NRG Energy (NRG) 8 Aug 242024 Q2 Earnings call transcript

Good day, and thank you for standing by. Welcome to the NRG Energy, Inc.

Second Quarter 2024 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Kevin Cole, Head of Treasury and Investor Relations. Please go ahead.

you. Thank and Energy's morning, Earnings Quarter to Call. welcome Good Second NRG XXXX of will be in note are webcast, that XX being morning's under statements, section be This call which at website minutes reasonable discussion located the over believe this www.nrg.com we may phone of forward-looking our be and date. broadcast the assumptions length today's and based can via Webcasts. Please as upon which Presentations in to Investors that live is and contain Actual results differ materially. may We as to review SEC factors today's urge the everyone safe well in in harbor filings. risk presentation as the our undertake future update events, We these of required as a by law. result to obligation except statements no as

we will to addition, and refer non-GAAP GAAP In both financial measures.

measures comparable most financial and today's NRG's to For CEO. the refer now to Coben, our and GAAP with please over information directly that, I'll call Chairman presentation. And turn non-GAAP the measures Larry reconciliations to regarding

interest Thank you, I'm morning, thank morning everyone, joined and Kevin. for Good Bruce our Officer. Chief in this Financial NRG. by Chung, your you

also management the are and they answer team available the have to members call, all questions. on We of

of the President First, CEO. to be the week stakeholders over Chairman, I months X. again I I'm X express and am August the announcement want NRG following I've in as last grateful employees just excited leading received support and other to how outpouring the for from community, of and investment the Board's last

depressed have and our customers strategy of growing once in returning for the dollars are the evolving We billions delivering on our we fix company all. team shareholder to and We meeting laser focused while right believe the best capital. and by valuation exceptional needs of value the of

strategic positioning. Let's begin with NRG's

energy We're have the tailored For those smart residential smart America. home to energy largest platform home trusted to customers, partner over offering North million and solutions. in NRG, X the and new we

discussion natural largest stronger. business provider take energy also been the well and and industrial companies. If is that commercial should We there's been as energy that has as gas have largest the from provider never and you second one today's services outlook to are financial away our

We in are products change more power sustainability driving Customers tightening customized in step across demand, focused using requesting a improvement offerings structural platform as premium convenience, and well fundamentals. cost. of on are witnessing supply our experiences, increasingly a long-term and and innovative our as

to of of an time us The and been have financial our exceptional today. than more never excited be in on to am platform well excess long-term enables to integrated significant same increase grow near-term to shareholders generate time growth current while exciting the what to strong a an substantial business Our us strength beyond believe outlook industry while and capturing cash the stabilize we beginning earnings, at front us capitalize balance maintaining returning flexibility of and and our the opportunities. We financial I to stages opportunities our in needs, resulting our for for the our sheet. earnings, business positioned has medium- I our capital about company, time,

Let's on into messages dive X. key the Slide

Our and the business exceeded year-to-date. in quarter expectations second performance

We ranges are of end the guidance reaffirming guidance range. that our and trending financial towards upper

data to load gen continue Next, AI electrification growth center by other trends and compounded materialize. large

cite ours available resources as outsized such this the quickly. policies, markets trend, and from competitive expect projects driven business-friendly We to by to realize benefits ability

with to earnings strategic sites. submitting our Fund the Additionally, to discussed This priorities on our projects last brownfield continuing call. our advance in Texas and the of portfolio progress we have made Energy includes development

of our we underway share continue balance sight achieving our to program Finally, targets. our sheet line capital allocation repurchase fulfill commitments, with and to

last year. to We in This EBITDA brings $X.XXX a quarter, XX% second year-on-year XX% EBITDA X. Slide adjusted year-to-date $XXX from million the adjusted to Turning increase. delivered billion, in up

we Following guidance upper and of reaffirming trending strong again, financial first this that are range. the half, part ranges towards our

the performance of and strong demonstrating board. excelling are our businesses All across

year-on-year consumer industry-leading growth a revenue Our expanded subscribers Home subscribers increase strong retention at and stable demonstrated Smart X% delivered margins. in segments Energy in rates and X% growth. X% increased and margins. Home had by

