electricity and natural gas to residential, commercial, industrial, and wholesale customers, supported by its wholesale electric generation . NRG also offers a variety of smart home products and services through its Vivint Smart Home segment .
- Retail Electricity - Sells electricity to residential, commercial, industrial, and wholesale customers across various regions.
- Natural Gas - Provides natural gas services to a diverse customer base, including residential and commercial sectors.
- Vivint Smart Home - Offers smart home products and services, enhancing home automation and security.
- Energy Management - Delivers energy efficiency and management solutions, focusing on distributed energy resources and renewable energy.
- HVAC Services - Provides heating, ventilation, and air conditioning services to improve home comfort and efficiency.
- Home Protection Products - Offers products designed to protect and maintain home systems and appliances.
- Carbon Offsets - Provides solutions for customers to offset their carbon footprint through sustainable practices.
- Portable Power Solutions - Offers portable power products for various consumer needs.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Lawrence S. Coben ExecutiveBoard | President and CEO, Chair of the Board | Board Member at Freshpet, Inc.; Executive Director of ESCALA Initiative; Consulting Scholar at University of Pennsylvania Museum of Archaeology and Anthropology | Longtime NRG leader, joined the board in 2003, became Chair in 2017, and CEO in 2024. Focused on energy and smart home technology, with a background in economics, law, and anthropology. | View Report → |
Rasesh Patel Executive | President, NRG Consumer | None | Former COO of Vivint, joined NRG in 2023 after its acquisition of Vivint. Leads Smart Home and Home Energy segments. Previously held senior roles at AT&T and DIRECTV. | |
Robert J. Gaudette Executive | EVP, NRG Business | Advisory Board Member at Shift | Joined NRG in 2012 after GenOn acquisition. Leads NRG Business segment. Previously held leadership roles in product development and origination. | |
Woo-Sung Chung Executive | EVP and CFO | None | Joined NRG in 2008, became CFO in June 2023. Previously led strategy, M&A, and NRG Services. Former investment banker at Citigroup. | |
Alex Pourbaix Board | Director | Executive Chair of Cenovus Energy; Board Member at Canadian Utilities Limited | Joined NRG's board in 2023. Former CEO of Cenovus Energy, led strategic acquisitions and operational improvements. | |
Alexandra Pruner Board | Director | Senior Advisor at Perella Weinberg Partners and Tudor, Pickering, Holt & Co.; Board Member at Plains All American Pipeline, L.P. | Joined NRG's board in 2019. Brings financial expertise and industry knowledge, with a focus on energy markets. | |
Anne C. Schaumburg Board | Lead Independent Director | Independent Chair of Brookfield Infrastructure Partners; Chair of Compensation Committee at Brookfield Reinsurance Ltd. | Joined NRG's board in 2005. Brings extensive financial and M&A expertise, with leadership roles in energy and financial services. | |
Antonio Carrillo Board | Director | President, CEO, and Director of Arcosa, Inc. | Joined NRG's board in 2019. Brings industrial and infrastructure expertise. | |
E. Spencer Abraham Board | Director | Chairman and CEO of Abraham Group LLC; Senior Advisor at Blank Rome Government Relations LLC; Board Member at PBF Energy Inc., Two Harbors Investment Corp., and Uranium Energy Corp. | Former U.S. Secretary of Energy and U.S. Senator. Brings extensive energy policy expertise to NRG's board. | |
Elisabeth B. Donohue Board | Director | Board Member at Gap Inc. | Joined NRG's board in 2020. Former CEO of Publicis Spine and global marketing leader. | |
Heather Cox Board | Director | President, Insights & Empowerment at Zelis Healthcare Inc. | Joined NRG's board in 2018. Brings expertise in digital transformation, technology, and customer service. | |
Kevin T. Howell Board | Director | Board Member at TexGen LLC and Energy Harbor Corp. | Rejoined NRG's board in 2024. Former EVP of Commercial Operations and Regional President at NRG Texas. | |
Marcie C. Zlotnik Board | Director | None | Joined NRG's board in 2023. Co-founder of StarTex Power and Gexa Energy. Brings over 20 years of experience in the retail electricity sector. | |
Marwan Fawaz Board | Director | Board Member at CSG Systems International, Inc. | Joined NRG's board in 2023. Former CEO of Nest Labs and Motorola Home. Brings expertise in smart home technology and broadband. | |
Matthew Carter, Jr. Board | Director | CEO of Intrado Life & Safety, Inc.; Board Member at Jones Lang LaSalle Incorporated | Joined NRG's board in 2018. Brings corporate leadership and technology expertise. | |
Paul W. Hobby Board | Director | Managing Partner at Genesis Park, L.P. | Joined NRG's board in 2006. Brings entrepreneurial and financial expertise, with a focus on M&A and governance. |
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The company's growth projections heavily rely on the success of the Smart Home services and the Virtual Power Plant initiative, including significant customer adoption of the Home Essentials bundle . What are the risks associated with achieving the projected customer adoption rates and incremental revenues, and how confident is management in these assumptions?
