Key Points – NRG reported strong Q2 results, with adjusted EBITDA up 34% year over year to $1.2 billion and free cash flow before growth reaching $1.025 billion.
Growth was driven by the LS Power acquisition, higher PJM capacity values and Smart Home expansion, despite weaker Texas performance. – NRG plans to develop a 1.2-GW Texas natural-gas plant for an unnamed hyperscaler, targeting late 2029 operations
The $3.2 billion project is expected to generate at least $500 million in annual adjusted EBITDA and benefit from capacity payments covering 95% of projected free cash flow. – The project will shift some 2026 capital away from liability reduction, delaying NRG’s 3-times net-leverage target from 2028 to 2029, but the company maintained plans for at least $1 billion in share repurchases and $407 million in dividends. NRG also reaffirmed its 2026 guidance, while noting results are tracking below the midpoint. – Energy Vault Electrifies Market With Accelerated Growth NRG Energy (NYSE:NRG) reported second-quarter 2026 adjusted EBITDA of $1.2 billion, up 34% from a year earlier, while outlining plans for a 1.2-gigawatt Texas power plant intended to support a cloud and artificial intelligence hyperscaler’s data center load. President and Chief Executive Officer Robert Gaudette said NRG is aligned on principal commercial terms with the unnamed investment-grade customer.
The project remains subject to negotiations, land-related matters and customary internal approvals, but the customer has made a financial commitment to advance development, according to the company. – Hims, Block, and NRG Just Launched Huge Stock Buybacks The proposed combined-cycle natural gas plant would be developed, owned and operated by NRG. It is planned to serve a 1-gigawatt data center load and could eventually expand the customer relationship to as much as 2.4 GW. Commercial operation for the initial 1.2-GW facility is targeted for late 2029.