With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

America's Most Innovative Companies

Energy sector dominated this year for the first time since 2008, with 28 companies featured on the list.

100 Fastest-Growing Companies

Industries included in the sector are mining, oil and gas exploration and services, pipelines, refining, and utilities.

Fortune Sector Leaders: Energy

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

Fortune Global 500

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s group delivered stellar revenue and profit growth, but it underperformed the broader stock market.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-333-NRG Energy

The energy company produces and distributes electricity and other utility services to a variety of clients, both residential and commercial, across the country. In May, NRG Energy announced it relocated its headquarters from New Jersey to Houston, and the city has committed to purchasing 100% renewable energy.

This year's Fortune 500 marks the 66th running of the list.

F500 2020 324 NRG Energy

With headquarters in both Princeton, N.J. and Houston, this energy company serves about 3.7 million residential, small business, commercial, and industrial customers.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

World's Most Admired Companies

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Fastest-growing Companies

Revenue 3 Yr Growth Rank

Revenue 3 Yr Annual Growth Rate

EPS 3 Yr Growth Rank

EPS 3 Yr Annual Growth Rate

Total Return 3 Yr Rank

Total Return 3 Yr Annual Rate

Beat S&P 500 3 Yr Return

Current Streak

Years on List

Sector

Culture rank

Process rank

Product rank

Years on list

Previous rank

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

NRG Energy has grown into a top power, electricity, and smart home corporation in Texas, the Northeast, the Midwest, and parts of California. With headquarters in Houston, NRG focuses on power generation from natural gas and coal, but the gas side of the business is rapidly growing. In May, NRG agreed to pay $10 billion for 18 natural-gas-fired power plants from LS Power, not including debt, in a move designed to prepare NRG for a domestic power market that’s set to soar. NRG also is focusing more on smart home and security offerings since acquiring Vivint Smart Home in 2023, rather than just selling retail electricity.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

NRG Energy (NRG): Company Profile, Stock Price, News, Rankings

legacy

NRG Energy

nrg energy

and thank you for standing by. Welcome to the NRG Energy Second Quarter Earnings Conference Call. At this time, all participants are in listen only mode. After the speakers' presentation, there will be the question and answer session. Please be advised that this conference is being recorded.

I would now like to hand the conference over to our first speaker today, Brendan Mulhan, Head of Investor Relations. Dear sir, please go ahead.

Thank you. Good morning, and welcome to NRG Energy's second quarter twenty twenty five earnings call. This morning's call is being broadcast live over the phone and via webcast. The webcast presentation and earnings release can be located in Investors section of our website at www.nrg.com under Presentations and Webcast. Please note that today's discussion may contain forward looking statements, which are based upon assumptions that we believe to be reasonable as of this date.

Actual results may differ materially. We urge everyone to review the safe harbor in today's presentation as well as the risk factors in our SEC filings. We undertake no obligation to update these statements as a result of future events, except as required by law. In addition, we will refer to both GAAP and non GAAP financial measures. For information regarding our non GAAP financial measures and reconciliations to the most directly comparable GAAP measures, please refer to today's presentation and earnings release.

With that, I will now turn it over to Larry Kogan, NRG's Chair, President and Chief Executive Officer.

Thank you, Brendan. Good morning, everyone, and thank you for your interest in NRG. I'm joined this morning by Bruce Chung, our Chief Financial Officer. Other members of the management team are also on the line and available for questions. Also with us, and I'd like to welcome Brad Bentley, who joined last week as our new Head of Consumer.

Brad is on the call today, but will not be taking questions unless you want to ask him why he's so excited to be here. In that case, he is more than ready and I encourage you to do so. So let's begin with the key messages shown on Slide four. First, we delivered strong second quarter results, completing an exceptional 2025. We are reaffirming our full year financial guidance across all key metrics and are currently trending at the high end of the ranges.

