NRG Energy (NRG)
Pairs competitive energy retailing with power generation, demand response, and Vivint smart-home services.
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NRG sells electricity and natural gas straight to homes and businesses, and owns the power plants that supply much of what those customers use. It also bills millions of households a monthly fee to watch over their homes. Now it is pointing the plants somewhere new: gas-fired stations built for data centers, under long contracts that pay whether the machines run or not.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 8 more below
Business & Industrial Energy Supply
Electricity and gas sold to companies in enormous volumes at thin margins — the biggest slice of revenue and a modest slice of profit. The old brand names are being folded into a single NRG name as contracts come up for renewal.
Competes with Constellation C&I retail (Constellation Energy) · Vistra business retail (Vistra)
In plain English
Big money, small margins. A factory or an office park buys power and gas much the way a household does, except the meter spins a thousand times faster and the buyer negotiates hard on price.
So NRG moves enormous quantities and keeps a sliver of each one. That is the main reason its eastern region brings in the largest share of revenue and a much smaller share of profit. Deals arrive two ways: through energy brokers, the middlemen who shop a company's power needs around, and through NRG's own salespeople — the same people now pitching long-term supply contracts to data centers.
CPower
Came with the LS Power deal that closed in January 2026: software that pays more than 2,000 business sites to ease off power when the grid is strained, then sells that restraint as if it were a power plant.
Competes with Voltus demand response (Voltus) · Enel X Flex (Enel North America) · GridBeyond flexibility platform (GridBeyond)
In plain English
Picture paying a big store to switch off half its air conditioning for two hours on the hottest afternoon of the year. The electricity it does not use is worth as much to the grid as electricity from a plant, and costs far less to arrange.
CPower signs up large power users — roughly two thousand of them across eleven states — and promises grid operators it can shrink their combined demand on command. The operators pay for that promise and CPower splits the money with the customers. There is a second benefit for NRG: when supply costs spike, having customers who can step back softens the blow.
Home Energy (Reliant, Green Mountain, Cirro, Direct Energy)
Four household brands selling power and gas to an average of 5.708 million homes in 2025, down from 5.782 million. The Texas book is where the profit sits — and a mild season thins it fast.
Competes with TXU Energy (Vistra) · Constellation residential retail (Constellation Energy)
In plain English
Four names, one product: the electricity and gas that keeps the lights on and the house warm. You choose a plan — a price locked for a year, or one that floats with the market — and a bill turns up every month.
The earnings are not the bill; they are the gap between what you pay and what that power cost NRG to obtain. Owning plants closes much of that gap. Weather sets the rest: home volumes fell early in 2026 on a winter about a third milder than the year before, and the customer count has been slipping in a way that suggests the security bundles are what hold people in.
Competitive Generation Fleet
About 12 gigawatts of plants at the end of 2025, roughly 25 once the LS Power purchase closed in January 2026. Most of the output never leaves the house — it covers NRG's own customers.
Competes with Vistra generation fleet (Vistra) · Talen merchant fleet (Talen Energy) · Constellation nuclear fleet (Constellation Energy)
In plain English
Gas-fired power stations, mostly, across Texas and the eastern states. Think of them as NRG's own supply cupboard: when a customer flips a switch, the cheapest way to cover it is a plant NRG already owns rather than buying from whoever happens to be selling that hour.
What is left over goes to the wholesale market, and grid operators pay separately just to keep plants standing by for peak days — NRG's 2026 plan assumes those standby payments in the eastern market land at the maximum price allowed. The LS Power plants roughly doubled the fleet, though they did not catch all of this year's higher eastern prices: their output had already been sold forward when the deal closed.
Texas Energy Fund New-Build Portfolio
Three gas units on sites NRG already owns, over 1.5 gigawatts, financed with $1.15 billion of cheap state loans. The first came in on time and on budget; the other two are due in 2028. Nobody has contracted the power.
Competes with ERCOT gas additions (Vistra) · Texas Energy Fund–backed projects (Other loan recipients)
In plain English
Texas wanted more plants it could call on at short notice, so the state set up a fund that lends builders money at low rates. NRG took three of those loans and is bolting new gas units onto ground it already owns — quicker and cheaper than starting on bare land.
No customer is signed up for any of it. Each unit sells into the Texas market hour by hour, so what it earns is the gap between the price of electricity and the cost of the gas burned to make it. Turbines come from Siemens Energy, Mitsubishi Power and GE Vernova; NRG puts the three units at enough power for over a million homes.