We toward virtual earnings look sharing continue our power and the about forward plant to offering make to third progress substantial quarter more of by that call. our time

in experience assets, the side, in of thanks supply generation significant to the have On recent we the our we years. and continue made reliability improvements them availability in investments to

million we as and our level customers. A our We ensure team of after the prepared and our XX% before July, XXXX, exceptional operators, growth happy growth completing or plan barrel assets and are to shout on target. cost and summer preparedness flow track plant to in end meet [ report maintenance by seasons per for with no outages cash to reliability storm XX% caused well induced synergies during fleet lost Hurricane track. of deliver share This generation. I'm demand out or ] we our delivered $XXX consistently winter in our across are achieve that free spring outages. also can growth, helps Today, successfully to our service of we're synergies our to reaffirming our remain of incredible XX% on

higher current balance means of to a be million program price completed we've the higher Even projected over ago. On the as buyback at our of repurchases, than $XXX with shares year much year. rising prices repurchasing share completed million $XXX stock prices, the

of [ in we will proceeds. cash HVAC, are ] net $XXX result sale Airtron which the announcing in million Lastly,

In are in Texas. January, over like year, and April weather-normalized Texas new you provide growth. load the first experienced outlook the Turning peaks record to to Slide May. of half little the X% in additional setting on X. a In we context demand I'd seeing strong

substantial a take Brownfield distribution add of the projects to continues credibility Texas. utilities all PUCT the growth data more due are in continue advancing phase, ERCOT We June. and Fund ERCOT latest [ anticipate centers to these ERCOT's other projects to and which of coming our gigawatts that on large this projects our Energy natural by years. in transmission the onshoring, own last We which many the later X of indicates month, by Looking for of is XXXX the announce in growth driven will Texas X loan in ahead, loan confirmed ], gigawatts than contracts been by the to diligence depending advance X.X will place, customers. Notably, we anticipate through months, to with applications filed XX the development applications. the quality loans X of projected or portfolio, gas TDU backed and their growth. Within expected are to have an officer new with projection

of loan our approval applications for submitted. are shuttle be given believe We Following and will well agreements executed. nature [ that, situated we the completeness their projects ready that a the ] timely

Finally, about questions received portfolio we've site since our our numerous quarter first call.

Our is maximize sites. [ of team to devoted value working diligently the seniorly these ] development

portfolio plant for our markets. opportunities XX,XXX identify new market a acres and offering meter. To grid cooling, development, water both data sites sites for the to access low channel large key in land entry. and include for loads reminder, fiber factors for and access As behind existing centers, XX of competitive for are ideally rapid premium infrastructure suited power of and latency includes front access encompassing the co-location suited These sites in best

review. under As potential discussing we appendix, have as applications. I value load can Bruce? for Bruce In provide for the me turn Chung other financial attributes the paths large over our that, look more it we with you see, also to forward sites several you progress. With this these consideration. but possess to to let

Larry. you, Thank

in and asset $XXX X. for outage million, summer's a to by decline business hedging was year expansion. Starting and deployed costs counts driven higher results the $XXX remainder before East counts, year-over-year growth of quarter growth our Turning by year. strong million an by $XXX $XXX our in by year of reliability was STP and our volumes costs The of extended were power Slide West. Adjusted the and Each and increase performance. EBITDA EBITDA, to preventative performance of to well last the segments. NRG We due decrease of the lower supply year's are as over over driven drivers growing was increase prior increase with across the realized quarter increased positive this region. well, million Texas activity, a to million EBITDA an [ million sales marks program with where $XXX increased came exceeding offset million, ] segment, in East second of as million in subscriber impact positioned the our the results in services million. operational a other This year. the well third financial performance was costs and segment beyond. This $XX for Texas from favorability our million, quarter improve increase year. producing fleet. enhanced plants the plant was the saw counts $XX West cash favorable prior the Gregory $XXX adjusted the of investment performance in we compared to flexibility from by underscored in and of supply subscriber ensure year-over-year adjusted in margin estimated performance along an delivered and of of operations retail $XXX with $XXX of slight the maintenance Free much our performed another with prior strong flow prior realized subscriber primary million volumes, momentum

