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13:00
Aug 04 ◎

NRG FY2026 Q2 Watch

NRG Energy, Inc. (NRG) FY2026 Q2 Earnings Call

KIE NRG PWR GEV ETR ▾

Robert Gaudette

Kiewit has secured EPC work and labor capacity commitments for at least the first 1.2 GW project, potentially more under the 5.4 GW framework.

"The project is supported by the turbine and EPC capacity we secured through GE Vernova and Kiewit."

KIE WATCH

Robert Gaudette

Management is bullish on the BYOP strategy and the 1.2 GW project, framing it as the industry standard that protects returns and supports growth, while confirming 2026 guidance and a strong base business outlook.

"This project is designed to bring more generation than the data center is expected to require, reduce the need for incremental transmission, and place the investment burden on the customer. That's why we believe the project is well"

NRG WATCH

Robert Gaudette

NRG's BYOP project has a capacity payment covering 95% of FCF independent of data center utilization, shifting the volume risk to the customer and locking in returns upfront. — This structure provides a visible and contracted cash flow stream for the project, which is crucial for financing and signals a model that could be replicated across NRG's 5.4 GW secured capacity, easing financing and reducing execution risk.

"The commercial structure provides for 95% of the project's free cash flow to be supported by capacity payments over the term, independent of data center utilization."

PWR WATCH GEV WATCH

Robert Gaudette

NRG has secured 5.4 GW of turbine and EPC capacity through 2032, with each turbine slot tied to an active customer discussion, indicating strong demand for power solutions from data center developers. — The scarcity of gas turbine capacity is a bottleneck for new power projects; NRG's secured slots make it a key partner for hyperscalers and a competitor to utilities seeking to build generation.

"Our broader development pipeline is more than twice the 5.4 gigawatts of capacity we have secured, with every turbine slot tied to an active customer discussion."

ETR WATCH CEG WATCH

HIGH

13:00
May 06 ◎

NRG FY2026 Q1 Watch

NRG Energy, Inc. (NRG) FY2026 Q1 Earnings Call

GE NRG GEV KMT ▾

Robert Gaudet

GE Vernova, a GE spin-off, is a key equipment supplier for NRG's PJM and ERCOT new build plans, providing turbine access and construction capability.

"Our partnership with GEV and Kiewit gives us construction capability, equipment access, and execution readiness"

GE WATCH

Robert Gaudet

Guidance reaffirmed, with 1Q results tracking a soft market. Management maintains neutral-to-positive tone, highlighting demand growth and development opportunities.

"Our base plan stands on its own. It does not require incremental contribution from large load or new development to hit our numbers. Those remain upside."

NRG WATCH

Robert Gaudet

While the total PJM capacity upgrade opportunity is up to 2GW, the incremental 1GW comes from more traditional natural gas upgrades, not just CT-to-CCGT conversions, indicating a wider opportunity set in the market. — Each upgrade (turbine conversion vs. gas path) has different capex and OEM implications. Additional traditional upgrades could drive higher demand for gas turbine parts and services from vendors beyond just full-turbine OEMs.

"Our partnership with GEV and Kiewit gives us construction capability, equipment access, and execution readiness"

GEV WATCH KMT WATCH

HIGH

14:00
Feb 24 ◎

NRG FY2025 Q4 Watch

NRG Energy, Inc. (NRG) FY2025 Q4 Earnings Call

GEV NRG ▾

Rob Gaudette

NRG has reserved 6+ GW of natural gas capacity (including 5.4 GW via a GEV/Kiewit venture) for potential data center power contracts, representing a potential $2.5 billion in annual EBITDA; contracts are priced above $90/MWh and are expected to be signed rather than speculative. — This confirms a massive pipeline of gas turbine orders for data center load, directly impacting GE Vernova, while NRG's 'bring your own power' model could create a stricter discipline in the market.

"We have more than six gigs of natural gas generation capacity reserved for customer-backed large load projects. including 5.4 gigs through our GEV and Kiewit venture..."

GEV WATCH

Larry Coben

NRG is reaffirming strong long-term growth guidance, driven by the successful integration of LS Power, rising power prices, and significant opportunity in the data center power market, despite a higher share price.

"We continue to target at least 14% annual growth in adjusted earnings per share and free cash flow before growth per share, now measured from 2026 through 2030."

NRG WATCH

HIGH

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