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NRG Energy Inc NRG

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Morningstar’s Analysis

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Berkshire's Texas Power Plan Would Hurt NRG and Vistra but Likely Dead on Arrival

Travis Miller Strategist

Analyst Note

| Travis Miller |

We are reaffirming our $34 fair value estimate for NRG Energy and our $20 fair value estimate for Vistra Energy after Berkshire Hathaway unveiled an $8.3 billion plan to build new power plants in Texas. We are reaffirming our moat, moat trend, and uncertainty ratings for both utilities.

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Company Profile

Business Description

NRG Energy 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 and the eastern United States. NRG also is one of the largest retail energy providers in the U.S., with 7 million customers, including its 2021 acquisition of Direct Energy. 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 Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type High Yield
Employees 4,104