have Our so summer well plants through continue them performed rolls to to do as we year, the and expect on. the

generating of business the adjusted service by Home Smart has growing and subscriber execute EBITDA year-over-year, and X% million well, continued to $XXX in count margins X% quarter. by Our

subscriber important impact that Home of the shown an continued an the see of through the other after nearly segment best-in-class to for is for expected high represents average per performance by prior impacting more in EBITDA the their expenses from systems primarily acquisition and Smart remain began adjusted which this nonrecurring than segment slight with of XX amortization adjustments, closed increase out our a engagement would EBITDA of the it times decrease point driven as Home X% indicators While the strong day, carried Absent to level the we noncash this XX%. which fulfillment Smart retention, year-over-year. Key is increase this on we business. was year, interacts decrease and to have

than higher million, and EBITDA by favorable million our growth capital. the Our $XXX significant flow in prior came at free in adjusted growth driven before working and year $XXX cash

$X.XXX guidance billion and billion $X.XX We to to cash $X.XXX billion EBITDA, for flow are reaffirming adjusted XXXX our $X.X billion growth. for free of before

strong investments plants, in performance, give we trending coupled us our of year-to-date towards end we the made confidence are have guidance. upper that with Our the

continued see the the platforms strategy of to growth well our us remainder and and execution through diversified year. continue of the We our supply momentum business in positions

of view current XXXX our Turning to for Slide our capital XX allocation.

see, can there changes a you As quarter our few call. first since have been

We and are $XXX to common deliver the and capital management through initiatives liability of $X.X on billion repurchases dividend. track return nearly on million of share in

time, the $XXX one As strategic And million structure. I paper made strength to of XX% repurchases we in mentioned of our issuance. of pieces of through or see opportunity price our notes, capital last liability expensive the mitigate most subsequently the part convertible the management that program. performance share repurchased our of original our approximately as has We

premium remainder when the have we notes, these the fully retired. notes we For are will the hedged pay of

to briefly share Turning repurchases.

in stock of approximately We share XXXX $XXX us authorization. million, our to substantial market $XXX of our [ We to Airtron available which to see only our the open tremendous currently our proceeds. XX% repurchases, $XXX through relates repurchase of price business share we'll over ] $X.X yield capital million million total via $XXX sale the take to value change HVAC for shares, for billion depressed and continue allocation million have target buying net bringing of our of will repurchases. The advantage for completed

of transaction to the year. end expect the We the close before

show we in of incremental the million Finally, unallocated of for $XXX Airtron the capital into allocation XXXX million net available transaction. $XXX taking account from after now proceeds

that, sale. With it into unallocated part the of move closing of will the back the after use this latter year the evaluate as capital we I will of Larry. and to you, turn Airtron We

On to few XXXX like Bruce. I'd priorities and you, XX, a Slide thoughts expectations. on Thank closing our share

I'm to our and and strategy During quarter, the initiatives, right platform shareholders. commitments deliver we and we've progress strategic our our have the made significant customers our both on to on confident

create As value. deeply to NRG significant forward to driving additional CEO, I'm shareholder committed

a are in step seeing We across improvement change fundamentals long-term platform. our

and today. heightened continued your prudent of of investors' about Thank and a focus ready growth am can we're questions. good continued never for now interest You you been line operational for open company I excellence, stewards capital. our expect our you, more I on have the the time being than NRG. Operator, excited potential to in

comes from first Our from Guggenheim. Instructions] Shahriar Pourreza question [Operator