Vivint Smart Home
Home security and automation on a monthly plan: 2.45 million subscribers by mid-2026, up 8%. Seven percent of revenue and more than a quarter of profit — the one line that does not care what the weather does.
Competes with ADT monitored security (ADT Inc.) · SimpliSafe self-install security (SimpliSafe)
In plain English
Cameras, door sensors, locks and a wall panel, put in by a technician, followed by a fee every month for keeping an eye on the place. Vivint arrived with a 2023 acquisition and behaves nothing like the rest of NRG: no fuel to buy, no cold snap to wait for, just a charge that repeats until somebody cancels.
That repetition is why a small share of revenue turns into a large share of profit. The two halves also feed each other: energy salespeople sell security, security salespeople sell energy plans, and the thermostats and batteries Vivint installs are what let NRG lean on Texas homes to use less when the grid is tight.
Bring Your Own Power — 1.2 GW Texas project
A new Texas gas plant built to serve one data center, announced August 2026 on aligned terms but not yet signed. Fifteen years minimum, and 95% of the project's cash arrives whether the data center draws power or not.
Competes with 20-year AWS power agreement (Vistra) · Nuclear power agreements (Talen Energy)
In plain English
Here is the shape of NRG's pivot. A large cloud and artificial-intelligence company needs a gigawatt of electricity in Texas; NRG will build a gas plant for it, own it, run it, and sell that company the output for at least fifteen years. The buyer is not named, and a parent company stands behind the payments.
The unusual part: almost all the cash comes from a standing charge for keeping the plant available, not from power actually consumed. $3.2 billion goes in; about $500 million a year is expected out, from late 2029.
Data Center Retail Power Agreements
Long-term supply deals with one data-center operator on land NRG already owns — 445 megawatts across Texas, Maryland and Illinois, first power expected 2028. A pipeline of possible follow-ons stood near 5.4 gigawatts in late 2025.
Competes with Large-load power agreements (Constellation Energy) · Regulated large-load tariffs (Local utilities)
In plain English
Different deal, simpler shape: no new plant, just a contract. A data-center operator wants electricity at a particular place, and NRG happens to own sites already wired into the grid, so it agrees to supply them for years.
The scarce thing here is not the electricity but the address — land with a grid connection already arranged, and that is NRG's edge in these deals. Two tranches, 295 megawatts and then another 150, went to the same customer, whom NRG has not named. Nothing is earned until power actually flows, expected from 2028 and fully built out by 2032.
Business & Industrial Energy SupplyElectricity and gas sold to companies in enormous volumes at thin margins — the biggest slice of revenue and a modest slice of profit. The old brand names are being folded into a single NRG name as contracts come up for renewal.Electricity and gas sold to companies in enormous volumes at thin margins — the biggest slice of revenue and a modest slice of profit. The old brand names are being folded into a single NRG name as contracts come up for renewal.
In plain English
Big money, small margins. A factory or an office park buys power and gas much the way a household does, except the meter spins a thousand times faster and the buyer negotiates hard on price.
So NRG moves enormous quantities and keeps a sliver of each one. That is the main reason its eastern region brings in the largest share of revenue and a much smaller share of profit. Deals arrive two ways: through energy brokers, the middlemen who shop a company's power needs around, and through NRG's own salespeople — the same people now pitching long-term supply contracts to data centers.
Competes with Constellation C&I retail (Constellation Energy) · Vistra business retail (Vistra)
CPowerCame with the LS Power deal that closed in January 2026: software that pays more than 2,000 business sites to ease off power when the grid is strained, then sells that restraint as if it were a power plant.Came with the LS Power deal that closed in January 2026: software that pays more than 2,000 business sites to ease off power when the grid is strained, then sells that restraint as if it were a power plant.
In plain English
Picture paying a big store to switch off half its air conditioning for two hours on the hottest afternoon of the year. The electricity it does not use is worth as much to the grid as electricity from a plant, and costs far less to arrange.
CPower signs up large power users — roughly two thousand of them across eleven states — and promises grid operators it can shrink their combined demand on command. The operators pay for that promise and CPower splits the money with the customers. There is a second benefit for NRG: when supply costs spike, having customers who can step back softens the blow.
