NRG ENERGY, INC.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
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 |
| ARO | Asset Retirement Obligation |
| 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 |
| AUC | Alberta Utilities Commission |
| 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 |
| Cedar Bayou 5 | Cedar Bayou Unit 5 generation facility, a 689 MW natural gas-fueled combined cycle plant |
| CFTC | U.S. Commodity Futures Trading Commission |
| CO2 | Carbon Dioxide |
| CO2e | Carbon Dioxide Equivalents |
| Company | NRG Energy, Inc. |
| CONE | Cost of New Entry |
| Convertible Senior Notes | NRG’s unsecured 2.750% Convertible Senior Notes due 2048, which were redeemed on July 8, 2025 |
| Cottonwood | Cottonwood Generating Station, a 1,139 MW natural gas-fueled plant. NRG leased and operated the plant through May 2025 |
| CPP | Clean Power Plan |
| CPUC | California Public Utilities Commission |
| D.C. Circuit | U.S. Court of Appeals for the District of Columbia Circuit |
| DOJ | U.S. Department of Justice |
| DSI | Dry Sorbent Injection |
| DSU | Deferred Stock Unit |
| Dth | Dekatherms |
| Dual fuel customers | Customer that have both electricity and natural gas service with the Company |
| 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 |
| EPC | Engineering, Procurement and Construction |
| 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 |
|---|---|
| FPA | Federal Power Act |
| FTRs | Financial Transmission Rights |
| GAAP | Generally accepted accounting principles in the United States |
| GHG | Greenhouse Gas |
| Green Mountain Energy | Green Mountain Energy Company |
| Greens Bayou 6 | Greens Bayou Unit 6 generation facility, a 443 MW natural gas-fueled peaker plant |
| 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 |
| IoT | Internet of Things |
| IRA | Inflation Reduction Act |
| 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 |
| LSEs | Load Serving Entities |
| LS Power | LS Power Equity Advisors, LLC |
| LSP Portfolio | The acquisition of a portfolio of natural gas and dual fuel generation and other assets from LS Power |
| LTIPs | Collectively, the NRG 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 |
| NERC-CIP | North American Electric Reliability Corporation Critical Infrastructure Protection |
| Net Exposure | Counterparty credit exposure to NRG, net of collateral |
| Net Generation | The net amount of electricity produced, expressed in kWhs or MWhs, that is the total amount of electricity generated (gross) minus the amount of electricity used during generation |
| Net Revenue Rates | Sum of retail revenues less TDSP transportation charges |
| NIST | National Institute of Standards and Technology |
| 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. |
| NRG LTIP | NRG Energy, Inc. Amended and Restated Long-Term Incentive Plan, as amended |
| NRG Receivables | NRG Receivables LLC, a wholly-owned indirect subsidiary of the Company |
| Nuclear Decommissioning Trust Fund | NRG's nuclear decommissioning trust fund assets, which were for the Company's portion of the decommissioning of the STP, units 1 & 2 through the sale of STP on November 1, 2023 |
| NYISO | New York Independent System Operator |
| NYMEX | New York Mercantile Exchange |
| OCI/OCL | Other Comprehensive Income/(Loss) |
| OECD | Organization for Economic Cooperation and Development |
| Peaking | Units expected to satisfy demand requirements during the periods of greatest or peak load on the system |
| PG&E | PG&E Corporation (NYSE: PCG) and its primary operating subsidiary, Pacific Gas and Electric Company |
| PJM | PJM Interconnection, LLC |
| PM2.5 | Particulate Matter that has a diameter of less than 2.5 micrometers |
| PPA | Power Purchase Agreement |
| PSU | Performance Stock Unit |
| 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 2026, which was last amended on June 20, 2025 |
| Receivables Securitization Facilities | Collectively, the Receivables Facility and the Repurchase Facility |
| 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 |
| Renewables | Consists of the following projects in which NRG has an ownership interest: Ivanpah and solar generating stations located at various NFL Stadiums |
| Renewables Platform | The renewable operating and development platform sold to Global Infrastructure Partners with NRG's interest in NRG Yield |
| Repurchase Facility | NRG's $150 million uncommitted repurchase facility related to the Receivables Facility due 2024, which was terminated on June 21, 2024 |
| Revolving Credit Facility | The Company's $4.6 billion revolving credit facility due 2029, which was last amended on May 27, 2025 |
| RGGI | Regional Greenhouse Gas Initiative |
| RMR | Reliability Must-Run |
| RPS | Renewable Portfolio Standards |
| RPSU | Relative Performance Stock Unit |
| RSU | Restricted Stock Unit |
| RTO | Regional Transmission Organization, also referred to as ISOs |
| SCR | Selective Catalytic Reduction Control System |
| SEC | U.S. Securities and Exchange Commission |
| Securities Act | The Securities Act of 1933, as amended |
| 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 December 31, 2025, NRG's $9.9 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, $950 million of the 6.250% senior notes due 2034, $1.3 billion of the 5.750% senior notes due 2034 and $2.4 billion of the 6.000% senior notes due 2036 |
|---|---|
| Senior Secured First Lien Notes | As of December 31, 2025, NRG’s $3.4 billion outstanding Senior Secured First Lien Notes consists of $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, $625 million of the 4.734% Senior Secured First Lien Notes due 2030, $740 million of the 7.000% Senior Secured First Lien Notes due 2033 and $625 million of the 5.407% Senior Secured First Lien Notes due 2035 |
| Series A Preferred Stock | As of December 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 |
| SO2 | Sulfur Dioxide |
| SOFR | Secured overnight financing rate |
| South Central Portfolio | NRG's South Central Portfolio, which owned and operated a portfolio of generation assets consisting of Bayou Cove, Big Cajun-I, Big Cajun-II, Cottonwood and Sterlington, was sold on February 4, 2019. NRG leased the Cottonwood facility through May 2025 |
| S&P | Standard & Poor's |
| STP | South Texas Project — a nuclear generating facility located near Bay City, Texas in which NRG owned a 44% interest. NRG closed on the sale of its interest in STP on November 1, 2023 |
| STPNOC | South Texas Project Nuclear Operating Company |
| TCJA | The Tax Cuts and Jobs Act of 2017 |
| TDSP | Transmission/distribution service provider |
| TEF | Texas Energy Fund |
| Texas Generation Portfolio | The acquisition of a portfolio of power generation facilities and other assets from Rockland Capital, LLC |
| Texas Genco | Texas Genco LLC |
| T.H. Wharton | T.H. Wharton generation facility includes a 1,002 MW natural gas-fueled plant, which is currently operational, and an additional 415 MW natural gas-fueled peaker plant, which is currently under construction |
| TSR | Total Shareholder Return |
| TWh | Terawatt Hour |
| U.S. | United States of America |
| VaR | Value at Risk |
| VIE | Variable Interest Entity |
| Vivint LTIP | NRG Energy Inc., 2020 Omnibus Incentive Plan (Legacy Vivint) (formerly known as the Vivint Smart Home, Inc. Long-Term Incentive Plan), assumed by NRG pursuant to merger between NRG and Vivint |
| 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.