Do something helps the to this last involved get demand? an the meet you XX we've fund think line could this know of do the curves year? since generation in think more the state could for do means assuming backwardation? And gigs have expanded like seen program Do you we get second Larry, next with a one spoke, I to you fund. revert So bandwidth? energy more you XX could

availability Is [ that the then see we'll to But one questions. I is. this ]. Governor about Lieutenant question happens Governor date what saw I the look, Shar talked about the second tranche think all And and the and adding or think has three? talk great And a you -- TAP what probably

these first know you look shovel-ready. applied than and and like, gig. for less Shar, question, at who've it's studies bigger transmission that are of people We an the if think yet. real, ours know much of are all, XX don't how lot we awful But I the is,

I think it's be about exact. XX to

go. And -- lot a those to long ready real to there's so a projects of go before become and way

but them, many sure will, Some I'm not. of will

we've while there long-term don't to some question, seen short what market was a to what to we've in I term, seen impact going your the think? in a I major don't is fluctuation I filings see on the half So sorry, TEF look curves. have from -- second like. I'm Shar, the the see

do generation? an bandwidth kind have you see you like of additional like assuming do program, to Just expanded guys

customers Though other several if we strategy. and continue times years. our before, and about for primarily Absolutely, for to because the equipment and optimal our remember, is as clients need we've portfolio talked of is it development, turbines do lead

XXXX don't you new there's getting the if before in earliest. you're at project no have online way the So a a turbine place queue today,

your And transitioning just then just around disclosures I but lastly, bit? and last EPS, changing maybe little it. know I to thoughts on the I call, just you Got has on Perfect. asked Larry, mean, this a guidance evolved

on My my expand how evolved. thoughts thoughts have evolved. I'll have Bruce let

Shar. I about. has what such terms change guess, evolved of in in short, have there no Larry's we're that thoughts thinking been

I see we be working working had that's what the indicated that, We that towards we're that last as are we quarter and is time third what able to being optimal currently towards. time making do our think earnings transition. to

leave I couple big highlighted a perfect That's want didn't Okay. CEO. as just stay Larry, know color. and congrats. I that we of quarters the to you ago,

So we're glad the Board listened.

rocket mean I you Shar, get you you wait has stars thing before off. the Well, the taken off want get to a ship, like until to

comes from question next Seaport. Our from Angie Storozynski

see? and Texas you -- are, about in all excited do trying prospect the had be to of markets. I'm load to as wondering us power clearly, short And curves power you I we disagree. as maybe given mean, we've Larry, pullback I outlook we're the think just explain the you see if can So you mean, this curves why

I'm a you Rob, that to about lot. take But let Angie, going through maybe? something it's we because of talk Sure. Rob kind

Yes.

obviously, curves the So we've and that seen have. -- Angie, moves same you we

long-term and these constructive and gets look going a pricey by like curve. What You the or as market very the curves, ERCOT back what had And to us step demand come these 'XX constructive, impacted or that think well as actually where be before cheap. to of they're the bunch I and do know in at you we start the whether as of think would So tell for looks because are The right a the not the on curve like. be front of look levels of summers would the demand. buyers, you itself in place that not, is would things 'XX you we not curve that's or out warm we end we undervaluing the but is I looks whatever add into is impacted curve right? the end kind noise summer, of that's a We've see market. with, regardless of

portfolio -- So continue where that I'm And time. the earnings that looks what We business out what pretty our retail very over we to about our bullish on feel it's you churn like. is. strongly will market done the think

very concerned So about curve. not I'm that

Speaking market potential happening about New Any about us to retail if talk could what's and in how retail your business, electric impact reviews the could England. you to that business?