Competes with Voltus demand response (Voltus) · Enel X Flex (Enel North America) · GridBeyond flexibility platform (GridBeyond)
Home Energy (Reliant, Green Mountain, Cirro, Direct Energy)Four household brands selling power and gas to an average of 5.708 million homes in 2025, down from 5.782 million. The Texas book is where the profit sits — and a mild season thins it fast.Four household brands selling power and gas to an average of 5.708 million homes in 2025, down from 5.782 million. The Texas book is where the profit sits — and a mild season thins it fast.
In plain English
Four names, one product: the electricity and gas that keeps the lights on and the house warm. You choose a plan — a price locked for a year, or one that floats with the market — and a bill turns up every month.
The earnings are not the bill; they are the gap between what you pay and what that power cost NRG to obtain. Owning plants closes much of that gap. Weather sets the rest: home volumes fell early in 2026 on a winter about a third milder than the year before, and the customer count has been slipping in a way that suggests the security bundles are what hold people in.
Competes with TXU Energy (Vistra) · Constellation residential retail (Constellation Energy)
Competitive Generation FleetAbout 12 gigawatts of plants at the end of 2025, roughly 25 once the LS Power purchase closed in January 2026. Most of the output never leaves the house — it covers NRG's own customers.About 12 gigawatts of plants at the end of 2025, roughly 25 once the LS Power purchase closed in January 2026. Most of the output never leaves the house — it covers NRG's own customers.
In plain English
Gas-fired power stations, mostly, across Texas and the eastern states. Think of them as NRG's own supply cupboard: when a customer flips a switch, the cheapest way to cover it is a plant NRG already owns rather than buying from whoever happens to be selling that hour.
What is left over goes to the wholesale market, and grid operators pay separately just to keep plants standing by for peak days — NRG's 2026 plan assumes those standby payments in the eastern market land at the maximum price allowed. The LS Power plants roughly doubled the fleet, though they did not catch all of this year's higher eastern prices: their output had already been sold forward when the deal closed.
Competes with Vistra generation fleet (Vistra) · Talen merchant fleet (Talen Energy) · Constellation nuclear fleet (Constellation Energy)
Texas Energy Fund New-Build PortfolioThree gas units on sites NRG already owns, over 1.5 gigawatts, financed with $1.15 billion of cheap state loans. The first came in on time and on budget; the other two are due in 2028. Nobody has contracted the power.Three gas units on sites NRG already owns, over 1.5 gigawatts, financed with $1.15 billion of cheap state loans. The first came in on time and on budget; the other two are due in 2028. Nobody has contracted the power.
In plain English
Texas wanted more plants it could call on at short notice, so the state set up a fund that lends builders money at low rates. NRG took three of those loans and is bolting new gas units onto ground it already owns — quicker and cheaper than starting on bare land.
No customer is signed up for any of it. Each unit sells into the Texas market hour by hour, so what it earns is the gap between the price of electricity and the cost of the gas burned to make it. Turbines come from Siemens Energy, Mitsubishi Power and GE Vernova; NRG puts the three units at enough power for over a million homes.
Competes with ERCOT gas additions (Vistra) · Texas Energy Fund–backed projects (Other loan recipients)
Vivint Smart HomeHome security and automation on a monthly plan: 2.45 million subscribers by mid-2026, up 8%. Seven percent of revenue and more than a quarter of profit — the one line that does not care what the weather does.Home security and automation on a monthly plan: 2.45 million subscribers by mid-2026, up 8%. Seven percent of revenue and more than a quarter of profit — the one line that does not care what the weather does.
In plain English
Cameras, door sensors, locks and a wall panel, put in by a technician, followed by a fee every month for keeping an eye on the place. Vivint arrived with a 2023 acquisition and behaves nothing like the rest of NRG: no fuel to buy, no cold snap to wait for, just a charge that repeats until somebody cancels.
That repetition is why a small share of revenue turns into a large share of profit. The two halves also feed each other: energy salespeople sell security, security salespeople sell energy plans, and the thermostats and batteries Vivint installs are what let NRG lean on Texas homes to use less when the grid is tight.
Competes with ADT monitored security (ADT Inc.) · SimpliSafe self-install security (SimpliSafe)
Bring Your Own Power — 1.2 GW Texas projectA new Texas gas plant built to serve one data center, announced August 2026 on aligned terms but not yet signed. Fifteen years minimum, and 95% of the project's cash arrives whether the data center draws power or not.A new Texas gas plant built to serve one data center, announced August 2026 on aligned terms but not yet signed. Fifteen years minimum, and 95% of the project's cash arrives whether the data center draws power or not.
