ENB
2nd
Enbridge
$112.24 Bn
51.39
+1.60%
+10.11%
Enbridge owns and operates utility-scale wind, solar, and geothermal power generation facilities, selling the resulting electricity under long-term power purchase agreements.
EQNR
2nd
Equinor Asa
$103.05 Bn
41.84
+0.02%
+71.33%
The company develops and operates offshore wind farms and other renewable energy projects, selling electricity under power purchase agreements or government-subsidized schemes.
SBS
2nd
Companhia De Saneamento Basico Do Estado De Sao Paulo-Sabesp
$77.76 Bn
4.55
-0.66%
+6.83%
Sabesp operates energy generation facilities, specifically including hydroelectric and solar projects, to generate power.
TRP
2nd
Tc Energy
$66.70 Bn
64.01
+1.15%
+26.90%
The company operates a material power generation business that includes nuclear power plants, selling electricity under long-term contracts or market-based pricing.
D
2nd
Dominion Energy
$60.40 Bn
68.64
-0.22%
+13.64%
The company operates the Millstone nuclear power station as part of its nonregulated Contracted Energy segment, selling power under long-term contracts.
XEL
2nd
Xcel Energy
$49.43 Bn
79.17
-0.05%
+9.64%
Xcel Energy maintains a diversified generation portfolio including wind, solar, hydro, and biomass, and has committed to delivering zero carbon electricity by 2050.
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.
FER
2nd
Ferrovial
$45.69 Bn
63.40
-0.81%
+14.77%
The Energy segment develops and operates utility-scale renewable electricity generation, specifically solar photovoltaic plants in Texas, Spain, and Poland, selling power via PPAs and wholesale markets.
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.
WEC
2nd
Wec Energy
$36.20 Bn
111.08
+0.53%
+4.41%
Through its WECI subsidiary, the company owns and operates wind and solar renewable generation facilities that sell power under long-term power purchase agreements.
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.
AEE
2nd
Ameren
$30.36 Bn
109.67
+0.19%
+9.72%
Ameren Missouri owns and operates a material fleet of renewable assets, including wind farms and solar arrays, and earns revenue from the sale of renewable energy credits.
DTE
2nd
Dte Energy
$29.19 Bn
140.26
-0.62%
+2.08%
Through its DTE Vantage segment, the company owns and operates renewable energy projects that sell electricity to industrial, commercial, and institutional customers.
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.
CMS
2nd
Cms Energy
$22.28 Bn
71.04
-0.52%
-1.37%
Through its NorthStar Clean Energy subsidiary, the company engages in independent power production specifically focused on the development and operation of renewable generation, contributing $408 million to operating revenue.
AQNB
2nd
Algonquin Power & Utilities
$20.11 Bn
26.13
+2.03%
+1.67%
The company maintains a dedicated Hydro Group focused on hydroelectric power generation, which contributes to its overall renewable energy portfolio.
YPF
2nd
Ypf Sociedad Anonima
$19.94 Bn
50.70
-3.81%
+50.27%
YPF generates and sells electricity from renewable power plants through its joint venture YPF EE.
AXIA
AXIA Energia
$18.83 Bn
9.53
-0.31%
+16.65%
AXIA Energia is primarily a power generator with 100% of its capacity from low-emission sources, specifically hydroelectric (97.1% of output), wind, and solar. It sells this electricity through bilateral contracts, auctions, and to Free Market clients.
LNT
2nd
Alliant Energy
$17.99 Bn
69.98
-0.53%
+8.61%
Alliant Energy maintains a diversified generation mix that includes wind and solar resources and is making ongoing investments in renewable energy projects to meet state standards.
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 owns Korea Hydro and Nuclear Power Company Limited (KHNP), which operates 26 nuclear reactor units totaling 26,050 megawatts, representing a material portion of its generation fleet.
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
Enlight Renewable Energy
$11.63 Bn
83.43
-0.13%
+202.83%
Enlight Renewable Energy owns and operates utility-scale renewable energy projects across wind and solar, generating revenue from the sale of electricity under long-term power purchase agreements (PPAs). Specific examples include the Crimson Orchard solar and storage facility in Idaho and the CO Bar complex in Arizona.
AES
2nd
Aes
$10.51 Bn
14.74
-0.14%
+10.33%
The company owns and operates solar, wind, and hydro facilities, selling renewable energy to corporate customers like Amazon, Microsoft, and Apple under long-term power purchase agreements.
OGE
2nd
Oge Energy
$9.72 Bn
47.06
-0.63%
+5.59%
The company maintains a diverse generation mix that includes 9% renewable resources as part of its power generation fleet.
