NRG Energy (NRG) Q1 2025 Earnings Call May 12, 2025 09:00 AM ET Company Participants Kevin Cole - SVP, Corporate Finance – Treasury & IRLarry Coben - Chairman, CEO and PresidentBruce Chung - EVP & CFOShahriar Pourreza - Senior Managing Director - Head of Energy/Power/UtilitiesDavid Arcaro - Executive Director - Equity ResearchCarly Davenport - Vice President - Equity ResearchRasesh Patel - EVP, President of NRG Consumer Conference Call Participants Julien Dumoulin-Smith - Research AnalystSteve Fleishman - M ...

NRG Energy (NRG) Q1 2025 Earnings Call May 12, 2025 09:00 AM ET Company Participants Kevin Cole - SVP, Corporate Finance – Treasury & IRLarry Coben - Chairman, CEO and PresidentBruce Chung - EVP & CFOShahriar Pourreza - Senior Managing Director - Head of Energy/Power/UtilitiesDavid Arcaro - Executive Director - Equity ResearchCarly Davenport - Vice President - Equity ResearchRasesh Patel - EVP, President of NRG Consumer Conference Call Participants Julien Dumoulin-Smith - Research AnalystSteve Fleishman - M ...

Financial Data and Key Metrics Changes - NRG delivered the strongest first quarter adjusted EBITDA in company history, surpassing last year's record by 30% [8] - Adjusted EPS for the first quarter was $2.68, an 84% increase compared to the first quarter of last year [10][25] - Adjusted net income was $531 million and free cash flow before growth was $293 million, reflecting a significant increase from the previous year [25][26] Business Line Data and Key Metrics Changes - Each segment executed exceptionally in the first quarter, producing strong financial results over the prior year, driven by expanded margins and favorable weather [25][26] - The acquisition of the LS Power portfolio is expected to significantly expand earnings potential and enhance virtual power plant operations [8][14] Market Data and Key Metrics Changes - The acquisition adds approximately 11 gigawatts of natural gas-fired capacity in the East, with 75% in PJM, enhancing NRG's competitive position in key markets [16][20] - The company expects to generate enough output from its own plants to serve its residential retail load in Texas and produce more than twice the energy required for retail customers in PJM [18] Company Strategy and Development Direction - The acquisition reshapes NRG's competitive position, doubling its generation capacity and enhancing its ability to serve customers [8][14] - NRG is committed to a balanced capital allocation approach, targeting $1 billion in annual share repurchases while maintaining a strong balance sheet [22][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the acquisition's ability to capture value as markets tighten and customer demand for customized supply solutions increases [21][43] - The company anticipates a compound annual growth rate of 14% in adjusted EPS through 2029, reflecting contributions from the acquisition and existing growth plans [9][42] Other Important Information - The acquisition is valued at approximately $12 billion, with LS Power receiving $2.8 billion in equity, which will make them a significant shareholder in NRG [13][14] - NRG plans to reduce debt by $3.7 billion over the next 24 to 36 months post-acquisition [31][40] Q&A Session Summary Question: Clarification on EBITDA assumptions and Sea Power's contribution - Management chose to use previous pricing assumptions for simplicity, indicating that current market prices would yield significantly higher numbers [50] - Sea Power is expected to be a powerful tool, with synergies not factored into the initial EBITDA projections [51][53] Question: Strategic growth opportunities in retail - The acquisition provides optionality across customer bases, enabling customized long-term solutions [54] Question: Insights on Eastern market positioning - Management expressed confidence in the PJM market, citing tightening capacity markets and the potential for significant upside [66][67] Question: Path to deleveraging post-acquisition - The company expects to be around 3.5 times leverage after year one, gradually reducing to three times over the following two years [75] Question: Home VPP opportunity tracking - The home VPP initiative is tracking well, with strong consumer reception and significant growth in demand response capacity expected [95]

以山东为例，其现货市场通过设定合理价格限值、建立容量补偿机制，已在2023年迎峰度夏期间验证了市场保供能力——高峰电价激励煤电增 发270万千瓦，独立储能顶峰放电能力充分释放，用户侧移峰电量达200万千瓦。 分布式储能将迎来爆发式增长，尤其是工业园区、数据中心等高耗能场景。 例如，西北地区的储能项目可通过省间通道向东部缺电省份放电，优化资源配置。 据预测， 2025年国内新型储能装机规模将突破80GW，现货市场建设将带动万亿级投资涌入储能、电力IT、智能电网等领域。 1、发电侧：从"计划电量"到"市场博弈" 2、用户侧：从"被动接受"到"主动决策" 以广东为例，其2025年电力交易规模预计达6500亿千瓦时，其中年度交易规模3800亿千瓦时，采用"基准价+上下浮动20%"的灵活定价机制。 以湖北、浙江等先行省份为例，工商业储能项目的静态回收期有望缩短至5-6年。 3、新兴主体：虚拟电厂、储能的"制度红利" 上海某虚拟电厂平台已接入1.2GW可调资源，通过参与实时市场实现年收益超5000万元。 1、发电企业：从"产量思维"转向"报价策略" 2、用户企业：从"成本中心"到"价值创造" 3、储能企业：从"政策套利" ...

