NRG ENERGY INC
For the period ended Mar 31, 2025. Filed May 12, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 12, 2025
NRG$97.40+10.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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GLOSSARY OF TERMS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:
| ACE | Affordable Clean Energy |
|---|---|
| Adjusted EBITDA | Adjusted earnings before interest, taxes, depreciation and amortization |
| AESO | Alberta Electric System Operator |
| ASC | The FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP |
| ASR | Accelerated Share Repurchase |
| ASU | Accounting Standards Updates – updates to the ASC |
| BTU | British Thermal Unit |
| Business | NRG Business, which serves business customers |
| CAA | Clean Air Act |
| CAISO | California Independent System Operator |
| CAMT | 15% Corporate Alternative Minimum Tax enacted by the IRA on August 16, 2022 |
| CDD | Cooling Degree Day |
| CFTC | U.S. Commodity Futures Trading Commission |
| CO2 | Carbon Dioxide |
| Company | NRG Energy, Inc. |
| CONE | Cost of New Entry |
| Convertible Senior Notes | As of March 31, 2025, consists of NRG’s $232 million unsecured 2.750% Convertible Senior Notes due 2048 |
| Cottonwood | Cottonwood Generating Station, a 1,139 MW natural gas-fueled plant |
| CPP | Clean Power Plan |
| D.C. Circuit | U.S. Court of Appeals for the District of Columbia Circuit |
| DOJ | U.S. Department of Justice |
| Dth | Dekatherms |
| Economic gross margin | Sum of retail revenue, energy revenue, capacity revenue and other revenue, less cost of fuels, purchased energy and other cost of sales |
| EGU | Electric Generating Unit |
| ELG | Effluent Limitations Guidelines which are EPA regulations issued under the federal Clean Water Act |
| EPA | U.S. Environmental Protection Agency |
| ERCOT | Electric Reliability Council of Texas, the Independent System Operator and the regional reliability coordinator of the various electricity systems within Texas |
| ESPP | NRG Energy, Inc. Amended and Restated Employee Stock Purchase Plan |
| Exchange Act | The Securities Exchange Act of 1934, as amended |
| FASB | Financial Accounting Standards Board |
| FERC | Federal Energy Regulatory Commission |
| FGD | Flue gas desulfurization |
| FTRs | Financial Transmission Rights |
| GAAP | Generally accepted accounting principles in the United States |
| GHG | Greenhouse Gas |
| Green Mountain Energy | Green Mountain Energy Company |
| GW | Gigawatts |
| GWh | Gigawatt Hours |
| HDD | Heating Degree Day |
| Heat Rate | A measure of thermal efficiency computed by dividing the total BTU content of the fuel burned by the resulting kWhs generated. Heat Rates can be expressed as either gross or net Heat Rates, depending whether the electricity output measured is gross or net generation and is generally expressed as BTU per net kWh |
| Home | NRG Home, which serves residential customers |
|---|---|
| ICE | Intercontinental Exchange |
| IESO | Independent Electricity System Operator |
| ISO | Independent System Operator, also referred to as RTOs |
| ISO-NE | ISO New England Inc. |
| Ivanpah | Ivanpah Solar Electric Generation Station, a 385 MW solar thermal power plant located in California's Mojave Desert in which NRG owns 54.5% interest |
| kWh | Kilowatt-hours |
| LTIPs | Collectively, the NRG long-term incentive plan ("LTIP") and the Vivint LTIP |
| MDth | Thousand Dekatherms |
| Midwest Generation | Midwest Generation, LLC |
| MISO | Midcontinent Independent System Operator, Inc. |
| MMBtu | Million British Thermal Units |
| MMDth | Million Dekatherms |
| MW | Megawatts |
| MWh | Saleable megawatt hour net of internal/parasitic load megawatt-hour |
| NAAQS | National Ambient Air Quality Standards |
| NEPOOL | New England Power Pool |
| NERC | North American Electric Reliability Corporation |
| Net Exposure | Counterparty credit exposure to NRG, net of collateral |
| Net Revenue Rates | Sum of retail revenues less TDSP transportation charges |
| Nodal | Nodal Exchange is a derivatives exchange |
| NOL | Net Operating Loss |
| NOx | Nitrogen Oxides |
| NPNS | Normal Purchase Normal Sale |
| NRC | U.S. Nuclear Regulatory Commission |
| NRG | NRG Energy, Inc. |
| NYISO | New York Independent System Operator |
| NYMEX | New York Mercantile Exchange |
| OECD | Organization for Economic Cooperation and Development |
| PJM | PJM Interconnection, LLC |
| PM2.5 | Particulate Matter that has a diameter of less than 2.5 micrometers |
| PPA | Power Purchase Agreement |
| PUCT | Public Utility Commission of Texas |
| RCRA | Resource Conservation and Recovery Act of 1976 |
| Receivables Facility | NRG Receivables LLC, a bankruptcy remote, special purpose, wholly-owned indirect subsidiary of the Company's $2.3 billion accounts receivables securitization facility due 2025, which was last amended on June 21, 2024 |
| RECs | Renewable Energy Certificates |
| Renewable PPA | A third-party PPA entered into directly with a renewable generation facility for the offtake of the RECs or other similar environmental attributes generated by such facility, coupled with the associated power generated by that facility |
| REP | Retail electric provider |
| Revolving Credit Facility | The Company's $4.2 billion revolving credit facility due 2029, which was last amended on December 20, 2024 |
| RGGI | Regional Greenhouse Gas Initiative |
| RMR | Reliability Must-Run |
| RTO | Regional Transmission Organization, also referred to as ISOs |
| SEC | U.S. Securities and Exchange Commission |
| Senior Credit Facility | NRG's senior secured credit facility, comprised of the Revolving Credit Facility and the Term Loan B Facility |
| Senior Notes | As of March 31, 2025, NRG's $6.2 billion outstanding unsecured senior notes consisting of $821 million of 5.750% senior notes due 2028, $733 million of the 5.250% senior notes due 2029, $500 million of the 3.375% senior notes due 2029, $798 million of the 5.750% senior notes due 2029, $1.0 billion of the 3.625% senior notes due 2031, $480 million of the 3.875% senior notes due 2032, $925 million of the 6.000% senior notes due 2033 and $950 million of the 6.250% senior notes due 2034 |
|---|---|
| Senior Secured First Lien Notes | As of March 31, 2025, NRG’s $2.6 billion outstanding Senior Secured First Lien Notes consists of $500 million of the 2.000% Senior Secured First Lien Notes due 2025, $900 million of the 2.450% Senior Secured First Lien Notes due 2027, $500 million of the 4.450% Senior Secured First Lien Notes due 2029 and $740 million of the 7.000% Senior Secured First Lien Notes due 2033 |
| Series A Preferred Stock | As of March 31, 2025, NRG's Series A Preferred Stock consists of 650,000 outstanding shares of the 10.25% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, with a $1,000 liquidation preference per share |
| Services | NRG Services, which primarily includes the services businesses acquired in the Direct Energy acquisition and the Goal Zero business |
| SO2 | Sulfur Dioxide |
| SOFR | Secured overnight financing rate |
| TDSP | Transmission/distribution service provider |
| U.S. | United States of America |
| VaR | Value at Risk |
| VIE | Variable Interest Entity |
| Winter Storm Uri | A major winter and ice storm that had widespread impacts across North America occurring in February 2021 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.