TRP
2nd
Tc Energy
$66.70 Bn
64.01
+1.15%
+26.90%
The company operates natural gas-fired power generation assets and sells electricity into wholesale markets and to retail providers.
VST
Vistra
$47.21 Bn
140.51
-3.83%
-29.38%
Vistra is an integrated retail electricity and power generation company that sells electricity and natural gas to approximately 5 million customers and into wholesale markets. It operates as a competitive provider in deregulated markets like ERCOT, PJM, and CAISO, earning revenue from retail supply margins and wholesale energy sales rather than regulated tariffs.
ETR
2nd
Entergy
$40.38 Bn
108.08
-0.42%
+23.03%
The company operates the Entergy Wholesale Commodities segment, which manages a merchant power generation fleet of nuclear, gas, and coal plants that sell electricity into wholesale markets and participate in capacity auctions.
FCELB
2nd
Fuelcell Energy
$31.77 Bn
500.00
+0.40%
+52.79%
The company's Generation segment owns and operates fuel cell power plants that sell electricity to utilities and off-takers under power purchase agreements, such as those with Southern California Edison and the New York Power Authority.
NRG
Nrg Energy
$24.30 Bn
115.55
-5.59%
-23.19%
NRG Energy operates as a retail energy provider selling electricity and natural gas to residential, commercial, and industrial customers in competitive markets. Its revenue is derived from the sale of energy to retail and wholesale customers and capacity market payments, rather than a regulated rate base.
YPF
2nd
Ypf Sociedad Anonima
$19.94 Bn
50.70
-3.81%
+50.27%
In addition to renewables, the company generates and sells electricity from conventional thermal power plants through the CT Barragán joint venture.
TLN
Talen Energy
$15.22 Bn
317.66
-11.00%
-15.72%
Talen Energy is explicitly described as an independent power producer that sells electricity, capacity, and ancillary services into competitive wholesale markets at market-based rates. Its revenue comes from energy sales and capacity contracts with regional transmission organizations like PJM and MISO rather than regulated tariffs.
KEP
2nd
Korea Electric Power
$14.50 Bn
11.29
-4.48%
-18.89%
The company operates several thermal power generation subsidiaries, such as KOSEP and EWP, which utilize bituminous coal, anthracite, and liquefied natural gas to generate electricity.
AA
2nd
Alcoa
$13.20 Bn
50.03
-3.27%
+68.85%
The company owns energy assets that generate electricity not only for internal smelting use but also for sale to third parties, contributing to its total revenue.
ENLT
2nd
Enlight Renewable Energy
$11.63 Bn
83.43
-0.13%
+202.83%
The company operates 'Enlight Enterprise,' a business unit that supplies electricity to commercial customers in Israel's deregulated market, including clients like IKEA and Mishan.
AES
2nd
Aes
$10.51 Bn
14.74
-0.14%
+10.33%
Through its Energy Infrastructure segment, AES operates natural gas, coal, and oil-fired generation facilities providing baseload power and selling electricity via short-term market transactions and capacity payments.
ELPC
2nd
Energy Co Of Parana
$7.84 Bn
10.52
-0.85%
+27.83%
Through its Copel Comercialização segment, the company sells electricity to free-market customers and expands into retail energy services outside of its regulated distribution base.
CWEN
2nd
Clearway Energy
$7.56 Bn
33.13
-2.93%
+10.80%
The company operates a 'Flexible Generation' segment consisting of dispatchable combustion-based power generation facilities, such as Carlsbad and El Segundo, which provide grid reliability services under long-term contracts.
SU
2nd
Suncor Energy
$6.32 Bn
67.68
+1.51%
+75.43%
The company operates an electricity generation business using cogeneration facilities and renewable projects to sell power to the Alberta provincial grid and industrial consumers.
TSLTF
Transalta
$5.68 Bn
18.82
+0.00%
+12.83%
TransAlta is a power generator that sells electricity to wholesale markets, utilities, and commercial customers, with a significant portion of its revenue coming from merchant assets and energy marketing. Its Gas segment operates 4,834 megawatts of capacity and its Energy Transition segment includes a merchant contract with Puget Sound Energy, fitting the profile of an Independent Power Producer.
NJR
2nd
New Jersey Resources
$5.63 Bn
55.50
+0.95%
+20.03%
The Energy Services segment conducts unregulated wholesale and retail natural gas operations and provides hedging and asset management services to utilities and power generators.
BKH
2nd
Black Hills
$5.58 Bn
73.17
-0.31%
+21.24%
The company has a Power Generation segment consisting of non-regulated thermal plants that sell electricity into wholesale markets and to third-party purchasers via capacity contracts.
PAM
2nd
Pampa Energy
$4.27 Bn
79.01
-1.19%
+5.36%
The company operates power generation activities and sells capacity and energy to wholesale and retail customers, with financial performance tied to market prices for electricity.
FRMI
2nd
Fermi
$3.62 Bn
5.74
-6.51%
—
The company provides grid-independent energy generation via on-site natural gas-fired generation and battery storage to its tenants. This power is sold as part of the lease structure based on reserved power capacity (dollars per kilowatt per month) outside of a regulated utility rate base.
