NRG ENERGY, INC. (NRG)

NRG Energy, Inc. sells electricity, natural gas and smart-home technology solutions to about 8 million residential customers (roughly 6 million retail energy and 2 million smart home), as well as to large commercial and industrial, data center and wholesale customers across North America. It operates under brands including NRG, Reliant, Direct Energy, Green Mountain Energy and Vivint. Its strategy is to deliver integrated energy and smart home solutions supported by an owned generation fleet and a diversified supply strategy. In 2025 it sold 154 TWh of electricity and 1,857 MMDth of natural gas, and it describes its retail brands as holding the largest share of competitively served residential electric customers in Texas.

The company reports in five segments: Texas, East, West/Other (West, Canada and other investments), Vivint Smart Home, and Corporate. Its offerings include retail electricity and natural gas, energy management, demand response and virtual power plant programs, carbon offsets, distributed and backup generation, energy storage, and "bring your own power" arrangements for large loads. As of December 31, 2025, it owned about 12.3 GW of generation at 23 plants (natural gas, coal, oil and utility-scale solar), mostly in Texas, and operated about 6,200 MW more for third parties. It is building three Texas projects: a 415 MW peaker at T.H. Wharton, a 689 MW combined cycle unit at Cedar Bayou 5, and a 443 MW peaker at Greens Bayou 6. Vivint Smart Home provides cameras, locks, thermostats and sensors with software, installation, monitoring and support, and its platform supported over 37 million connected devices. On January 30, 2026, NRG acquired the LSP Portfolio, which has 18 gas-fired and dual-fuel facilities totaling about 13 GW across nine states, plus the CPower demand response platform.

NRG has recurring electricity and/or natural gas sales in 25 U.S. states, the District of Columbia and 8 Canadian provinces, and Vivint serves customers in all 50 states and D.C. Home customers typically contract for one month to five years, and business customers for one to five years, at fixed, indexed or month-to-month prices. Customers are reached through direct sales, call centers, websites, brokers and partnerships. Residential buyers choose based on price, incentives, service, brand, innovative offers and referrals. The company is also pursuing growing demand from data centers, other large loads and electrification.

Operationally, each geographic segment is built on Customer Operations, Market Operations and Plant Operations. In Texas, generation is integrated with retail load, which reduces market purchases, collateral needs and credit exposure. The company hedges with physical and financial commodity instruments and fuel supply and transportation contracts, buying fuel from multiple suppliers and transporters. In 2025 it bought about 15 million tons of Powder River Basin coal, with rail transport arranged for the next four years. Its gas plants are fueled mainly on a spot basis. Its plants sit in organized RTO and ISO markets overseen by FERC, or by the PUCT in ERCOT. Competition is fragmented: incumbent utilities and other retailers in retail, utilities, municipalities, cooperatives, independent power producers and marketers in generation, and large technology firms, security providers and telecom companies in smart home. Retail demand is seasonal, with power peaking in summer and natural gas in winter.