Angie, this context of is the Northeast. Rasesh. To the happening put what's in

subscriber margin volume Our growth, retail double-digit and business with -- overall X% quarter, in really performed deliver strong a performance. strong growth a

states, there specific of of of in Massachusetts some where earnings part regulatory not Northeast, that's a Maryland, an very the seen changes. very we Given small are changes changes example, [indiscernible] things watch a that In our The and the some ended as very, a on the up of any couple going environment result as have stream. carefully. overall making we

be watch closely. we the And negligible so impact of will But environment that results. that to the very our

Okay. assets. then back the And to generation

So capacity. I discussion supply are mean, and the are decisions guys based of need lives wondering, I'm X about X-year new X-year this those these additional visibility profitability and the generation just into actually making with to on build mean, whole I assets. you to assets

the there, merchant build PJM. PPAs assets, truly demand demand you build? to truly should I I new comfortable long-term just cycles I pursue there new how mean, approach to is, a for basically to that way build, a truly And two, actually support painful ] the both merchants is one So to and be given contracts previous could were with that one signing mean, the [ if IPPs. ERCOT as is new mean very build in you opposed argue through opposed maybe as

a expand have of ability power But Angie, use the that the isn't contract to build to and for going all we -- I'm us. this that. merchant on remember let Rob

to ourselves. cross ability it to have or We utilize ourselves the it

And is speculative of Rob, not know, are crucially do so you going not That's merchant really to? This putting business all we're customers' that stack and Rob we're part in. don't of the our I want bill. team forward. But doing meet supply the to that together needs

term. our is of portfolio. for of built This see support it. Like covered were retail what Larry regardless the assets these long to we kind portfolio designed, planned and

We have we support and a long-term consumer-facing that. business,

PPAs. contracts? some through the nothing And sites for potential come clearly about by newbuilds fishing Brownfield as I'm those comments those backed about monetization of long-term could

strategy we before, PJM, sites, as the the as those with with we are Angie, do down and So we've least quite we sites of at up X/X much So consider we disclosed as as right? that play the don't where do in in Texas. generation

All build of themselves, the X new the sites answers way. When the are have to were gave if support opportunity reference those build customer, it's PPAs I and think for for just projects that then about about we that on to Larry the sites in thinking one on to I an the different generation of will obviously those. and and structures capital be a we

[ question Jefferies. next ] Oraman Our comes from Antoine from

on the Congrats do how past other physical the current appointment. new the on in on guess over the Do that taking generation, think I strategic should that's we still asset-light -- and years strategy? trajectory of under conditions deemphasize the right? So the shifts more any considering? best market your about be strategic you leadership, to positioning [indiscernible] And note, back, step you the Larry, just think broadly permanent a company congrats results. the just

asset like or to isn't our other I supply order description strategy able the considered I our be mix I've I instruments it never I mean own that's Antoine, to tolls light. always do and good think of mean, to in -- changing, be continuing. really but and optimal. generation a I that, don't

have customers a is the more more would or than ago we clients iron X of electricity. One did year our and we demanding because to are reasons like

Xwe so in us. is good as appropriate construct stack or portfolio supply And supply for optimize having hard we that, thing the more ground up in the as metal a

me to we're as you I that you instruments types have -- more from of this the we're well other of because know doing presentation, And can so going we that. But as use see is also and be a to do don't in our you continuing, the the and need you, need clients' power meet demand industry, so we growth tell to to to position follow needs in that.

opportunity, with be process? maybe potential any the in sense. How Yes. contemplating? we then you of guess That comment of have type you time may negotiation on And you center data center advanced I how on think are discussions data line, And could providers you contracts status may of about should makes sort that announcements?

we inbounds things so did back were Antoine, all. just pulled of for we strategic one that of of a it getting kind review we the was many

for of probably strategy, power the as in sort the sometime I'm and XX, know sorry. And the centers. we're things of we're XX the getting share a on bunch we're anything As and throwing on -- were [indiscernible] data know you we be see think with they you, of end sites, that obviously appendix of sure think lots contemplating just land of going But year. a I people our can is we about kinds we bids guys before it who us that well, don't like, slide will or to that we're

