1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
We are reaffirming our $34 fair value estimate for NRG Energy and our $20 fair value estimate for Vistra after the new leaders of the Texas electricity grid operator, ERCOT, and the state's public utilities commission, PUCT, together on July 22 pledged a major overhaul of the state's electricity system. We are reaffirming our moat, moat trend, and uncertainty ratings.
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.
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