Key Highlights

  • NRG Energy (NYSE:NRG) advanced 10.32% on November 9, 2026, following word of a USD 4 billion cash sale of six Natural Gas facilities totaling 4.9 gigawatts to LS Power.
  • Third-quarter adjusted Earnings Per Share came in at USD 4.68, versus USD 2.78 a year before, while adjusted EBITDA grew 67% to USD 2.01 billion.
  • Management intends to spend USD 3 billion on share repurchases over 2026 and 2027, including an extra USD 1 billion beginning before year-end 2026, and to retire USD 2 billion of Debt when the deal closes.
  • Guidance for 2026 was kept, and 2027 guidance arrived with adjusted EPS of USD 8.05 to USD 10.05 excluding the effect of the sale.

Terms and Footprint of the Divestiture

NRG Energy plans to sell six gas-fired stations with 4.9 gigawatts of combined capacity for USD 4 billion in cash. The price equals 8.0 times 2027 Enterprise value relative to adjusted EBITDA. Those Assets are Ravenswood (New York), Ocean State Power and Wallingford (New England), and Jack County, Johnson County and R.W. Miller (Texas). Closing is aimed for the second quarter of 2027, pending antitrust, federal energy regulatory and New York state clearances. Afterward, roughly 20 gigawatts will remain under the company's control, split evenly between Texas and PJM, and another 1.1 gigawatts is due in Texas by 2028. Gas generation is in heavy Demand from data centers and grid operators, so the sale turns plants into cash and leaves the fleet centered on the pair of markets in which it also sells electricity to retail customers.

Quarterly Beat Paired With Capital Returns

Third-quarter results cleared forecasts by a wide margin. Net Income under GAAP climbed from USD 152 million to USD 561 million, while adjusted net income hit USD 983 million, and adjusted EPS of USD 4.68 beat market estimates in the USD 3.33 to USD 3.44 band. Texas generated USD 1.02 billion of that EBITDA and the East USD 614 million; free Cash Flow before growth came in at USD 1.24 billion, and adjusted EBITDA itself climbed 67% to USD 2.01 billion. Through October 31, the company had already bought back USD 977 million of stock. Proceeds will fund a USD 3 billion repurchase program spanning 2026 and 2027, a USD 2 billion debt paydown at closing, and roughly USD 1 billion for growth or deleveraging. The Dividend is slated to climb 8% to USD 2.05 per share in 2027.

Guidance Reset and Execution Risks

The company affirmed 2026 guidance, now calling for adjusted EPS of USD 7.90 to USD 9.90 and adjusted EBITDA between USD 5.33 billion and USD 5.83 billion. For 2027, excluding the sale, the first guidance calls for USD 5.5 billion to USD 6.0 billion of adjusted EBITDA, with free cash flow before growth between USD 2.9 billion and USD 3.4 billion. Hazards persist. Regulatory reviews could postpone closing, and handing off plants lowers future earnings unless Buybacks and debt reduction make up the difference. Power prices in Texas and PJM are erratic, and political attention on Data Center demand after the November 2026 midterms could slow new load growth. Investors will monitor the approval schedule, the pace of the accelerated buyback and power price movement heading into 2027.

Where Things Stand

NRG climbed 10.32% on November 9, 2026, driven by a USD 4 billion sale of six gas plants priced at 8.0 times EBITDA, which funds repurchases of USD 3 billion and a USD 2 billion debt reduction, plus a third-quarter beat with adjusted EPS of USD 4.68. Guidance for 2026 held steady, and 2027 guidance arrived. Regulatory approvals and a second-quarter 2027 closing are the next milestones.