KEN
Kenon Holdings
$3.36 Bn
64.49
-0.85%
+43.50%
Kenon Holdings operates as a global independent power producer through OPC, owning natural gas-fired plants like Rotem and Fairview and selling electricity into wholesale markets (PJM, NYISO, ISO-NE) and via retail supply to commercial and industrial customers. Its revenue is driven by market prices, bilateral power purchase agreements, and retail supply margins rather than a regulated rate base.
MGEE
2nd
Mge Energy
$3.07 Bn
81.25
+0.27%
-2.58%
The company has a 'Nonregulated energy operations' segment that owns and leases electric generating capacity through subsidiaries like MGE Power Elm Road and MGE Power West Campus.
BKV
2nd
Bkv
$2.92 Bn
26.66
+1.25%
+24.41%
The company operates a Power Generation segment via a joint venture with two combined cycle plants in the ERCOT North Zone, selling electricity to wholesale markets and retail customers.
CEPU
Central Puerto
$1.94 Bn
12.81
-1.84%
+10.34%
Central Puerto is a private electricity generation company that sells power to the wholesale market administered by CAMMESA and through long-term agreements with utilities. Its thermal segment, including combined cycle plants like the Brigadier López expansion, fits the profile of an independent power producer selling electricity outside a regulated retail rate base.
HNRG
Hallador Energy
$0.74 Bn
15.79
-2.47%
-2.41%
Hallador operates the Merom Power Plant, a 1080 megawatt coal-fired facility, selling wholesale electricity and accredited capacity to utilities and market participants in the MISO region. It operates as an independent power producer selling at market prices and via bilateral contracts rather than under a regulated retail tariff.
ENIC
2nd
Enel Chile
$0.69 Bn
4.52
-1.31%
+33.33%
Enel Chile operates thermal plants and sells electricity into the spot market and through long-term supply tenders. This merchant activity for its non-renewable generation assets fits the Independent Power Producer profile.
FIP
2nd
FTAI Infrastructure
$0.48 Bn
4.03
-5.18%
-11.23%
The Power and Gas segment operates a 485-megawatt power plant at the Long Ridge terminal, selling electricity to local electricity markets and traders.
GREEL
2nd
Vulcan Infrastructure & Power
$0.40 Bn
24.80
-0.40%
+199.52%
The company owns and operates a 106 megawatt natural gas power generation facility that sells electricity, capacity, and ancillary services into the wholesale market via the New York Independent System Operator (NYISO).
NPWR
Net Power
$0.37 Bn
1.64
-5.20%
-32.79%
Net Power owns and operates power generation facilities, such as its 50 megawatt thermal facility, and intends to sell electricity via wholesale markets, merchant sales, and long-term power purchase agreements. Its revenue model is based on selling electricity and capacity outside of a regulated rate base, which aligns with the Independent Power Producer classification.
ELLO
2nd
Ellomay Capital
$0.28 Bn
20.45
+2.20%
+13.93%
The company holds a material ownership interest in the Dorad Power Plant, a private natural gas power plant in Israel with a production capacity of 850 MW.
DGXX
2nd
Digi Power X
$0.25 Bn
3.58
-7.73%
+51.05%
The company owns and operates a 60 MW gas-fired peaker plant in North Tonawanda that provides electrical power to the grid during times of peak demand.
TGEN
2nd
Tecogen
$0.11 Bn
3.51
-1.40%
-63.13%
Through its Energy Production segment, the company owns and operates distributed generation systems at customer sites and sells electricity, heat, and cooling under long-term contracts at competitive market-based prices.
NFE
2nd
New Fortress Energy
$0.08 Bn
0.29
-6.45%
-87.17%
The company provides power generation services under long-term power purchase agreements and manages thermal generation assets, such as those operated for the Puerto Rico Electric Power Authority.
BGDE
2nd
Big Digital Energy
$0.03 Bn
6.57
-6.14%
-26.56%
The company operates an energy management business that participates in demand response and grid stability programs in the PJM market, earning payments from grid operators for adjusting power usage.
BESS
2nd
Bimergen Energy
$0.02 Bn
3.88
+0.52%
-46.48%
The company plans to operate as a merchant entity by selling stored energy in merchant markets and entering into tolling agreements with institutional traders for energy arbitrage and grid services.
BNRG
2nd
Brenmiller Energy
$0.00 Bn
3.46
+636.17%
-94.54%
The company operates an 'Energy as a Service' model where it installs, operates, and maintains systems to sell produced energy, such as steam or hot air, under long-term contracts to users like power utilities.
ASRE
2nd
Astra Energy
$0.00 Bn
0.00
—
-100.00%
The company is developing a 350MW combined cycle gas power plant in Tanzania, which is a thermal generation asset sold via power purchase agreements outside a regulated rate base.
CBDW
2nd
1606
$0.00 Bn
0.00
—
—
The company is pursuing the acquisition of a 55 megawatt power generation facility in Texas and anticipates future income from electricity sales.
MMEX
2nd
MMEX Resources
$0.00 Bn
0.00
—
—
The Trans Permian H2Hub segment involves a natural gas to power project that will sell electricity to data centers and the ERCOT wholesale market, operating as a merchant power producer.