EAI
2nd
Entergy Arkansas
$9.23 Bn
19.77
+0.25%
—
The company operates a material nuclear generation asset, specifically the Arkansas Nuclear One facility, as part of its diversified power generation portfolio.
BEP
Brookfield Renewable Partners
$9.06 Bn
32.89
-4.53%
+32.25%
The company owns and operates a massive portfolio of utility-scale renewable electricity generation, including hydroelectric, wind, and solar assets. It generates revenue primarily through long-term power purchase agreements (PPAs) with customers like Amazon, Microsoft, and Google.
PNMXO
2nd
Public Service Co Of New Mexico
$8.22 Bn
74.00
+0.00%
-5.13%
The company maintains a material and growing portfolio of renewable resources, including investments in solar and wind, and earns revenue from renewable energy credit sales.
ELPC
2nd
Energy Co Of Parana
$7.84 Bn
10.52
-0.85%
+27.83%
The company has a material generation fleet of 5,961.2 MW derived entirely from hydroelectric and wind sources, managed through its Copel GeT segment.
OKLO
Oklo
$7.66 Bn
41.38
-5.68%
-40.02%
Oklo owns and operates advanced fission power plants (powerhouses) to generate electricity and heat, selling this output under long-term power purchase agreements to customers like Meta Platforms and Switch Ltd. Its core business is defined by its fleet of small modular fast fission reactors.
CWEN
Clearway Energy
$7.56 Bn
33.13
-2.93%
+10.80%
Clearway Energy owns and operates a large portfolio of utility-scale renewable assets, including the Alta I-V wind facilities and Luna Valley solar, selling output via power purchase agreements to utilities and corporations.
ORA
Ormat Technologies
$6.74 Bn
109.64
-3.78%
+19.15%
Ormat owns and operates utility-scale geothermal and solar PV power plants, selling electricity under long-term power purchase agreements (PPAs) to utilities like NV Energy and Kenya Power and Lighting Co. Ltd.
BEPC
Brookfield Renewable
$6.52 Bn
33.51
-4.53%
-0.65%
The company's core business is owning and operating a diversified portfolio of utility-scale hydroelectric, wind, and solar power facilities. It generates revenue primarily from the sale of electricity produced by these renewable assets through long-term power purchase agreements with utilities and corporate customers like Google.
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.
CIG-C
2nd
Energy Co Of Minas Gerais
$6.32 Bn
2.87
+0.35%
+7.49%
The company has a material generation fleet including solar farms, wind farms, and large hydroelectric facilities such as Belo Monte and Três Marias, with a total installed capacity exceeding 4,600 MW.
POR
2nd
Portland General Electric
$5.86 Bn
50.58
-0.59%
+20.63%
The company owns and operates a material portfolio of utility-scale renewable assets, including wind farms, hydroelectric stations, and solar installations, and sells environmental credits like renewable energy certificates.
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%
Through its Clean Energy Ventures segment, the company owns and operates solar projects with 479 megawatts of capacity and sells electricity and renewable energy credits to load serving entities.
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.
HASI
2nd
HA Sustainable Infrastructure Capital
$5.30 Bn
41.39
-1.80%
+50.51%
The company owns and operates utility-scale renewable energy projects, including solar, solar-plus-storage, and wind, selling output via power purchase agreements (PPAs) to utilities and wholesale markets.
RNW
ReNew Energy Global
$4.97 Bn
6.82
+0.00%
-11.89%
ReNew Energy Global owns and operates utility-scale wind, solar, and hydro power plants, selling electricity through long-term power purchase agreements to government agencies and commercial consumers. Its core business is defined by its commissioned capacity across these renewable energy assets.
NWE
2nd
NorthWestern Energy
$4.34 Bn
70.61
-0.30%
+28.55%
The company owns and operates a material portfolio of renewable electricity generation, specifically citing hydroelectric, wind, and solar facilities as part of its diversified generation mix.
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.
AVA
2nd
Avista
$3.22 Bn
38.44
-1.51%
+4.17%
Avista owns and operates a material fleet of renewable generation assets, specifically hydroelectric, wind, and solar facilities, to support its energy supply.
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.
RUN
2nd
Sunrun
$2.22 Bn
9.26
-5.80%
-40.26%
Sunrun owns and operates a fleet of deployed solar systems and generates recurring revenue by selling solar electricity to customers via power purchase agreements.
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.
AMRC
2nd
Ameresco
$1.34 Bn
25.49
-10.28%
+11.95%
The company owns and operates small-scale renewable energy assets, including solar and biogas plants, and sells the resulting electricity and renewable natural gas under long-term agreements.
