NRG Energy
32 named things its latest annual report says its results depend on, each in the company's own words. 25 of them are also named by other companies we've read.
Customers
Data centers
earns fromnamed as a riskFactors such as evolving technology, improvements in energy efficiency, changes in economic conditions, shifts in government policy or regulation, and project delays or cancellations by the Company’s commercial and industrial consumers (including data center facilities) could reduce or slow demand for electricity relative to current expectations.Risk factors (Item 1A)
Also named by AESI, AGX, BKR, BSM, CBRE, CEG, CMI, CNP and 26 more
Suppliers
Renewable PPAs solar counterparties
depends on · approximately $789 millionnamed as a riskBased on these valuation techniques, as of December 31, 2025, aggregate credit risk exposure managed by NRG to these counterparties was approximately $789 million for the next five years.Market risk (Item 7A)
Rail transportation
depends onnamed as a riskConversely, should natural gas prices rise to consistently exceed coal prices, NRG’s demand for coal generation may exceed the near-term ability of coal suppliers or rail transporters to meet it, causing the Company to lose generation sales opportunities and/or realize higher retail energy supply costs.Risk factors (Item 1A)
Natural gas pipelines
depends onnamed as a riskThe Company depends on natural gas pipelines and other transportation and storage facilities owned and operated by third parties to deliver natural gas to wholesale and retail markets and to provide retail energy services to customers.Risk factors (Item 1A)
Smart home component suppliers
depends onnamed as a riskThe Company also relies on a number of sole or limited source suppliers for critical components for its smart home products and services, and those services are dependent on third-party cellular, telecommunications and/or internet providers.Risk factors (Item 1A)
Partners and platforms
PJM Interconnection
earns from · approximately $131 millionnamed as a riskNRG’s expected capacity revenues from the BRA for the 2027/2028 delivery year is approximately $131 million.Business (Item 1)
Other companies
LSP Portfolio
approximately 13 GW of capacitynamed as a riskThe LSP Portfolio includes 18 natural gas-fired and dual fuel facilities totaling approximately 13 GW of capacity, located across nine states, as well as CPower, a leading demand response platform.Business (Item 1)
Places
Canada
exposed to its price · notional amount of $437 millionnamed as a riskAs of December 31, 2025, NRG is exposed to changes in foreign currency primarily associated with the purchase of U.S. dollar denominated natural gas for its Canadian business and entered into foreign exchange contracts with a notional amount of $437 million.Market risk (Item 7A)
Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more
Texas
concentrated in · 9,271 MWAs of December 31, 2025, the Company’s core power and natural gas business consists of approximately 12 GW of competitive power generation, primarily in Texas, and a natural gas portfolio that serves approximately 1,900 MMDth annually.Business (Item 1)
Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more
Alberta
operates innamed as a riskThe Company owns Direct Energy Regulated Services, which serves as a regulated rate supplier for residential and commercial energy customers in portions of the province of Alberta.Risk factors (Item 1A)
Commodities and inputs
Natural gas
exposed to its price · approximately $1.4 billionnamed as a riskBased on a sensitivity analysis for power and gas positions under marginable contracts as of December 31, 2025, a $0.50 per MMBtu decrease in natural gas prices across the term of the marginable contracts would cause an increase in margin collateral posted of approximately $1.4 billion and a 1.00 MMBtu/MWh decrease in heat rates for heat rate positions would result in an increase in margin collateral posted of approximately $503 million.Market risk (Item 7A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Powder River Basin coal
depends on · approximately 15 million tons of coal in 2025For the domestic fleet, NRG purchased approximately 15 million tons of coal in 2025, all of which was Powder River Basin coal.Business (Item 1)
Coal-fired generation
earns from · less than 5% of the Company's consolidated revenuesAs of December 31, 2025, less than 5% of the Company's consolidated revenues were derived from coal-fired operating assets.Business (Item 1)
Coal
depends onnamed as a riskAt times, coal of specific quality may not be available at any price or the Company may not be able to transport such coal to its facilities on a timely basis.Risk factors (Item 1A)
Also named by AA, AEE, AEP, AES, ARLP, BKH, BRK/B, CNP and 19 more
Wholesale electricity
