NRG Energy Inc. (NRG) is a leading customer-focused integrated power company with approximately 23,000 MW of generation and 3.7 million customers as of December 31, 2019.
The company generated the majority (68%) of its adjusted EBITDA from Texas, 19% from the Eastern United States, and the remainder from the Western United States and other regions in 2019. While the company’s generation supply is fully integrated with its retail load in Texas, it’s much more dispersed in the East and generation supply is the primary business in the West.
In terms of energy mix for its plant operations, the company generated about 43% from natural gas, 35% from coal, 16% from crude oil, 5% from nuclear, and the remainder from utility scale solar, battery storage, and distributed solar power in 2019.
Lower, but Stabilizing Revenue
NRG Energy reported third quarter revenue that fell 6.3% over the prior year to $2.81 billion, which missed consensus estimates by $840 million. On the bottom line, the company reported GAAP earnings of $1.02 per share, which missed consensus estimates by 26 cents per share. The company also narrowed its 2020 and maintained its 2021 adjusted EBITDA guidance.
The company raised its quarter dividend by 8.3% to $0.325 per share, which represents a 3.2% forward yield. The dividend is payable on February 16, 2021 to shareholders on record as of February 1, 2021.
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