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NRG's long-term outlook holds Texas power prices flat at $47 through 2029, despite expectations of market tightening due to growing demand . Why has management chosen not to factor in potential rises in Texas power prices, and how might this conservative pricing assumption impact future earnings?
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The company plans to return $8.8 billion to shareholders, with $7.1 billion dedicated to share repurchases . Given the significant opportunities for organic growth and potential investments in projects like data centers and Texas brownfield projects , how does management justify prioritizing share repurchases over investing in these growth opportunities?
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The new partnership with Renew Home and Google aims to develop a 1-gigawatt residential Virtual Power Plant in Texas, with Renew Home funding a significant portion of customer acquisition costs . Can you provide more details on the financial terms of this partnership, and what are the potential risks if customer adoption or VPP performance does not meet expectations?
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NRG has adjusted its reporting of adjusted EBITDA by moving amortization of capitalized customer acquisition costs into the depreciation and amortization line . This change resulted in an upward adjustment to the 2024 guidance midpoint by $130 million . How does this accounting change enhance transparency, and could it potentially lead to confusion among investors regarding the company's actual performance?
Research analysts who have asked questions during NRG ENERGY earnings calls.
David Arcaro
Morgan Stanley
6 questions for NRG
Julien Dumoulin-Smith
Jefferies
6 questions for NRG
Carly Davenport
Goldman Sachs
4 questions for NRG
Shahriar Pourreza
Guggenheim Partners
4 questions for NRG
Agnieszka Storozynski
BofA Securities
2 questions for NRG
Andrew Weisel
Scotiabank
2 questions for NRG
Angie Storozynski
Seaport Research Partners
2 questions for NRG
James West
Evercore ISI
2 questions for NRG
Nick Campanella
Barclays
2 questions for NRG
Ryan Levine
Citigroup
2 questions for NRG
Angie Storozinski
Seaport
1 question for NRG
Durgesh Chopra
Evercore ISI
1 question for NRG
Nicholas Campanella
Barclays
1 question for NRG
Shar Pourreza
Guggenheim Partners
1 question for NRG
Steven Fleishman
Wolfe Research
1 question for NRG
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Vivint Smart Home, Inc. | 2023 | NRG Energy, Inc. completed an all-cash acquisition on March 10, 2023, paying about $12 per share for a total transaction value of approximately $2.6 billion financed through diverse funding sources including secured corporate debt and a revolving credit facility. Strategically, the deal accelerates NRG's consumer-focused growth strategy by combining its energy expertise with Vivint’s 2 million smart home subscriber base and vertically integrated service capabilities, forming a leading essential home services platform. |
Recent press releases and 8-K filings for NRG.
- NRG delivered $2.78 adjusted EPS (+32% YoY), $1.205 billion adjusted EBITDA (+14%), $537 million adjusted net income, and $828 million free cash flow before growth in Q3; YTD adjusted EPS of $7.17 (+36%) and adjusted EBITDA >$3.2 billion (+12%).