Second, we are announcing long term retail power agreements with a data center operator for two ninety five megawatts, with the potential to grow up to one gigawatt over time. This validates our strategy and provides evidence of the growing interest in gas fired power for data centers. Third, the T. H. Wharton project has closed its Texas Energy Fund loan.

Construction is well underway and we remain on track for a mid-twenty twenty six completion. Finally, our Texas residential virtual power plant is off to a fast start. Early results have exceeded expectations, and we are increasing our 2025 target by more than sevenfold. Turning to Slide five. Adjusted earnings per share for the second quarter were $1.73 reflecting an 8% growth year over year when normalized for asset sales and retirements.

For the 2025, adjusted EPS was $4.42 representing an increase of 48% on the same basis. Our performance was driven by expanded consumer margins, strong results in the East Gas business, record smart home retention and favorable weather early in the year. It reflects broad based strength across our business. On the right side of the page are some key developments from the quarter. We delivered top decile safety performance and continued executing our capital return plan. The Rockland acquisition closed during the quarter and those Texas assets were integrated into our portfolio before the beginning of summer. We also announced the acquisition of a 13 gigawatt natural gas generation portfolio and a six gigawatt commercial and industrial virtual power plant platform from LS Power. This transaction expands our footprint in PJM and ERCOT, strengthens our position in two of the most attractive power markets in the country and enhances our ability to serve customers and large loads.

It also meaningfully accelerates our long term earnings growth targets, strengthens our asset portfolio and increases our exposure to upside from data center demand. Closing remains on track for the first quarter of next year. Our key growth initiatives also move forward. The Texas Residential VPP launched in the spring and greatly exceeded initial expectations, and we closed the Texas Energy Fund loan for the T. H.

Wharton project. Finally, we continue to scale our large load and data center strategy. We signed long term power agreements with data center customers, advanced commercial discussions with multiple parties and continued development at key sites. Let me now turn to Slide six. Today, we are announcing, as I said, long term retail power agreements with a data center operator.

The agreement includes an initial $2.95 megawatt commitment served by Grid Power. The deal also includes a ten year initial term with options to extend for twenty years. Pricing is above the midpoint of our target range and features protected margins. Operations are expected to reach full capacity in 02/1930. We are actively working to expand this agreement to 500 megawatts with a long term path to one gigawatt across additional sites.

Our capital requirements are limited in this regard and the returns are compelling. Future announcements will follow the same structure with details focused on capacity, term length and indicative pricing. On the right side of the slide, we highlight the broader progress underway with respect to data centers. In addition to today's announcement, we have over four gigawatts of joint development agreements and letters of intent across multiple sites. Our long term pipeline extends well beyond that.

Remember also, we have 2.4 gigawatts of natural gas turbines reserved for future development, which can be activated when supported by long term data center contracts. This is a great moment for NRG. It brings high quality recurring cash flow and affirms our ability to serve the next generation of large power customers. And we are just getting started. Moving to slide seven, our T.

H. Wharton project has closed its loan under the Texas Energy Fund. Construction is well underway and the project remains on track to end commercial operations in mid-twenty twenty six. NRG is proud to lead the way and will likely be the first company to bring new capacity online through this program, which supports reliability and strengthens the Texas grid. We also have two additional projects totaling 1.1 gigawatts progressing through the TEF due diligence process.

With expected commercial operation in 2028, we remain confident in their advancement. We have filed for completion bonus grants for all three projects and are on track to qualify for them. Lastly, Texas Senate Bill six was signed into law in June. This legislation provides new tools to support reliability and improve long term planning in the ERCOT market. We appreciate the continued leadership of the Governor, Lieutenant Governor, Legislature, PUCT and ERCOT in advancing policies that support system needs, enhance planning and reinforce the long term health of the Texas market.

Slide eight provides an update on our Texas residential virtual power plant. We launched this program earlier this year through our partnership with Renew Home. It combines the reach of our retail brands, the Vivint Smart Home platform and a compelling customer offer that delivers comfort and value while supporting our supply strategy. The long term plan targets one gigawatt of dispatchable capacity by 02/1935. The program is now active across all major brands and channels and early engagement is exceeding expectations.

