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Changes in Capital Structure (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Changes in NRG's Preferred Stock and Commons Shares Issued and Outstanding The following table reflects the changes in NRG's preferred and common stock issued and outstanding:
PreferredCommon
Issued and OutstandingIssuedTreasuryOutstanding
Balance as of December 31, 2024650,000 205,064,058 (6,460,055)198,604,003 
Shares issued under LTIPs— 1,538,327 — 1,538,327 
Shares issued under ESPP— — 81,903 81,903 
Shares repurchased — — (5,594,139)(5,594,139)
Partial settlement of Capped Call Options— — (134)(134)
Partial conversion of Convertible Senior Notes— — 134 134 
Retirement of treasury stock— (5,514,606)5,514,606 — 
Balance as of June 30, 2025650,000 201,087,779 (6,457,685)194,630,094 
Shares issued under LTIPs— 14,042 — 14,042 
Shares repurchased— — (988,749)(988,749)
Settlement of Capped Call Options— — (4,210,920)(4,210,920)
Conversion of Convertible Senior Notes— — 3,986,335 3,986,335 
Retirement of treasury stock— (1,091,281)1,091,281 — 
Balance as of July 31, 2025
650,000 200,010,540 (6,579,738)193,430,802 
Share Repurchases The following table summarizes the share repurchases made under the $3.7 billion authorization through July 31, 2025:
Total number of shares purchasedAverage price paid per shareAmounts paid for shares purchased (in millions)
2023 Repurchases:
Open market repurchases
5,054,798 $39.56 $200 
Repurchases made under the accelerated share repurchase agreements17,676,142 (a)950 
Total Share Repurchases during 202322,730,940 1,150 (b)
2024 Repurchases:
Repurchases made under the accelerated share repurchase agreements1,163,230 (a)— 
Open market repurchases
10,562,333 $87.57 925 
Total Share Repurchases during 202411,725,563 $925 (c)
2025 Repurchases:
Open market repurchases(d)
5,594,139 $107.14 600 (e)
Total Share Repurchases during the six months ended June 30, 20255,594,139 $600 
Open market repurchases July 1, 2025 through July 31, 2025
988,749 $154.30 152 
Shares received from the exercise of the Capped Calls Options224,585 $69.38 16 
Total Share Repurchases under the $3.7 billion authorization
41,263,976 $68.88 $2,843 
(a)Under the November 6, 2023 ASR, the Company received a total of 18,839,372 shares for an average price per share of $50.43, excluding the impact of the excise tax incurred. See discussion below for further information of the ASR agreements
(b)Excludes $10 million of excise tax accrued in 2023 which was paid in 2024
(c)Excludes $9 million of excise tax accrued in 2024 which was paid in 2025
(d)Includes $6 million accrued as of June 30, 2025
(e)Excludes $4 million accrued for estimated excise tax for the six months ended June 30, 2025
Schedule of Retirement of Treasury Stock The Company's accounting policy upon the formal retirement of treasury stock is to deduct its par value from common stock and to reflect any excess of cost over par value as a deduction from additional paid-in-capital.
Total number of treasury shares retiredAverage price per shareCarrying value of treasury shares retired (in millions)
2025 Retirements:
Shares retired during the first quarter of 20253,070,996 $58.23 $179 
Shares retired during the second quarter of 20252,443,610 73.01 178 
Total shares retired during the six months ended June 30, 20255,514,606 $357 
2024 Retirements:
Shares retired during the first quarter of 20241,163,230 $32.67 $38 
Shares retired during the second quarter of 20241,114,400 33.84 38 
Total shares retired during the six months ended June 30, 20242,277,630 $76