XIFR
XPLR Infrastructure
$1.08 Bn
11.44
-1.55%
+13.72%
XPLR Infrastructure owns and operates a portfolio of wind and solar projects with ten gigawatts of capacity. It generates revenue by selling electricity and renewable energy attributes to utilities and wholesale customers via long-term power purchase agreements.
CSIQ
2nd
Canadian Solar
$1.00 Bn
14.74
-0.34%
+16.15%
Through its Recurrent Energy segment, the company owns and operates solar and battery storage projects to generate recurring revenue from electricity sales.
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%
The company maintains a diversified generation portfolio including hydroelectric, wind, solar, and geothermal facilities, selling output to distribution companies and large industrial users. This renewable-heavy fleet is a material part of its generation segment, which contributed $3,283 million in revenue.
NRGV
2nd
Energy Vault Holdings
$0.66 Bn
3.65
-4.45%
+141.72%
Through its Asset Vault platform, the company develops, owns, and operates energy storage assets, generating revenue from the operation of these assets under power purchase agreements and market participation.
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.
FISN
2nd
Deep Fission
$0.47 Bn
7.82
-3.69%
—
The company intends to maintain project-level equity ownership of its Gravity Reactor facilities to receive cash flows from electricity sales under long-term power purchase agreements, effectively operating as a nuclear power producer.
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.
WAVE
Eco Wave Power Global AB (publ)
$0.35 Bn
6.93
-0.57%
-5.33%
The company develops wave energy converter technology to produce clean electricity and intends to operate power stations under a 'Build Own Operate' model, selling electricity via long-term power purchase agreements to utilities like the Israeli Electric Corporation.
ELLO
Ellomay Capital
$0.28 Bn
20.45
+2.20%
+13.93%
The company's primary revenue is generated from the sale of electricity produced by its operating solar power plants in Spain, Italy, and the USA, as well as its development of a pumped storage hydro power plant in Israel.
MNTK
2nd
Montauk Renewables
$0.26 Bn
1.84
-1.60%
-8.46%
The company operates a Renewable Electricity Generation segment that produces electricity from biogas using engines or turbines. This electricity is sold under long-term power purchase agreements to municipal and investor-owned utilities, such as the City of Anaheim.
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.
ANNA
2nd
AleAnna
$0.18 Bn
2.75
+0.73%
-34.99%
The company currently generates and sells electricity from its anaerobic digester sites to the state-owned utility Gestore dei Servizi Energetici SpA while those assets are being upgraded to biomethane production.
ACRG
2nd
American Clean Resources
$0.12 Bn
8.50
+6.38%
+325.00%
The company plans to develop the ACRG Greenway to Power Renewable Energy Industrial Park, which includes a 2 GW solar farm intended to generate revenue through energy sales.
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.
NXXT
Nextnrg
$0.04 Bn
0.24
-4.00%
-83.10%
NextNRG owns and operates solar plus battery storage microgrids and sells the produced electricity through power purchase agreements to commercial, institutional, and government customers, such as Sunnyside Nursing and Post-Acute Care Center.
SPRU
Spruce Power Holding
$0.04 Bn
1.90
-0.52%
+34.75%
Spruce Power owns and operates a portfolio of distributed solar energy assets with a combined capacity of 509 MWdc. It generates revenue through the sale of electricity to homeowners via power purchase agreements (PPAs) and the sale of solar renewable energy credits (SRECs).
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.
CPWR
Ocean Thermal Energy
$0.02 Bn
0.01
+0.00%
—
The company develops utility-scale renewable energy systems (OTEC) to generate clean baseload electricity for sale via long-term power purchase agreements. Its core business is the generation of electricity from a renewable ocean thermal source.
PBK
Powerbank
$0.02 Bn
0.47
+2.17%
-79.11%
PowerBank operates as an independent power producer that owns and operates solar power plants, generating revenue from electricity sales under power purchase agreements and other offtake arrangements.
BESS
Bimergen Energy
$0.02 Bn
3.88
+0.52%
-46.48%
Bimergen Energy is a developer of utility-scale solar energy projects and battery energy storage systems. It intends to generate revenue through power purchase agreements and the sale of stored energy to utilities and commercial customers.
GEBRF
2nd
Greenbriar Sustainable Living
$0.02 Bn
0.45
-6.25%
+55.17%
The company develops and operates solar and battery photovoltaic facilities, such as the Montalva Solar Project. It generates revenue by selling electricity under long-term power purchase agreements with the Puerto Rico Electric Power Authority.
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
Astra Energy
$0.00 Bn
0.00
—
-100.00%
Astra Energy develops and operates utility-scale renewable projects, specifically a 42.5MW solar farm on Zanzibar and waste-to-energy systems, selling electricity to the local grid under power purchase agreements.
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.