So means receiving. there they're it look we're really us, there's at that's what more the this need value in because lot we that bids a than to bidding

more much have it. to it more sharing with I forward on comment too really but look now, as So we can't you

of enough. some divestiture, $XXX And I lastly, unexpected. HVAC for net million allocate you Where to then cash? the expect somewhat do proceeds Fair guess, on that

capital principles. Antoine? Yes. an -- we'll look allocation Yes, we'll can certainly sorry, get -- in part, visibility repeat close the last place, will the that once and we more proceeds just allocation standpoint, you we provide but remain should we'll consistent with allocation around that expect you our I'm from

next from Wolfe from Fleishman Steve Research. Our comes question

Larry. Congrats,

just near-term you've kind kind kind kind end, assume end summer the we if the -- should up about of Texas, of a saying opposite. to to we are should first. The milder you high-priced we summer, just just for I of how a ready sure how that's a about embedded but couple that? protection having upper make do And from a questions in So think of in a think done of lower-priced lot hot

also Steve, for assets about often, like it's we seen in that we that do last X you've The it portfolio to downside. turn aren't we the down the can quarters. manage Rob. about our We have great those but don't markets constructive thing that talk is

As far we way where as and the contemplate into land year, going on forward look we and feel guidance. we scenarios down the to we're up both

And Okay. then kind we PJM had outcome. this -- more auction just also of

we should know about matter that retail business? it's contracted how don't think Just capacity a price scale or flow through you've not I of much. much just already enough the to how

Yes.

kind So when see auction the of you -- ] the for last so indicative kind structure we BRA the country. print across of [ supply/demand that this is of

So it's large don't to provide dollars have PJM. portfolio a additional in generation. towards very going We

is it it what So is.

On about think very short and consumer the side, business our term. retail is C&I

So Steve. chose. what in don't if we would happens law depending But and the minimis, And side, look can what expect contract to a lot impacts nothing it's we as about. in on we on that on markets, the these use of then depending side, de we talk changes book, I at with even It's impact retail the the there. guys C&I change on the

have low-cost Okay. to return bonuses ] go and kind price then have do for [ new market But like. And the then sorry and of a Texas -- the has -- build, to so equity. just performance TF on to obviously, back the loans but you

for at is mean, think that any forward equity... works this curve? And should I we -- just us kind basically, messaging hey, about your just of projecting how So

I know you don't any curves forward Steve. mean

thought just I'm -- but is trying on... understand just don't, it I'm I process -- the to

at that [indiscernible] the somewhat project. But time. decision. the we wouldn't a today. where short-term don't There blip as really impact -- seeing would there do there the is we was the we're is look But I in believe that are we're actually our what place increased discussed a that would not think that demand reality We -- Rob all of curve. earlier, belies here obviously terms with from reality curve depressed in

power value still function about volatility, one can't the would a are as volatility see Steve, is curves, to the of like by flexible not also of very think you I transparent, the of math assets, both the Those thing megawatt add daily. the them generation function or but it's gas these which up. a so are looking right? And in you price,

that of the support move can putting And around load into developing them us to our with portfolio. so the continues something as them value these and projects

Got it. on last disclosures. helpful. And That's then the one just quick one QX

You've talked the [ VPPs earnings ]. and about

late or we'll site, kind the Just the more that some call? on QX update do that? the sites, Or the year? kind of you on is XX what think line get of year next Like time

bit, We're it's do but a slow a that, and pushing to iterative process Steve.

some the it's we'll confidence get we that more as we all it between. But working but of year updates. first So are not next fast. as I'm have than until it be some expeditiously that It do important or complete may sure in wait one you would like may right quarter to have