Adoption of Home Essentials, the bundle which leads this program is 15 percentage points ahead of plan. Uptake of additional smart home services is tracking near 40% in this cohort, roughly double our initial target. These are early results and may reflect launch momentum, but they point to strong underlying demand. We are increasing our VPP 2025 target from 20 megawatts to 150 megawatts of curtailable capacity. This reflects faster than expected progress against our long term plan.

Our focus remains on disciplined execution, long term value creation and delivering a best in class customer experience. This is a ten year roadmap and I look forward to keeping you updated on our progress. With that, I will turn it over to Bruce to provide the financial review.

Thank you, Larry. Turning to Slide 10, NRG delivered another solid quarter of financial and operational performance with $1.73 in adjusted earnings per share and $9.00 $9,000,000 in adjusted EBITDA.

Adjusted net income was $339,000,000 and free cash flow before growth was $914,000,000 Adjusted EBITDA and adjusted net income for the quarter were down year over year. However, this is primarily driven by the absence of earnings from the Airtron sale in 2024, expiration of the Cottonwood lease in May, deactivation of Indian River Unit 4 and higher Phantom stock expense as a result of NRG's increased share price. When adjusting for these items, second quarter twenty twenty five adjusted EBITDA and adjusted net income would have been approximately $90,000,000 and $70,000,000 better respectively. NRG recorded the highest adjusted earnings in the company's history through the 2025 with $4.42 of adjusted earnings per share and over $2,350,000,000 of adjusted EBITDA, a year over year increase of 4011% respectively. Our exceptional financial performance over first six months of this year reflects strong execution in each of our segments driven by a mix of expanded margins, favorable weather in the first quarter and excellent commercial optimization.

Our Texas segment produced $512,000,000 of adjusted EBITDA in the quarter and $811,000,000 in the 2025, an improvement of over 1320% respectively from the same periods in 2024. These results were driven by strong performance of the plants, increased retail margins and favorable weather in the first quarter. The East contributed adjusted EBITDA of $99,000,000 in the second quarter and $573,000,000 to the 2025. Performance in the 2025 outpaced the same period for 2024, largely driven by higher margins from our natural gas business due to favorable weather in the first quarter. Our West ServicesOther segment had an adjusted EBITDA of $43,000,000 in the second quarter and $120,000,000 in the 2025.

The segment realized higher retail power margins in the West, which were offset by the absence of earnings from the sale of our Airtron business in 2024 and the lease expiration at the Cottonwood facility in May 2025 when compared to the same periods of the prior year. Our Smart Home business continued its impressive momentum achieving an adjusted EBITDA of $255,000,000 in the second quarter and $531,000,000 in the 2025. The segment continues to see consistent customer growth, expansion to its recurring service margins and record customer retention at over 90%. Free cash flow before growth was $1,207,000,000 in the 2025 and $914,000,000 in the quarter, exceeding the same periods in 2024 by five eighty four million dollars and $251,000,000 respectively. The year over year increase is driven by our adjusted EBITDA growth through the first six months of the year and the timing of certain working capital items.

We expect some of the favorability related to working capital to unwind in the second half of the year as receivables and payables settle in their normal course. As we shared during our first quarter earnings update, we are reaffirming our 2025 financial guidance across all metrics and we continue to trend at the upper end of our guidance ranges. Moving to Slide 11 for a look at our updated 2025 capital allocation. We began the year with just over $2,600,000,000 comprised of unallocated excess cash from 2024 and the midpoint of our free cash flow before growth guidance target for 2025. The only change from what I shared in the first quarter call, denoted in light blue, reflects an update to our liability management for a marginal increase in amortization payments.

