NRGNRG Energy, Inc.

“To hit '29, we've got to get something done in '26 we haven't given anything more specific than that, and I'm not going to start today. And as far as like the things that we're working through, the economics are pretty straightforward, right? We've been -- we know where we need to kind of hammer to to get our returns, and we know where our customers need to be for them to get their returns. So that's not the issue. The real conversations and the work that's still ongoing and it's probably on every project out there. is around infrastructure. So I think interconnections for gen and load and then depending on the location, sites, et cetera, what's that gas infrastructure look like too.”

“the preliminary long-term load forecast filed this month shows the pipeline of large load requests reaching over 36 gigawatts in by 2033. That is more than 4x today's record peak in under a decade. Not all of that materializes, but even if a fraction of what is in that pipeline arises on those time lines, this market looks fundamentally different from the one we're operating in today.”

“The conversations that we have today are front of the meter conversations, and they're progressing as well as they have been over the last 12 months. We continue to push really hard to get that done. I think front of the meter is the right solution, and we're getting to a place now where we're going to get something done quickly.”

“I think that the counterparties, both on the data center side, but also on the generation side. We know the rules. So we have a pretty good idea of what they're going to look like. And so I wouldn't say that, that is the the long pole in the tent on stuff in Texas. I think it's, like I said, infrastructure interconnections and working with our partners from a regulated entity perspective.”

“If we get even a percentage of what this data center load looks like coming into the grid between now and like I've alluded to before, this market is off to the races. You eat through all of that battery push and all of a sudden, you've got the tight market that we all know ERCOT has been and can be that we saw in '22 and '23.”

“the BPP the team is building down in ERCOT, that's something we can use up north. And through [indiscernible], we've got a real capability around demand response. I think all of those pieces are opportunities for NRG, and I think there are also real reasons to think about how to solve the equation up in PJM.”

“Discussions on large load agreements are active and progressing. These are complex long-duration structures, and we're moving forward in a disciplined way. We are seeing strong engagement in the right types of opportunities, and we feel good about how these discussions are developing.”

“We serve commercial and industrial customers at a scale, very few companies in this industry can match. That's not something you acquire. It's built over decades to relationships, credit, operational track record and the ability to structure complex agreements across multiple markets.”

“in conversations with counterparties there, so our potential customers they're open to bilaterals, too, right? And we're in a unique position -- well, we -- with a couple of others, are in unique positions to offer bilateral solutions that don't need that PJM auction.”

“this quarter earnings season reinforced the scale of investment being directed toward AI infrastructure, and the implications for power demand are significant.”