Strong Second Quarter Results
NRG Energy delivered strong second quarter results with an adjusted EPS of $1.73, reflecting an 8% growth year-over-year when normalized for asset sales and retirements. For the first half of 2025, adjusted EPS was $4.42, representing an increase of 48% on the same basis.
Long-term Retail Power Agreements
NRG announced long-term retail power agreements with a data center operator for 295 megawatts, with potential growth to 1 gigawatt, validating their strategy and providing evidence of growing interest in gas-fired power for data centers.
Texas Residential Virtual Power Plant
The Texas Residential Virtual Power Plant exceeded expectations, leading NRG to increase their 2025 target by more than sevenfold, from 20 megawatts to 150 megawatts of curtailable capacity.
Record Smart Home Retention
The Smart Home business achieved record customer retention at over 90% and continues to see consistent customer growth, expansion to its recurring service margins.
Exceptional Financial Performance
NRG recorded the highest adjusted earnings in the company's history through the first half of 2025 with over $2.35 billion of adjusted EBITDA, a year-over-year increase of 40% and 11%, respectively.
Acquisition and Expansion
NRG announced the acquisition of a 13-gigawatt natural gas generation portfolio and a 6-gigawatt commercial and industrial virtual power plant platform from LS Power, expanding their footprint in PJM and ERCOT.
Free Cash Flow Growth
Free cash flow before growth was $1.207 billion in the first half of 2025, a year-over-year increase driven by adjusted EBITDA growth and the timing of working capital items.