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NRG Energy Executive Compensation (FY25)

NRG · Executive and director compensation, fiscal 2022 to 2025
Latest say-on-pay support
=
April 30, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 22, 2026Latest filing (8-K): May 1, 2026
13 filings cited on this page
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297 figures on this page: 289 cited to the filing that reported them, 8 calculated from figures it prints. See the citations

More on NRG Energy

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Lawrence Coben: $5,463,154 → $21,788,422 (298.8% higher)
Say-on-pay support: 96.3% → 87.4% (8.9 points lower)
CEO pay ratio: 62:1 → 234:1 (277.4% higher)

Frequently asked questions

Answers drawn from the data on this page.
What was NRG Energy's say-on-pay result?
The say-on-pay proposal drew 87.4% of votes cast for or against in favor at the meeting held April 30, 2026 for fiscal 2025.
What is NRG Energy's chief executive pay ratio?
The company reported a chief executive pay ratio of 234:1 for fiscal 2025, against median employee compensation of $93,161.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Mauricio Gutierrez
President and Chief Executive Officer
◇—◇—◇—◇◇
Alberto Fornaro
Executive Vice President and Chief Financial Officer
◇◇◇—◇—◇◇
Elizabeth Killinger
Executive Vice President, NRG Home
◇—◇—◇—◇◇
Christopher Moser
Head of Competitive Markets and Policy
◇—◇—◇—◇◇
Brian Curci
Executive Vice President, Legal and General Counsel
◇—◇—◇—◇◇
Robert Gaudette
Executive Vice President, President of NRG Business & Wholesale Operations
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Mauricio Gutierrez
Former President and Chief Executive Officer
Departed during or after this year
◇—◇———◇◇
Lawrence Coben
President and Chief Executive Officer
Served on an interim basis
◇—◇———◇◇
Rasesh Patel
Executive Vice President, President of NRG Consumer
◇◇◇—◇—◇◇
Alberto Fornaro
Former Executive Vice President and Chief Financial Officer
Departed during or after this year
◇—◇—◇—◇◇
Bruce Chung
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Elizabeth Killinger
Executive Vice President, NRG Home
◇—◇—◇—◇◇
Robert Gaudette
Executive Vice President, President of NRG Business & Wholesale Operations
◇—◇—◇—◇◇
Brian Curci
Executive Vice President and General Counsel
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Rasesh Patel
Executive Vice President, President of NRG Consumer
◇◇◇—◇—◇◇
Lawrence Coben
President and Chief Executive Officer
◇—◇—◇—◇◇
Bruce Chung
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Robert Gaudette
Executive Vice President, President of NRG Business & Wholesale Operations
◇—◇—◇—◇◇
Brian Curci
Executive Vice President and General Counsel
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Lawrence Coben
President, Chief Executive Officer, and Chair of the Board
◇—◇—◇—◇◇
Bruce Chung
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Robert Gaudette
Executive Vice President, President of NRG Business & Wholesale Operations
◇—◇—◇—◇◇
Brad Bentley
Executive Vice President, President of NRG Consumer
◇◇◇—◇—◇◇
Brian Curci
Executive Vice President and General Counsel
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Brad BentleyRSU◇——◇——◇
Brad BentleyPSU◇◇◇—◇—◇
Brad BentleyRSU◇——◇——◇
Brad BentleyPSU◇—————◇
Brian CurciRSU◇——◇——◇
Brian CurciPSU◇◇◇—◇—◇
Brian CurciPSU◇—————◇
Bruce ChungPSU◇—————◇
Bruce ChungPSU◇◇◇—◇—◇
Bruce ChungRSU◇——◇——◇
Lawrence S. CobenPSU◇—————◇
Lawrence S. CobenRSU◇——◇——◇
Lawrence S. CobenPSU◇◇◇—◇—◇
Robert J. GaudettePSU◇—————◇
Robert J. GaudettePSU◇◇◇—◇—◇
Robert J. GaudetteRSU◇——◇——◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Lawrence CobenPSU◇◇——
RSU◇◇——
Brian CurciPSU◇◇——
RSU◇◇——
Robert GaudetteRSU◇◇——
PSU◇◇——
Bruce ChungPSU◇◇——
RSU◇◇——
Brad BentleyRSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Brad Bentley
Executive Vice President, President of NRG Consumer · Change-in-control agreement
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇
Brian Curci
Executive Vice President and General Counsel · Change-in-control agreement
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇
Bruce Chung
Executive Vice President and Chief Financial Officer · Change-in-control agreement
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇
Lawrence Coben
President, Chief Executive Officer, and Chair of the Board · Change-in-control agreement
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇
Robert Gaudette
Executive Vice President, President of NRG Business & Wholesale Operations · Change-in-control agreement
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Antonio Carrillo
Lead independent director
◇◇————◇
Alexandra Pruner
◇◇————◇
Elisabeth B. Donohue
◇◇————◇
Alexander Pourbaix
◇◇————◇
Matthew Carter, Jr
◇◇————◇
E. Spencer Abraham
◇◇————◇
Marwan Fawaz
◇◇————◇
Kevin Howell
◇◇————◇
Marcie C. Zlotnik
◇◇————◇
Heather Cox
◇◇————◇
Lawrence S. Coben
Board chair
——————◇
Robert J. Gaudette
——————◇
Sanjay Kapoor served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Equity is delivered as deferred stock units.
Stock ownership guideline: Five times annual cash retainer

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2023
  • Goals and Progress symbol not shown

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025April 30, 2026=◇◇◇
2024May 1, 2025=◇◇◇
2023April 25, 2024=◇◇◇
2022April 27, 2023=◇◇◇
2021April 28, 2022=◇◇◇
2020April 29, 2021=◇◇◇
2019April 30, 2020=◇◇◇
2018April 25, 2019=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Lawrence Coben (President, Chief Executive Officer, and Chair of the Board), FY2025 total compensation $21,788,422 (base salary $1,473,423) [exec_comp, SEC accession 0001104659-26-030844, filed 2026-03-18]

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What this page does not include

Everything above is a fact NRG Energy disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where NRG Energy sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
297 figures on this page: 289 cited to the filing that reported them, 8 calculated from figures it prints.
289 cited to the filing
8 calculated from the filing

Documents cited

  1. 0001104659-26-053755
  2. 0001104659-26-030844
    CEO Pay Ratio · Compensation Tables · Director Compensation · Director Compensation for the fiscal year ended December 31, 2025 · and 1 more section
  3. 0001104659-25-043394
  4. 0001104659-25-025550
  5. 0001104659-24-054221
  6. 0001104659-24-034809
  7. 0001013871-24-000005
    Employment Agreement
  8. 0001104659-23-055016
  9. 0001104659-23-032997
    Summary Compensation Table for Fiscal Year Ended December 31, 2022
  10. 0001104659-22-055828
  11. 0001104659-21-060728
  12. 0001104659-20-056960
  13. 0001013871-19-000012
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “NRG Energy executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/NRG (accessed 2026).
Short form: data: Velarion

The paid brief for NRG Energy

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
13 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Utilities rankings

Chief executive pay — UtilitiesCEO pay ratio — UtilitiesSay-on-pay support — Utilities

Terms on this page

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Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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