NRG Energy launches 12.3 million share secondary offering by LS Power

NRG Energy Inc. (NYSE: NRG) announced an underwritten public offering of 12.3 million shares of common stock held by certain affiliates of LS Power. The shares represent part of the consideration the selling stockholders received from NRG's acquisition of LS Power portfolio entities that closed January 30, 2026.

NRG will not receive proceeds from the share sale. The selling stockholders granted underwriters a 30-day option to purchase up to an additional 1.845 million shares.

Barclays and Citigroup serve as joint book-running managers for the offering.

NRG entered into a stock purchase agreement with the selling stockholders to repurchase $300 million of its common stock in a private transaction at the public offering price. The repurchase will occur under NRG's existing stock repurchase program approved by its board of directors.

The share repurchase closing is expected to coincide with the secondary offering closing. The repurchase completion depends on the secondary offering completion and customary closing conditions. The secondary offering completion does not depend on the share repurchase completion.

The common stock will be sold under an effective automatic shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission.

NRG provides electricity, natural gas, and smart home solutions to eight million customers across North America. The company operates approximately 25 GW of power generation capacity.

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