v3.26.1
Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Total Consideration and Supplemental Information
The total preliminary consideration of $10.583 billion was calculated as follows:
(In millions)
Cash consideration (inclusive of preliminary working capital and certain other adjustments of $483 million)
$6,855 
Stock consideration: 24,250,000 common shares of NRG, par value $0.01 per share, based on NRG closing share price of $153.72 on January 29, 2026
3,728 
Total Preliminary Consideration$10,583 
For the three and six months ended June 30, 2026, the LSP Portfolio contributed revenue and income before income taxes as follows:
(In millions)Three months ended June 30, 2026Six months ended June 30, 2026
Revenue(a)
$590 $1,071 
Income before income taxes(b)
12 17 
(a)The revenue reported does not include the effects of hedging, which are managed at the Company’s portfolio level and not separately for the business acquired in the LSP Portfolio acquisition
(b)Income before income taxes includes the impact of interest expense on the Acquired LS Power Debt
Schedule of Purchase Price Allocated
The purchase price is provisionally allocated as follows:
(In millions)
Current Assets
Cash and cash equivalents$104 
Restricted cash2 
Accounts receivable, net585 
Inventory175 
Derivative instruments715 
Cash collateral paid in support of energy risk management activities184 
Prepayments and other current assets129 
Total current assets1,894 
Property, plant and equipment, net9,717 
Other Assets
Operating lease right-of-use assets, net9 
Goodwill(a)(b)
3,802 
Customer relationships, net(b)
130 
Other intangible assets, net(b)
87 
Derivative instruments335 
Deferred income taxes65 
Other non-current assets32 
Total other assets4,460 
Total Assets $16,071 
Current Liabilities
Current portion of long-term debt and finance leases$18 
Current portion of operating lease liabilities1 
Accounts payable617 
Derivative instruments784 
Deferred revenue current6 
Accrued expenses and other current liabilities169 
Total current liabilities1,595 
(In millions)
Other Liabilities
Long-term debt and finance leases3,311 
Non-current operating lease liabilities24 
Derivatives instruments362 
Deferred income taxes 93 
Other non-current liabilities103 
Total other liabilities3,893 
Total Liabilities$5,488 
LSP Portfolio Purchase Price$10,583 
(a)Goodwill arising from the acquisition of $3.802 billion is attributed to the value of the platform acquired, future customer growth and the expected benefits from combining the operations of the LSP Portfolio with NRG's existing businesses, a majority of which is expected to be deductible for tax purposes. Goodwill was preliminarily allocated to the Texas and East segments of $1.588 billion and $2.214 billion, respectively
(b)The allocation of goodwill and intangible assets to the Company’s reportable segments is anticipated to be finalized by the end of 2026
Schedule of Measurement Period Adjustments
The following measurement period adjustments were recognized during the quarter ended June 30, 2026:
(In millions)(Decrease)/Increase
Assets
Accounts receivable, net$(2)
Prepayments and other current assets6 
Property, plant and equipment, net33 
Operating lease right-of-use assets, net(16)
Goodwill(64)
Deferred income taxes34 
Total decrease in assets$(9)
Liabilities
Accounts payable$22 
Accrued expenses and other current liabilities(2)
Deferred income taxes(23)
Other non-current liabilities(6)
   Total decrease in liabilities$(9)
Net change in assets$— 
Schedule of Business Combination, Pro Forma Information The pro forma financial information has been prepared for illustrative and informational purposes only, and is not intended to project future operating results or be indicative of what the Company's financial performance would have been had the transactions occurred on the date acquired.
Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Revenue$7,481 $7,179 $18,366 $16,248 
Net income/(loss)509 (177)779 445 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The fair values of derivatives assets and liabilities as of the acquisition closing date were as follows:
Fair Value
(In millions)TotalLevel 1Level 2Level 3
Derivatives assets
$1,050 $17 $1,004 $29 
Derivatives liabilities1,146 9 1,113 24