NRG Energy, Inc. (NRG)

NRG Energy sells electricity to end customers and generates it as well — without tariff protection.

The company operates where the electricity market is open: the customer chooses a supplier and price is not set by a commission. The retail arm signs contracts with households and businesses, while generation covers part of those obligations with its own output. Combining the two reduces risk: a retailer without plants is exposed to wholesale price spikes.

Electricity demand is rising again after two decades of stagnation — because of data centres and the electrification of transport and heating. For an owner of plants able to run around the clock, that changes the outlook. Risks: Texas weather, gas prices, retail customers switching away and plant condition. The company pays a dividend and buys back stock actively.