NRG Energy, Inc.

NRG is turning from a company paid for power it already owns into one paid to build power for a single large customer, and the first such plant does not pay a cent until 2029 — while today's earnings still rest on Texas weather.How much of the 14% growth target comes from buybacks versus the business?

• Growth now depends on contracts, not on owning plants.

  In Q2 FY2026 NRG agreed terms with a hyperscaler on a 1.2 gigawatt Texas plant it will build and own. Most of its cash is a fixed capacity payment whether the data center runs or not, so its earnings stop depending on weather.What price per megawatt hour is locked into the hyperscaler contract?

• The cash goes out years before the plant earns anything.

  The plant costs $3.2 billion, with the biggest outlays in 2027 and 2028 and no income until late 2029. NRG is covering this year's share by paying down less debt, so the balance sheet is funding the build rather than the business.How much debt reduction is NRG giving up in 2027 and 2028?

• The business paying for the build turned soft this year.

  Texas prices ran far below NRG's plan and mild weather cut run time, and the East absorbed a $70 million Virginia carbon charge. Guidance was reaffirmed but is tracking below the midpoint, so the business is not producing spare cash.