- Reaffirmed 2025 guidance: $7.55–$8.15 adjusted EPS, $3.875–$4.025 billion adjusted EBITDA, $2.1–$2.25 billion free cash flow before growth; introduced 2026 standalone guidance of $3.925–$4.175 billion adjusted EBITDA and $1.975–$2.225 billion free cash flow before growth.
- LS Power acquisition on track to close in Q1 2026, fully accretive to key metrics with a 14% EPS CAGR through 2029 (standalone view) and financing completed on favorable terms.
- Expanded data center power agreements to 445 MW contracted capacity, grew development pipeline to 5.4 GW, and raised new long-term data center pricing target above $80/MWh.
- Executed $1.084 billion of planned share repurchases (85% of $1.3 billion target) at $125.35 avg. price through Oct. 31; board approved additional $3 billion buyback authorization through 2028, alongside 7–9% dividend growth in 2026 standalone plan.
- Q3 2025 Adjusted EPS rose 32% to $2.78, with Adjusted EBITDA of $1,205 M and Free Cash Flow before Growth of $828 M; year-to-date Adjusted EPS reached $7.17, prompting reaffirmation of 2025 guidance
- Initiated standalone 2026 guidance targeting Adjusted EBITDA of $3,925–4,175 M and Free Cash Flow before Growth of $1,975–2,225 M
- Data center power agreements expanded to 445 MW signed (vs 295 MW in 2Q25), with pricing above $80/MWh and an expected ~$100 M annual gross margin at 2033 run-rate
- LS Power portfolio acquisition ($12 Bn EV) remains on track for a 1Q26 close, projected to add >$1.6 Bn Adjusted EBITDA and >$1.0 Bn Free Cash Flow before Growth
- 2026 priorities include returning at least $1.3 Bn of capital to shareholders and delivering 7–9% annual dividend growth
- Strong Q3 performance: adjusted EPS of $2.78, up 32% YoY, and adjusted EBITDA of $1.205 B, up 14% YoY.
- Year-to-date through Q3: adjusted EPS of $7.17 and adjusted EBITDA of $3.2 B, up 36% and 12% YoY; free cash flow before growth of $2.035 B.
- Raised full-year 2025 guidance by $100 M, reaffirming ranges of adjusted EPS $7.55–$8.15, adjusted EBITDA $3.875–$4.025 B, and free cash flow before growth $2.1–$2.25 B.
- Introduced 2026 standalone guidance: adjusted EBITDA $3.925–$4.175 B and free cash flow before growth $1.975–$2.225 B, excluding LS Power acquisition impact.
- Continued capital deployment: $1.084 B repurchased YTD (~85% of $1.3 B plan) at average $125.35 per share; $158 M unallocated capital to roll into 2026; data center agreements expanded to 445 MW contracted capacity and 5.4 GW pipeline.
- NRG expects to close the LS Power acquisition in Q1 2026, which is immediately accretive and will be followed by detailed pro forma guidance.
- Q3 results: adjusted EPS of $2.78 (+32% Y/Y) and adjusted EBITDA of $1.205 billion (+14% Y/Y); YTD adjusted EPS of $7.17 (+36%) and EBITDA of $3.2 billion (+12%).
- Raised 2025 guidance by $100 million, reaffirming the higher range, and initiated 2026 standalone guidance of $3.925–4.175 billion EBITDA and $1.975–2.225 billion free cash flow before growth.
- Expanded data center capacity to 445 MW contracted with a 5.4 GW pipeline, and boosted new deal price targets to >$80/MWh.
- Executed $1.084 billion of the $1.3 billion share repurchase program and secured a new $3 billion buyback authorization through 2028, alongside 7–9% dividend growth.
- Delivered solid third-quarter performance with GAAP Net Income of $152 million, Adjusted EPS of $2.78, Adjusted EBITDA of $1,205 million, and FCFbG of $828 million (Q3 2025).
- Reaffirmed raised 2025 guidance to $1,470–$1,590 million Adjusted Net Income, $7.55–$8.15 Adjusted EPS, $3,875–$4,025 million Adjusted EBITDA, and $2,100–$2,250 million FCFbG.