These incremental payments relate to a $1,000,000,000 upsize in our existing Term Loan B facility executed in July. This increase to the facility will primarily be used for replenishment of capital employed for the acquisition of assets from Rockland Capital, redemption of principal related to our convertible senior notes and the continued development of our Texas newbuilds. Our plan to execute $1,300,000,000 in share repurchases remains unchanged. Through July 31, executed $768,000,000 in share repurchases or nearly 60% of the annual total at a weighted average price of $112.74 Finally, we are now showing $35,000,000 of unallocated capital, which we will allocate over the remainder of the year. NRG posted impressive first half financial results and we are laser focused on delivering strong results for the balance of the year.

I look forward to updating you in subsequent quarters on our strong execution and financial performance. With that, I'll turn it back to you, Larry.

Thank you, Bruce. We've just completed the strongest first half in NRG history. Our core business continues to exceed expectations, our people continue to perform at a high level, and our opportunities have never been greater than today.

This is an exciting time for our company. We announced the acquisition of premier natural gas assets and the leading C and I virtual power plant platform. We launched a new residential VPP offering, advanced our large load strategy and signed long term power agreements with a data center operator. We secured a Texas Energy Fund loan, closed on the Rockland transaction and made meaningful progress across our organic growth initiatives. As my namesake, Larry David, would say, pretty, pretty good.

We are well prepared for the balance of summer and confident in our ability to continue to deliver value to our shareholders. Operator, we are ready to open the line for questions.

And now we're going to take our first question. And it comes from the line of Julien JULIEN Dumoulin DUMOULIN Smith SMITH:] from Jefferies. Your line is open. Please ask your

Hey, good morning, Thank you guys very much. And again, I got to say another quarter nicely done, Larry and team.

Yeah. Quite well. Thank you, guys. Hey. Look.

Speaking of, you know, delivering on new and novel topics, this 295 megawatts, can you talk a little bit about the structure here? I mean, this is kind of a novel subject for the industry. How do you think about the margin profile? I get it's a little bit commercially sensitive to talk about, but how do you think about this contributing to the bottom line or EBITDA? I mean, is this more like a residential contract in terms of margin contribution or some kind of provider of last resort C and I kind of contract? How would you frame the economics?

I would in general, and we're not going to get too specific, as we said, Julien, this is commercially sensitive. I think we view it closer to a C and I contract with premium margins. That's how I would think about these types of transactions. Obviously, longer duration than the average C and I contract, but as you know, we have numerous C and I customers of this size and greater. So I would think of it as a C and I contract with a premium margin and we have a variety of mechanisms to protect that margin including things like indexing, hedging and a whole slew of other things that we've developed in order to make sure that that margin over time is maintained.

Awesome. Excellent. And can you talk a little bit more about this partnership opportunity? I mean, look, it's been a little quieter on that front in recent quarters. You guys have had a lot going on.

But can you talk about where you are? You guys have been obviously, Larry, actively marketed that for over a year now. I mean, is there more to come beyond this gigawatt? Can you talk even about the specific sites that are contemplated in this gigawatt of arrangement and what that scaling up might look like if you When think about like the

you're talking about a partnership, which one are you talking about the data center agreement we announced today? Or are you talking about the KeyWit part? We have a lot of great partnerships. I want to make sure you're right. You're right.

I'm thinking about it. Yeah. No. The data center, leveraging your existing sites, right? The $295,000,000 larger, right?

And is there more even beyond that as you think about your commercial activity?

Look, Julian, as I said, I think this is just the beginning. As you know, these transactions are somewhat complicated and complex and we're working our way through it, but we're super excited about this one and super excited about the potential to expand it as well as the pipeline that we put on the right side of the slide. From a point of view of what we're going to say about where and what, As you know, even with our regular C and I clients, we don't disclose those contracts or who they are. If the clients choose to do so, we're happy to support them and confirm it. But that we feel that part of our client services is really up to them to talk about themselves and their plans for the data center.

It would not surprise me if at some point these folks without a release, but I don't know if they're going to do so.

Yes, that's right. And the four gigawatts of LOIs and all that as well, if any thoughts there? And I'll leave it.

