NRG Energy Announces Executive Leadership Transition

NRG Energy Inc. announced that Rasesh Patel, President of Consumer, will retire effective May 19, 2025. He will remain in his current role through the company’s first-quarter earnings call and continue to serve in an advisory capacity afterward to support the transition. A successor is expected to be named by the end of the second quarter.

Patel joined NRG in 2023 following the company’s acquisition of Vivint Smart Home. In 2024, he assumed leadership of the entire Consumer business, integrating Home Energy and Smart Home services. Under his leadership, NRG launched its first residential virtual power plant (VPP) and strengthened its consumer-focused platform.

Chair and CEO Larry Coben praised Patel’s contributions, highlighting his role in shaping a unified Consumer platform and driving innovation within the company.

NRG Energy, Inc. reported strong financial results for 2024, exceeding the top end of its raised adjusted EPS guidance and returning $1.3 billion to shareholders. The company announced a major project development agreement with GE Vernova and Kiewit to bring up to 5.4 GW of new gas-fired generation online between 2029 and 2032. It also signed letters of intent with two data center developers for NRG-owned sites, initially targeting 400 MW.

For the year, GAAP net income was $1.1 billion, GAAP EPS was $5.14, adjusted net income was $1.4 billion, adjusted EPS was $6.83, adjusted EBITDA was $3.8 billion, and free cash flow before growth investments (FCFbG) was $2.1 billion. The company reaffirmed its 2025 guidance, projecting adjusted EPS of $6.75 to $7.75 and FCFbG between $1.975 billion and $2.225 billion.

Segment results showed a decline in adjusted EBITDA for Texas due to asset sales, mild weather, and extended maintenance. The East segment improved, benefiting from higher retail power margins and customer growth. The West and Services segment increased due to better retail power margins, and Vivint Smart Home grew with over 5% net subscriber growth, a 6% margin expansion, and a 90% retention rate.

Capital allocation remained a priority, with $1.263 billion returned to shareholders, including $925 million in share repurchases and $338 million in dividends. The company plans $1.3 billion in share repurchases and approximately $345 million in dividends in 2025. Liquidity stood at $5.4 billion, up $600 million from the prior year.

NRG advanced its 1.5 GW Texas brownfield natural gas development, with 1.1 GW under Texas Energy Fund due diligence. The company also maintained strong financial and operational performance, with an 88% in-the-money availability rate for its generation fleet.

The earnings call will be held on February 26, 2025, at 9:00 a.m. Eastern, with webcast access available on the investor relations website.

NRG Energy, GE Vernova, and Kiewit's subsidiary TIC have announced a new initiative to accelerate electricity generation capacity in response to growing demand for computing power and generative AI. The partnership aims to bring new power generation solutions to market efficiently.

GE Vernova, a global energy company specializing in power, wind, and electrification, is leading efforts to support the energy transition by providing advanced gas-powered technologies and decarbonization solutions. Headquartered in Cambridge, Massachusetts, the company has over 80,000 employees across 100 countries, focusing on affordable, reliable, and sustainable energy.

The announcement highlights GE Vernova’s continued commitment to electrification and reducing carbon emissions while addressing the increasing energy needs of modern technology.