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NRG Energy Inc NRG

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FERC Winter Storm Report Foretells New Operating, Financial Burdens for NRG, Vistra

Travis Miller Strategist

Analyst Note

| Travis Miller |

We are reaffirming our $34 per share fair value estimate for NRG Energy and $21 per share fair value estimate for Vistra Energy after the Federal Energy Regulatory Commission released its preliminary report casting widespread blame for power outages during Winter Storm Uri in February. We are reaffirming our no-moat and high uncertainty ratings for both companies.

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Company Profile

Business Description

NRG Energy is one of the largest retail energy providers in the U.S., with 7 million customers, including its 2021 acquisition of Direct Energy. It also is one of the largest U.S. independent power producers, with 22 gigawatts of nuclear, coal, gas, and oil power generation capacity primarily in Texas. Since 2018, NRG has divested its 47% stake in NRG Yield, among other renewable energy and conventional generation investments. NRG exited Chapter 11 bankruptcy as a stand-alone entity in December 2003.

804 Carnegie Center
Princeton, NJ, 08540
T +1 609 524-4500
Sector Utilities
Industry Utilities - Independent Power Producers
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type High Yield
Employees 4,104