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NRG Energy Announces Venture With GE Vernova & EPC Company To Build New Generation, Initially Working On 5 GW Of Gas-Fired Capacity In ERCOT, PJM
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NRG Energy Inc., GE Vernova, Inc., and TIC – The Industrial Company (TIC), a subsidiary of Kiewit Corporation, announced a new venture for the development and construction of new generation capacity
Initially, the venture will work to advance four projects totaling 5.4 gigawatts (GW) of new natural gas combined cycle power plants in the ERCOT & PJM markets.
The first 1.2 GW in CCGTs is expected to commence commercial operation in 2029 with two 7HA gas turbines secured under a slot reservation agreement with GE Vernova.
Subsequent projects totaling 4.2 GW will be targeted to come online through 2032.
Plans include a future pipeline of 10-15 GW with expansion to other areas across the U.S.
Separately, NRG said that it has entered into Letters of Intent (LOIs) with two data center developers, Menlo Equities and PowLan, for NRG's existing sites, which target 400 MW of retail supply in the initial phase
NRG said that the LOIs have the potential to scale to 6.5 GW, with work expected to start in 2026.
Specifically, an initial PowLan LOI includes an initial phase of 100 MW by 2027 and 500+ MW overall.
A second PowLan LOI includes a 5+ GW target, with the first development under this second LOI in-service in approximately 2029 or thereafter. This second PowLan LOI includes both NRG and the developer exploring greenfield sites
The Menlo Equities LOI includes an initial phase of 300 MW and a 1+ GW target at existing NRG sites
Turing to earnings, NRG reported Adjusted EBITDA of $902 million for the quarter ending December 31, 2024, up from $861 million a year ago.
Segment Adjusted EBITDA for the quarter ending December 31, 2024 was as follows:
For the full year, NRG reported Adjusted EBITDA of $3,789 million for the year 2024, up from $3,319 million a year ago.
For the year, NRG highlighted, "Power and natural gas margin expansion in the East and West
driven by lower supply costs coupled with increase in
customer count in the East."
Segment Adjusted EBITDA for the year 2024 was as follows:
For the Texas segment, full year 2024 Adjusted EBITDA was $1,582 million, $110 million lower than the prior year. The decrease was primarily driven by the sale of NRG's equity interest in the STP power plant in 2023, mild weather, and the impact of extended planned preventative maintenance to ensure summer reliability, NRG said
For the East segment, full year 2024 Adjusted EBITDA was $1,006 million, $226 million higher than the prior year. This increase was primarily driven by higher retail power margins, increased customer counts, and favorable natural gas wholesale and retail gross margins, NRG said
NRG reported its fourth quarter and full year power load and natural gas sales as follows:
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NRG Announces LOIs With Data Center Developers For NRG-owned Sites, Initial Phases Target 400 MW Of Retail Supply
NRG Announces Earnings
February 26, 2025
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Copyright 2025 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
Adjusted EBITDA
($ in millions) Three Months Ended
Segment 12/31/23 12/31/24
Texas 382 327
East 218 282
West/Services/Other 14 33
Vivint Smart Home 255 271
Adjusted EBITDA
($ in millions) Twelve Months Ended
Segment 12/31/23 12/31/24
Texas 1,692 1,582
East 780 1,006
West/Services/Other 82 241
Vivint Smart Home 790 1,000
4Q23 4Q24
Texas EWO Texas EWO
Power Load (TWh)
Home 8 4 8 4
Business 10 14 9 13
Total 18 18 17 18
4Q23 4Q24
Natural Gas Sales (MDths)
Total -- 498 -- 496
Full Year 2023 Full Year 2024
Texas EWO Texas EWO
Power Load (TWh)
Home 40 15 39 18
Business 40 57 40 57
Total 80 72 80 75
Full Year 2023 Full Year 2024
Natural Gas Sales (MDths)
Total -- 1,892 -- 1,833
EWO: East/West/Other; includes Services
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