I think it's great to have them. Obviously, LOIs, they're not all going come to successful conclusion. So I wouldn't model like you like to do Julian, 150% of that for tomorrow. But kidding Julian, kidding.

I mean, are things that we're super excited about. But due complexity, not all of them will get to the goal line.

Appreciate it. All right, guys. I'll let it be. Thank you so much. Best of luck.

Thank you. Now we're going to take our next question. And the question comes from the line of Nicolas Campanella from Barclays. Your line is open. Please ask your question.

Hey, good morning. Good morning. Big Larry David fan. I guess just taking a further step on the backlog, just what is your line of sight to kind of convert some of the four gigawatts to actual ESAs? Like are you expecting to have more ESAs by the third quarter or the fourth quarter? How would you kind of frame expectations there? Then

We're not putting obviously, if we have letters of intent, we're spending serious times effort and time on this. It's always difficult to put timing on it, but some of these things are in our control and some of them are not. Some of them have to do with when an interconnection study gets finished. And if somebody delays an interconnection study two months, there's not a darn thing we can do about it. So we are pushing the reason we want to have a backlog of this size is to make sure that we have significant transactions to continue to tell you about.

We're super optimistic, but I don't want to predict quarter by quarter. That's just too difficult. And I've been in the development business too long. Every time in my career that I've tried to put out a development timeline, I've been wrong. And I don't really like being wrong.

Hey, fair enough. So it just seems like on VPP, the adoption rates are coming in better than initially thought in Texas. And just I'm curious if you can kind of now that you've had a little bit more time after you've announced this transaction on the first quarter, how do you think the PJM opportunity is shaping up?

I think we need to see the Texas opportunity a little more. I mean, remember, it's only been about three months that we've been in market. And the results are great, but we want to make sure we have a complete shakedown cruise and know everything there is to know. And then we will look at certain parts of PJM that we think are particularly right for this type of offering. But I wouldn't expect it to be this year.

Thank you. Now we're going to take our next question. And the question comes from the line of Angie Storozynski from Seaport. Your line is open. Please ask your question.

Very good. So first about the the big beautiful bill and and its impact on and the tax shield that basically brings with it that deal and the Ralkland transaction and how that impacts your free cash flow per share growth trajectory?

Hey, Angie, it's Bruce. Needless to say, the OB3 certainly is a good outcome for us as it relates to those particular transactions. We're still in the process of going through the purchase price allocation and won't obviously be done with that until we close. But based on early estimates, we would expect potential cash savings to be above and beyond what we had originally assumed in our underwriting to be close to $1,000,000,000 if not a little bit more than that, primarily realized over the course of 2027 to 02/1930.

Okay, that's good. Secondly, again, was clearly hoping that you would say that there's meaningful uptick in the above 14% FFO per share growth trajectory that you were on the back of the deal.

Didn't say one way or another, but we'll look, I mean, obviously, when it comes time for us to update you guys on that, we will do so.

Okay. Then secondly, yes, you have a big transaction pending, but we do still see some asset sale in especially in Pennsylvania. And I'm just wondering if in light of the fact that you have a pending transaction, does it preclude you from actually potentially bidding for other assets in PJM? You still have a relatively small footprint in this power market.

It does not preclude us, Angie. I don't think we could take a bite of the same size that we did a couple of months ago. But if there's an attractive asset at the right place in the right price, you will find us there.

And then lastly, asset that just got the test commitment and the other assets that are still waiting for that. I mean, could we expect data center contracts for these test assets, either the ones, again, already awarded the loans or the future ones?

The test assets are required to go into the grid. Existing assets, of course, that we already have could be directed from a fungibility point of view, but you could not direct TEP assets to a data center. They have to go into the grid.

Even if I mean, you could have a front of the meter contract, right, where the power does flow through the grid? It's just that

Absolutely, Angie. I mean, look, I think we can supply a data center from all of our existing plants in Texas without a problem. We simply cannot direct a test plan as if it's a behind the meter deal or being dedicated solely to a data center.