日前，国家发展改革委、国家能源局发布《关于加快推进虚拟电厂发展的指导意见》（以下简称《意 见》），标志着我国有了首个针对虚拟电厂的国家级专项政策。 近年来，各地和相关企业积极探索虚拟电厂建设，广东、山东、山西等省份虚拟电厂发展较快。但总体 来看，全国虚拟电厂建设还处于起步阶段，各方对虚拟电厂定义和功能定位缺乏统一认识，适应虚拟电 厂发展的管理要求、市场机制和标准体系有待进一步健全。 多位专家在接受科技日报记者采访时分析，《意见》的出台，将为系统推进虚拟电厂规范化、规模化、 市场化、常态化发展提供重要指导，助力全国统一电力市场构建、新型电力系统建设和能源电力清洁低 碳转型。 没厂房没机组也能供电 不建厂房、不冒烟，但却能聚合各类分散资源，协同参与电力系统优化和电力市场交易——这便是虚拟 电厂。它是实现智能配电网的重要技术之一，在新型电力系统建设和电力市场建设过程中扮演着重要角 色。 "虚拟电厂具备传统电厂调峰、调频等功能，但本身不拥有实体发电机组。"山西大学电力与建筑学院电 力工程系主任闫来清介绍，虚拟电厂本质上是一个聚合与协调的平台。它通过先进的信息通信和智能控 制技术，将分散的可控负荷、分布式能源、储能设备 ...

3.工程规模：储能电站本期建设规模为200MW/800MWh，储能系统由40个5MW/20.06MWh储 能单元并联组成。新建一座220kV升压站容量240MVA的有载调压主变压器，新上220kV配电装 置采用户外式GIS，采用线变组接线。本工程35kV段采用单母线接线方式，设置两段35kV段， 采用35kV高压开关柜配电装置。储能电站采用220千伏电压等级接入梨花镇220千伏变电站，线 路采用单回路架设，线路长度0.6千米，采用JL/G1A-300/40导线。 文 | 中关村储能产业技术联盟 4月25日， 新型电力系统智能储能与调度优化示范工程（虚拟电厂建设项目）招标公告发布， 储能电站本期建设规模为200MW/800MWh，储能系统由40个5MW/20.06MWh储能单元并联组 成。 利用大数据、云计算、物联网、人工智能等先进技术，构建数字化平台，建设内容为私有 云虚拟化轻量云平台、虚拟电厂、智能调度系统建设。 公告原文如下： 新型电力系统智能储能与调度优化示范工程（虚拟电厂建设项目） 招标公告 一、招标条件 本新型电力系统智能储能与调度优化示范工程 已由 第一师发展和改革委员会 以师市发改发 〔2025 ...

SAN DIEGO, April 11, 2025 (GLOBE NEWSWIRE) -- NeoVolta Inc. (NASDAQ: NEOV), a U.S.-based energy technology company delivering scalable storage, for resilient residential and commercial power infrastructure, is pleased to share that its strategic partner, Virtual Peaker, a leading virtual power plant software company, has officially announced the companies' collaboration to enhance grid resilience and accelerate the adoption of distributed energy resources. Virtual Peaker's AI-powered platform optimizes batt ...

SAN DIEGO, April 11, 2025 (GLOBE NEWSWIRE) -- NeoVolta Inc. (NASDAQ: NEOV), a U.S.-based energy technology company delivering scalable storage, for resilient residential and commercial power infrastructure, is pleased to share that its strategic partner, Virtual Peaker, a leading virtual power plant software company, has officially announced the companies’ collaboration to enhance grid resilience and accelerate the adoption of distributed energy resources. Virtual Peaker’s AI-powered platform optimizes batt ...

Core Viewpoint - PG&E has launched the Seasonal Aggregation of Versatile Energy (SAVE), a first-of-its-kind virtual power plant (VPP) aimed at enhancing local grid reliability by utilizing residential distributed energy resources [1][2][3] Group 1: Program Overview - The SAVE program will involve up to 1,500 residential customers with battery energy storage systems and up to 400 customers with smart electric panels, providing localized support during peak demand periods from June to October 2025 [2][4] - The program is designed to alleviate local grid constraints by supplying battery power and load flexibility to neighborhoods when electric substations and feeder lines are nearing capacity limits [2][5] Group 2: Participation and Technology - Participating aggregators, including Sunrun and SPAN, will receive week-ahead hourly signals from PG&E to manage energy capacity needs effectively [4][6] - Sunrun will manage battery dispatches and ensure that all enrolled batteries maintain at least 20% backup reserve for power availability during outages [7][8] - SPAN will utilize its Dynamic Service Rating™ capability to shape home energy demand during peak events, allowing customers to adjust their preferences via the SPAN Home® App [11][12] Group 3: Community Impact - The SAVE program focuses on equity, with over 60% of participating customers coming from disadvantaged or low-income communities [5] - The neighborhoods selected for the program are primarily located in the South Bay Area and Central Valley, targeting areas with potential overload during peak summer hours [5]