NRG Energy Doubles Capacity With $12B LS Power Deal

NRG Energy reported record first quarter 2025 results, with adjusted earnings per share of $2.62–$2.68, an 84% increase from the previous year, and revenue rising to $8.59 billion, up 15–16% year-over-year. The robust performance was driven by strong results in the company's retail energy and smart-home segments and high generation fleet availability. NRG announced a $12 billion acquisition of power assets from LS Power, which will double its generation capacity and expand its commercial and industrial platform. The company reaffirmed its 2025 financial guidance, targeting adjusted EPS of $6.75–$7.75, adjusted EBITDA of $3.725–$3.975 billion, and free cash flow before growth of $1.975–$2.225 billion. Shares have surged over 40% in the past year amid these developments. Management highlighted continued returns to shareholders through significant buybacks and dividends, emphasizing the long-term growth benefits of the LS Power acquisition.