Is This Utility Undervalued?

Power company Exelon recently struck a deal to buy rival Constellation Energy Group for $7.9 billion in stock. If Exelon is willing to pay that much for a "crummy" utility, Cramer wondered how much a "forward-thinking" growth utility, like NRG Energy, is worth.

"NRG has one of the largest and most diversified power generation portfolios in the U.S.," Cramer said on Monday's "Mad Money." "Given what Exelon is ponying up for Constellation , I think that this unconventional utility could be worth a whole lot more than it’s currently selling for."

The Princeton, N.J.-based company does most of its busines in California, Louisiana, New York and Texas, Cramer noted. Two-thirds of its power generation comes from coal and nuclear, he said. NRG's also making aggressive investments in alternative energy sources, like wind and solar, he added.

Cramer has long been bullish on the electric utility. In February, he recommended it as a play on the "nuclear renaissance" in the U.S. The stock took a hit after Japan's nuclear crisis in March, though. A lot has changed since then, so Cramer invited NRG Energy CEO David Crane back on "Mad Money." To see the full interview, watch the video.

Call Cramer: 1-800-743-CNBC

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