exposed to its pricenamed as a riskThe Company's earnings and cash flows could be adversely affected in any period in which the wholesale power or gas prices rise at a greater rate than the rates the Company can charge to customers.Risk factors (Item 1A)
Also named by VST
Regulators
Railroad Commission of Texas
subject to · approximately $112 millionnamed as a riskThe Railroad Commission of Texas has imposed a bond obligation of approximately $112 million for the reclamation of the Jewett mine, which NRG supports through surety bonds.Business (Item 1)
Also named by APA, ATO, DMLP, DVN, MUR, OKE, PR, TPL and 2 more
NERC
subject to · up to $1 million per day, per violationnamed as a riskUnder the Energy Policy Act of 2005, the FERC can impose penalties, up to $1 million per day, per violation, for failure to comply with mandatory electric reliability standards, including standards to protect the power system against potential disruptions from cyber/data and physical security breaches.Risk factors (Item 1A)
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskFERC's orders that grant NRG's generating and power marketing companies market-based rate authority reserve the right to revoke or revise that authority if FERC subsequently determines that NRG can exercise market power in transmission or generation, create barriers to entry, or engage in abusive affiliate transactions.Risk factors (Item 1A)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Federal Trade Commission (FTC)
subject tonamed as a riskIf any assessments identify deficiencies in the Company’s efforts to comply, and should the FTC determine that Vivint Smart Home is not in full compliance with the settlement, the FTC could take further action, such as seeking judicial remedies for any noncompliance, and Vivint Smart Home could be subject to additional sanctions, fines, penalties and restrictions on its smart home operations.Risk factors (Item 1A)
Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more
Alberta Utilities Commission
subject tonamed as a riskThe potential duration of such proceedings creates a risk that rates ultimately approved by the applicable regulatory body may not be sufficient for the Company to recover its costs by the time the rates become effective.Risk factors (Item 1A)
Also named by BRK/B
Public Utility Commission of Texas (PUCT)
subject toThese operations are subject to regulation by the PUCT.Business (Item 1)
Laws and programs
Inflation Reduction Act corporate alternative minimum tax
subject to · 15%named as a riskFurther, the Company is subject to a 15% corporate alternative minimum tax as a result of the Inflation Reduction Act.Risk factors (Item 1A)
Also named by EXE, HESM, JXN, KLAC, Q, RRC, SO, TRGP and 2 more
Texas Energy Fund
depends on · $562 million loan agreementnamed as a riskOn September 26, 2025, the Company entered into a $562 million loan agreement with the PUCT under the TEF (the “Second TEF Loan”) to support the development of Cedar Bayou 5, a 689 MW facility.Business (Item 1)
California Consumer Privacy Act (CCPA)
subject tonamed as a riskThe consumer privacy landscape continues to experience momentum for greater privacy protection and reform at the state and federal level in response to precedents set forth by the Personal Information Protection and Electronic Documents Act (the "PIPEDA") of Canada and the California Consumer Privacy Act (the "CCPA").Risk factors (Item 1A)
Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more
Mercury and Air Toxics Standards (MATS)
subject tonamed as a riskOn April 8, 2025, the President signed a Proclamation that creates a 2-year exemption for compliance beginning on July 8, 2027 and ending on July 8, 2029 for certain coal units including those owned by the Company.Business (Item 1)
Coal Combustion Residuals rule (RCRA)
subject tonamed as a riskThe rule has been challenged in the D.C. Circuit and the outcome of the legal challenges is uncertain.Business (Item 1)
Also named by PPL
PJM Capacity Performance
subject tonamed as a riskNRG may experience substantial changes in capacity income and incur non-performance penalties, which could have a material adverse effect on NRG’s results of operations, financial condition and cash flows.Risk factors (Item 1A)
Maryland Senate Bill 1
subject tonamed as a riskOn May 9, 2024, Maryland Governor Wes Moore signed Senate Bill (“SB”) 1 into law, which restricts the competitive retail electric and natural gas market in Maryland, affecting residential customers but not commercial and industrial customers.Business (Item 1)
Texas Senate Bill 6
subject toOn June 20, 2025, the Governor of Texas signed SB 6 into law, which includes various provisions that concern how both ERCOT, transmission and distribution utilities, and power generation companies plan for and serve large loads (defined as 75 MWs and above) in the ERCOT market.Business (Item 1)
Also named by CORZ