NRG Energy Inc. announced a quarterly dividend of 30 cents per common share, an increase from the previous dividend of 3 cents per share.

The dividend, which equates to $1.20 per share on an annualized basis, is payable Feb. 18 to stockholders of record as of Feb. 3.

The company announced in November 2019 that it will increase its annual dividend rate to $1.20 per share and that it expects to target an annual dividend growth rate of 7% per share to 9% per share.