NRG ENERGY, INC. (NRG) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that NRG ENERGY, INC. surfaced in its latest filing.

• The LSP Portfolio is comprised of 13 GW of natural gas-fired generation and dual fuel assets and a demand response platform, significantly increasing NRG's owned generation capacity and operational footprint.
• ERCOT's current long-term load forecast shows peak demand increasing from 86 GW in 2024 to 139 GW in 2030.2024
• The U.S. Energy Information Administration's 2023 Annual Energy Outlook combined with external forecasts shows the potential for 500 TWh of incremental load across the U.S. through 2030 compared to 2023.2023
• As of December 31, 2025, approximately 4% of NRG's employees were covered by U.S. collective bargaining agreements.2025-12-31
• NRG is subject to the One Big Beautiful Bill Act signed into law in July 2025.2025-07
• The Company is subject to a 15% corporate alternative minimum tax as a result of the Inflation Reduction Act.
• Vivint Smart Home entered into a 2021 FTC settlement with compliance measures and a penalty, requiring biennial independent third-party assessments and reporting.2021
• NRG has outstanding 650,000 shares of Series A Preferred Stock with a $1,000 liquidation preference per share.
• FERC approved changes to Critical Infrastructure Protection reliability standards and established standards for 'critical cyber assets'; under the Energy Policy Act of 2005, FERC can impose penalties up to $1 million per day per violation.2005
• Direct Energy Regulated Services is the regulated rate supplier for residential and commercial energy customers in portions of Alberta, subject to regulatory rate proceedings.