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NRG Energy
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Latest analysis
Updated Aug 4, 2026
NRG announces 1.2 GW BYOP data center deal with hyperscaler, targeting $500M EBITDA by 2030 on $3.2B investment
NRG Energy has aligned on principal commercial terms with a leading global cloud and AI hyperscaler for a 1.2 gigawatt Bring Your Own Power project in Texas — its first at this scale — structured as an availability-based capacity payment that insulates 95% of project free cash flow from commodity and utilization risk. The $3.2 billion project, backed by a $721 million 2026 capital reallocation, targets $500 million of annual adjusted EBITDA and $375 million of free cash flow before growth at a ~6x build multiple, with a late 2029 COD. NRG reaffirmed 2026 guidance and maintained its $1 billion annual share repurchase commitment, but flagged that first-half results track below guidance midpoint due to soft ERCOT prices and $70 million of unplanned RGGI costs on the LS Power portfolio.
Tone: bullishRevenue
$30.7B
NRG 10-K · FY 2025
Employees
16,702
Revenue FY2024
$28.1B
Headquarters
Houston, TX
Profile
NRG 10-K Item 1 · Feb 24, 2026NRG Energy is one of the largest competitive energy retailers in the United States, serving approximately 8 million residential customers with electricity, natural gas, and smart-home technology solutions across North America. The company operates approximately 12 GW of competitive power generation, primarily in Texas, and sells electricity and natural gas through brands including NRG, Reliant, Direct Energy, Green Mountain Energy, and Vivint. NRG also provides smart home security and automation services through its Vivint Smart Home segment.
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NRG Energy, Inc. serves electricity, natural gas, and smart-home technology solutions to approximately 8 million residential customers (comprised of 6 million retail energy and 2 million smart home), in addition to large commercial and industrial, data center, and wholesale customers. Across North America, NRG is redefining customers' experience with energy under brand names such as NRG, Reliant, Direct Energy, Green Mountain Energy, and Vivint. As of December 31, 2025, the Company's core power and natural gas business consists of approximately 12 GW of competitive power generation, primarily in Texas, and a natural gas portfolio that serves approximately 1,900 MMDth annually. NRG sold 154 TWhs of electricity and 1,857 MMDth of natural gas in 2025, making it one of the largest competitive energy retailers in the U.S. As of the end of 2025, NRG had recurring electricity and/or natural gas sales in 25 U.S. states, the District of Columbia, and 8 provinces in Canada, and Vivint Smart Home served customers in all 50 U.S. states and the District of Columbia. NRG's retail brands, collectively, have the largest share of competitively served residential electric customers in Texas and is a leading business-to-business provider of power and natural gas in North America. The Company's strategy is to maximize shareholder value by delivering integrated energy and smart home solutions, supported by an owned generation fleet and a diversified supply strategy. The Company generates power and sells electricity and natural gas to residential, commercial, industrial, and wholesale customers in the markets it serves, while also providing smart home security and automation services that deepen customer relationships and support long-term engagement.
Primary products
- Retail electricity
- Natural gas
- Smart home products and services
- Energy management
- Demand response and/or virtual power plant programs
- Carbon offsets
Business segments
End markets
Geographies
Named customers
The Company had no customer that comprised more than 10% of the Company's consolidated revenues for the year ended December 31, 2025.
“NRG's retail brands, collectively, have the largest share of competitively served residential electric customers in Texas and is a leading business-to-business provider of power and natural gas in North America.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total consolidated revenue increased from $28,130 million in 2024 to $30,713 million in 2025, driven primarily by growth in the Texas and East segments, partially offset by a decline in West/Other.
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