NRG · 10-Q · 2026Q3 · Full report
Texas Energy Fund Financing
NRG ENERGY, INC. · 2026-11-09 · Importance 46 · Surprise 42 · In source text
Texas’s SB 2627 created the Texas Energy Fund to support dispatchable generation and smaller backup generation in ERCOT through grants and 3% loans. NRG received PUCT approval for loans totaling more than 1,500 MW of projects: $216 million for the 415 MW T.H. Wharton facility, $562 million for the 689 MW Cedar Bayou 5 facility, and $370 million for the 443 MW Greens Bayou 6 facility. T.H. Wharton began commercial operations on May 26, 2026, and NRG entered a completion-bonus grant agreement on June 17, 2026, for up to $54.72 million, payable in ten annual installments subject to performance. Its first test period runs from June 1, 2026, through May 31, 2027.
Key facts
- On September 26, 2025, NRG entered into a $562 million TEF loan agreement for the 689 MW Cedar Bayou 5 facility. source
- On November 20, 2025, NRG entered into a $370 million TEF loan agreement for the 443 MW Greens Bayou 6 facility. source
- On June 17, 2026, NRG entered into a PUCT completion bonus grant agreement for T.H. Wharton for up to $54.72 million, payable in ten annual installments subject to facility performance. source
- The Texas TEF completion bonus grant program provides up to $120,000 per MW for dispatchable projects interconnected before June 1, 2026, and $80,000 per MW for projects interconnected on or after June 1, 2026 but before June 1, 2029, subject to performance requirements. source
- On July 31, 2025, NRG entered into a $216 million TEF loan agreement for the 415 MW T.H. Wharton facility. source
- T.H. Wharton’s first TEF test period runs from June 1, 2026 through May 31, 2027, after which NRG will be eligible for its first grant payment. source
- Texas SB 2268 established separate 10,000 MW caps for the ERCOT loan program and completion bonus grant program. source
- NRG received PUCT approval for TEF loan proceeds for three projects totaling more than 1,500 MW of capacity. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | contingent | +0.0% | On June 17, 2026, NRG entered into a PUCT completion bonus grant agreement for T.H. Wharton for up to $54.72 million, payable in ten… |