In plain English
Here is the shape of NRG's pivot. A large cloud and artificial-intelligence company needs a gigawatt of electricity in Texas; NRG will build a gas plant for it, own it, run it, and sell that company the output for at least fifteen years. The buyer is not named, and a parent company stands behind the payments.
The unusual part: almost all the cash comes from a standing charge for keeping the plant available, not from power actually consumed. $3.2 billion goes in; about $500 million a year is expected out, from late 2029.
Competes with 20-year AWS power agreement (Vistra) · Nuclear power agreements (Talen Energy)
Data Center Retail Power AgreementsLong-term supply deals with one data-center operator on land NRG already owns — 445 megawatts across Texas, Maryland and Illinois, first power expected 2028. A pipeline of possible follow-ons stood near 5.4 gigawatts in late 2025.Long-term supply deals with one data-center operator on land NRG already owns — 445 megawatts across Texas, Maryland and Illinois, first power expected 2028. A pipeline of possible follow-ons stood near 5.4 gigawatts in late 2025.
In plain English
Different deal, simpler shape: no new plant, just a contract. A data-center operator wants electricity at a particular place, and NRG happens to own sites already wired into the grid, so it agrees to supply them for years.
The scarce thing here is not the electricity but the address — land with a grid connection already arranged, and that is NRG's edge in these deals. Two tranches, 295 megawatts and then another 150, went to the same customer, whom NRG has not named. Nothing is earned until power actually flows, expected from 2028 and fully built out by 2032.
Competes with Large-load power agreements (Constellation Energy) · Regulated large-load tariffs (Local utilities)
Named in filings, launches and programs
- Texas Residential Virtual Power PlantCustomer programHome batteries and smart thermostats pooled and switched together; launched 2025, ended the year near ten times its original goal, with an eastern version planned.
- Renew Home + Google Cloud partnershipEcosystemAnnounced 2024: Renew Home puts up to $150 toward signing each household up, and NRG took exclusive rights to new Nest thermostat enrolments.
- GE Vernova + Kiewit build platformEcosystemTurbine and construction slots reserved for 5.4 gigawatts of new gas plants through 2032 — every slot tied to a live customer discussion.
- LandBridge / Reeves County projectCustomer program · AnnouncedA possible 1,100-megawatt plant near the Waha gas hub, NRG to build and operate, running as soon as 2029 — no power contract signed yet.
- Eastern fleet uprate programProduct · AnnouncedRoughly two gigawatts more output squeezed from the acquired eastern plants: upgrades plus about a gigawatt of conversions that reuse waste heat to make extra electricity.
- Rockland Texas portfolioProduct line738 megawatts of Texas gas generation bought and folded into the fleet during the second quarter of 2025.
- Natural gas supply & optimizationServiceBuying and reselling natural gas at scale — roughly 1,900 million dekatherms a year, a heat-energy measure — plus margin earned moving supply around the Northeast.
- Retail brand consolidation to NRGBrandDirect Energy Business, Cirro and the Reliant business brands move to a single NRG name as contracts renew; Green Mountain Energy stays a household brand.
Texas Residential Virtual Power PlantCustomer program
Home batteries and smart thermostats pooled and switched together; launched 2025, ended the year near ten times its original goal, with an eastern version planned.
Renew Home + Google Cloud partnershipEcosystem
Announced 2024: Renew Home puts up to $150 toward signing each household up, and NRG took exclusive rights to new Nest thermostat enrolments.
GE Vernova + Kiewit build platformEcosystem
Turbine and construction slots reserved for 5.4 gigawatts of new gas plants through 2032 — every slot tied to a live customer discussion.
LandBridge / Reeves County projectCustomer program · Announced
A possible 1,100-megawatt plant near the Waha gas hub, NRG to build and operate, running as soon as 2029 — no power contract signed yet.
Eastern fleet uprate programProduct · Announced
Roughly two gigawatts more output squeezed from the acquired eastern plants: upgrades plus about a gigawatt of conversions that reuse waste heat to make extra electricity.
Rockland Texas portfolioProduct line
738 megawatts of Texas gas generation bought and folded into the fleet during the second quarter of 2025.
Natural gas supply & optimizationService
Buying and reselling natural gas at scale — roughly 1,900 million dekatherms a year, a heat-energy measure — plus margin earned moving supply around the Northeast.
Retail brand consolidation to NRGBrand
Direct Energy Business, Cirro and the Reliant business brands move to a single NRG name as contracts renew; Green Mountain Energy stays a household brand.