On June 27, 2023, Elliott Investment Management LP announced that it has issued an open letter to NRG Energy Inc, stating that the Company management has consistently broken its capital-allocation promises, the Company management has not met financial commitments, the Gutierrez Guardrails plan does not address the root cause of Company’s issues. In addition, Elliott Investment Management stated that it calls on the board to take steps to announce and commence a search for a CEO, working with Elliott to add qualified directors to the board, and initiating a comprehensive business review. Further, Elliott Investment Management stated that it believes there is a readily actionable path to create more than $5 billion of value at the Company, the realization of this value will require management and board changes and it look forward to seeing through the implementation of these steps.