Lawrence Coben on market competition
From NRG Energy Inc ($NRG) Q3 2025 Earnings Call · · Castify Earnings Call
“I'm convinced that we're in great position to do, you know, what I was describing. I've had this a long time, so have you. There's a lot of announcements. When I actually see, to use Sam Altman's new term, electrifying, then I will actually believe that they're real or you will see steel in the ground. But, you know, we're not one, you know, we tell you what we've done. We don't tell you what we're going to do. And that's kind of my philosophy in all this.”
On , Lawrence Coben, President, Chief Executive Officer & Chairman of the Board at NRG Energy Inc, spoke about market competition during NRG Energy Inc ($NRG) Q3 2025 Earnings Call on Castify Earnings Call.
About Lawrence Coben
Lawrence Coben, President, CEO, and Chairman of NRG Energy, discussed the company's progress on data center power agreements during the Q2 and Q3 2025 earnings calls. He announced long-term retail power agreements with a data center operator for 295 megawatts (MW), with potential to grow to 1 gigawatt (GW), and stated that the company raised its target for new long-term data center agreements to above $80 per megawatt-hour. Coben noted that NRG unveiled a 14% compound annual growth rate (CAGR) in earnings per share through 2029, which he said does not include any contribution from data centers and reflects pricing assumptions below current market levels. He also mentioned a 5.4 GW deal with GE Vernova and Kiewit, and said the company is looking at opportunities to expand that scale. Coben commented on regulatory developments, stating that Texas Senate Bill 6, signed into law in June, provides new tools to support reliability and long-term planning in the ERCOT market. He said policymakers are responding to affordability, additionality, and reliability concerns through initiatives like Senate Bill 6 and similar efforts in other regions. Coben also reported that NRG increased its 2025 target for the Texas residential virtual power plant from 20 MW to 150 MW of curtailable capacity, attributing this to faster-than-expected progress. Regarding the Gladstone asset in Australia, he described any potential value as "nominal at best" and said a sale would serve to simplify the portfolio and streamline operations.