Okay. And then just one question. And again, maybe I'm confused. So what is it exactly what is the difference between the contract that you just signed and the other C and I contracts, I mean besides the higher margin obviously. You're not leasing the site, right?

It's not like it's co located with one of your power plants. Why is it different than any other large scale C and I contract?

Angie, we haven't said whether it's co located or not. So we're not going to be doing that going forward just as a rule. So I just want to be clear unless when our customer wants to announce that it's co located, that's fine. I think people are willing to pay premiums at data centers for assurance that they can have ten to twenty years of power a price that they know what it's going to be so they can plan accordingly. I mean, I think the premium is in large part a result of being able to sign up for ten years.

Thank you. Now we're going to take our next question. And the question comes from the line of Michael Sullivan from Wolfe. Your line is open. Please ask your question.

Hey, doing all right. I had another one on the data center deal you announced today. Just any more color on maybe why the load ramp is a little bit slower than than maybe we would think for something in in Texas? And then I I get the sensitivity, but you didn't introduce Powell and and Menlo on the last call. Like, any reason to think they wouldn't be the ones associated with this?

I'll let Rob take the first part of that, and then I'll grab the second. Go ahead, Rob.

Hey, Sully. On this particular transaction that we announced today, this data center design is more modular, and so it comes in in pieces. It's not to compare that to the things you guys are thinking about are the 100 megawatt clips that come in on a gigawatt site. These are edge type data centers, so they come in in smaller sizes. That's why the ramp looks different than what you might have expected. Does that make sense?

Look, Powell and Menlo are still in that four gig letter of intent number that we put out there. We're still working with both of those entities under letters of intent. Just things are taking up, we're not ready to announce a firm deal with either one of them, but we are still working actively with both of them.

Okay, that's really helpful. And then just in terms of how you're thinking about the cadence of updating your outlook, Should we be thinking about like Q3 as a stand alone update for just 2026? Are you thinking about the long term plan? And then when do you like officially pull LS in there? Do you wait for that to close or give any incremental updates along the way?

I mean, think you'll get NRG alone in the third quarter on the third quarter call. I think until we own LS, we can't really put it into our numbers. So I would expect that to be maybe on our first on our year end call, assuming the transaction is closed by then. If not, it will be on the first quarter call.

Okay. And the NRG that's standalone, is that for '26 only? Or you're doing like a long term refresh with Q3?

I mean, I think Sully will probably we'll certainly do '26, whether we update the outlook or not is going to be a function of what we see at the time. But certainly, you'll get '26.

It may make more sense to do it after LS is closed. That's probably the more likely time, Sully.

I think I just made my finance people very happy that they don't have to do a double update by the next quarter too.

Excuse me, Michael, any further questions?

Thank you so much. Now we're going to take our next question. And the question comes from line of Carly Davenport from Goldman Sachs. Your line is open. Please ask your question.

Hey, good morning. Thanks for taking the questions.

We wanted to just ask a couple of follow ups. First, the VPP opportunity, obviously raising the 25 target there. I guess, any more you can expand on the drivers of that strength, and if you see any sort of read throughs to the potential longer term glide path?

I mean, think it's still early days and so we're still early analyzing the speed of the take up. I mean, were always super optimistic, but it's been faster than we expected. And we need to see whether this is just early startup momentum or sustainable before we think about changing any kind of numbers or guidance. But what we are seeing is tremendous amount of uptake of the program, as well as equally interesting people who are taking additional Vivint Smart Home pieces and products and putting them into their homes. So it's great cause for optimism and I hope maybe the next call or the one after that, we'll be able to give a little bit more clarity on what the drivers are.

I'm a little reluctant to do it after only three months in the market.

Got it. Okay, fair enough. All makes sense. And then any updates to share on the partnership with GE, Vernova and Queue it on the gas assets to kind of start up in that '29, 2030 timeframe? I guess how's development progressing there?

NRG Energy (NRG) Q2 2025 Earnings Call Transcript

Company Participants