Fargo. Our from Kalton next Neil question Wells from comes

think both as energy the you home question weakness, think well. how on retail economic in your softening the a to a seen seeing you consumer quick any side. do impacts evidence et business, the business thinking so you Just about do cetera? back, outlook, stepping we've consumer that Like how about Are security is the --

environment interest growth, year-over-year is -- subscriber we Smart of Neil, have that strong high revenue delivered that's in We think where for X% slowdown and sort a an of housing business. And growth quarter Rasesh. rates Home activity. that a as in with X% really the this

a function it's the As expect score that base had we has largely FICO I would XXX. a with that normalizes, business a And that than of to average fact the high-quality potentially greater customer that to of business. think deliver an we've very

almost posted on all-time so which for we're still results underpenetrated customer XX% an an is in retention And at largely basis. saw near market. you And -- annualized record we retention,

home. And only of devices not also within provide number mid-single-digit so base services the the grow we the and see opportunities to we but grow customer to rate the the continue to at customer

feel And with and a position so about rates the really, we picks potential tailwind activity normalize our if and for housing really up. good

from comes Durgesh ISI. Chopra from question last Our Evercore

I've got Larry congrats. two questions.

First, Will Or will to that August [indiscernible] just XX, made a formally how we guess of list be announced? due we the of diligence round the for housekeeping, it second which will ones projects. kind by of know

or Yes. diligence. assets, will been are What meeting. been PUCT forward projects list would have we've to And order order, the has is due that August believe This draft XX either moving that the the which towards led that is the Chris. an targeted a for

back just, to And Okay. then you. Perfect. Larry,

role, being was that? As into could this Are thinking you through are there here. of cash you the take for liquidated we the other transaction How back portion obviously, core that proceeds noncore assets permanent see potentially the company? announced there

Look, in we be and we on horizon well. we there's look stock of in invest in [indiscernible], not a nothing always very capital. and look which one, opportunities, a to we attractive everything to And own. things I the range silly be door very as to own, two, especially invest to given I capital take walk that have with the number we divestible, which sometimes have see would that broad at mean, those, would a optimize that number undervalued offers for amazing but people we

things, two look at horizon will but it. we of sense, makes So don't the when advantage that. see anything try take make if that obviously can opportunity a if hard I those it today, look on certainly and at the we we arises, to do transaction we'll

from Morgan David Stanley. question The Arcaro last from comes

this economics curious in Is The for PJM at do work reflecting there? build opportunities that on at last you opportunity print on any look And question I there new have Like just expansion? capacity just that saw. the point? of you we the at look market, to this newbuild an to power plant terms here. was just market

It's Rob.

So the the as print to market. highlighting is actually comes supply-demand constructive the picture it in

think I So a that's positive.

definitely of value build of is bunch or them have in to print into we're generation. The that We which going you, overall thing a I about have development sites, running for market. a not, is building for new that's from generation [indiscernible] new supportive or sites. load as perspective, would that one whether David, we -- one Regardless we the print isn't tell regardless the get think

expect to would based be on to do applying we I December, bunch one but So print, people whole have a PJM supportive. mark which generation I another of wouldn't see expect build in

PJM so energy supply soon. the believe and But rational that makes competitive build when I in aren't to anytime sense. ultimately, it dynamics improve going And are players will

just of that mentioned PJM plants your chain given get as on could expanding gas a do the new in that that? maybe for prices, supply the you That's you have realistically to built market, too, in sense And little challenges outlook energy bit, when in context a the helpful.

slow. So two there's it's queue, and interconnection the challenges very One, PJM-specific, in very PJM. deep and It's right? that's

probably frustrating a And lot people. of so it's

XXXX. earlier, you the piece Larry which second going The global issue, not in alluded want one a is the the before build which plant to that and not you're is ground get on a power is if anything queue, to today to you're

window. supply coming is demand faster that than So

tight energy several expect perspective and an next over I markets, So the a years. from both capacity

I further remarks. will Coben, over questions this closing time. am to for it showing turn back Larry I at no

being NRG. the future congratulations Thank kind for and of for appointment. the and a because words. here, call we're here, I'm excited on more my are on about NRG and for you And we your all all all in super note personal on interest the

think XX know more for optimistic I've never here and I've or you been that more about the excited years, been prospects. all I

well advantage take you'll very of all continue us front amazing hope strategic much. you as Thank and opportunities the we us and stick initiatives join I of execute and in So with to us.

Ladies for participation This concludes today's program. in gentlemen, you your thank conference. the and