NRG Energy Inc.NRG reported strong Q2 EBITDA and announced a large gas plant project with guaranteed capacity payments, boosting growth outlook.

NRG Energy reported second-quarter adjusted EBITDA of $1.2 billion, up 34% year over year, and outlined plans to develop a 1.2-gigawatt natural gas plant in Texas for an unnamed hyperscaler. The $3.2 billion project, targeting late 2029 operations, is expected to generate at least $500 million in annual adjusted EBITDA, with capacity payments covering 95% of projected free cash flow. The company updated its 2026 capital plan to include $721 million in project spending, shifting some funds from liability reduction and delaying its 3-times net leverage target from 2028 to 2029, while maintaining plans for at least $1 billion in share repurchases and $407 million in dividends. NRG reaffirmed its 2026 guidance, though results are tracking below the midpoint, and noted that the Texas project is not included in its long-term framework targeting over 14% adjusted EPS compound annual growth through 2030.
NRG Energy Inc.NRG reported strong Q2 EBITDA and announced a large gas plant project with guaranteed capacity payments, boosting growth outlook.