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Fortune

Jordan Blum

NRG rides the power wave with big deals as the S&P 500’s biggest riser in 2025

NRG LS NRG Energy Elliott LS Power Natural Gas PJM Texas United States

Portrait of NRG Energy chairman, President and CEO Larry Coben. (Credit: NRG Energy)

HOUSTON—Move over, Palantir and Uber. The S&P 500’s top-performing, large cap stock in 2025 is the redundantly named NRG Energy.

A growing power generator and retail electric business, NRG’s energized stock has surged by 75% this year, and by about 240% since chairman Larry Coben also took over as interim president and CEO in November 2023 amid an activist push from billionaire Paul Singer’s Elliott Investment Management.

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