- Initiated standalone 2026 guidance of $3,925–$4,175 million Adjusted EBITDA and $1,975–$2,225 million FCFbG.
- Approved a new $3 billion share repurchase authorization through 2028 (with $1 billion planned in 2026) and increased the annual dividend by 8% to $1.90 per share.
- On track to close the LS Power portfolio acquisition in Q1 2026 and secured a TEF loan for the 689 MW Cedar Bayou CCGT facility.
- GAAP Net Income of $152 million and Adjusted EBITDA of $1,205 million; Free Cash Flow before Growth Investments of $828 million for Q3 2025.
- Reaffirmed 2025 guidance with Adjusted EBITDA of $3,875–$4,025 million and FCFbG of $2,100–$2,250 million, and initiated 2026 standalone guidance of Adjusted EBITDA $3,925–$4,175 million and FCFbG $1,975–$2,225 million.
- Board approved a new $3 billion share repurchase authorization through 2028 (with $1 billion expected in 2026) and repurchased $1.1 billion of shares through October 31, 2025.
- Acquisition of LS Power portfolio remains on track to close in Q1 2026; secured a $562 million TEF loan for the 689 MW Cedar Bayou project.
- Expanded data center retail power agreements to 445 MW across ERCOT and PJM, with initial powering expected in 2028.
- NRG Energy filed an 8-K on October 8, 2025 to furnish its Base Indenture and Supplemental Indentures for newly issued senior secured first lien notes due 2030 and 2035 as well as senior notes due 2034 and 2036.
- The exhibits include the forms of 4.734% Senior Secured First Lien Notes due 2030, 5.407% Senior Secured First Lien Notes due 2035, 5.750% Senior Notes due 2034, and 6.000% Senior Notes due 2036.
- The unsecured notes offering comprises $1.25 billion of 5.750% Senior Notes due 2034 and $2.4 billion of 6.000% Senior Notes due 2036.
- On September 26, 2025, NRG Cedar Bayou 5 LLC, an indirect wholly-owned subsidiary of NRG Energy, entered into a $561.9 million credit agreement with Wilmington Trust as administrative agent and the Public Utility Commission of Texas as lender to finance approximately 60% of the costs to develop a 721 MW combined-cycle gas power plant in Chambers County, Texas (ERCOT).
- Loans under the facility accrue interest at 3.00%, capitalized and added to principal quarterly, and mature on September 26, 2045.
- NRG Energy also agreed to guarantee its subsidiary’s payment obligations under the facility, which includes customary covenants, negative covenants, mandatory prepayment triggers, and an event of default if commercial operation is not achieved by December 1, 2028.
- NRG priced concurrent offerings of $625 million 4.734% senior secured first-lien notes due 2030; $625 million 5.407% senior secured first-lien notes due 2035; $1.25 billion 5.750% senior unsecured notes due 2034; and $2.4 billion 6.000% senior unsecured notes due 2036.
- The secured notes are guaranteed by each of NRG’s current and future wholly-owned U.S. subsidiaries and secured by a first-priority lien on the same collateral as its credit-agreement term loans.
- NRG will use part of the net proceeds to fund the cash portion of its Lightning Power LSP Acquisition and to repay in full $500 million of 2.000% secured notes maturing December 2, 2025.
- The offerings are made to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, and the notes are not registered under the Securities Act.
- NRG Energy launched concurrent offerings of $4.9 billion in senior secured first-lien and senior unsecured notes due 2030, 2034, 2035 and 2036 to partly finance its acquisition of Lightning Power LLC.
- Approximately $500 million of existing senior secured notes maturing in December 2025 will be repaid with proceeds from the new offerings.
- The notes are offered exclusively to qualified institutional buyers and non-U.S. persons, are not registered for U.S. public resale, and will be guaranteed by NRG’s wholly-owned U.S. subsidiaries.
- NRG has raised its 2025 financial guidance, citing strong performance and favorable weather; its market capitalization is about $32.4 billion and its stock is up 88% YTD.