Nick Amicucci

Answered both, quantifying the revenue value of a month of earlier power for a 1 GW data center and framing distribution constraints as the inference opportunity.

Reframed the removal as aligning the deck to formally guided metrics and offered a $375+ million CFOA baseline, but did not restore a guide.

Sridhar dismissed the bridge-power framing as no longer raised by customers, but gave no detail on how many deals remain grid tied.

Sridhar accepted the premise with a correction and used the 2.45 gigawatt Rhode Island water and air comparison to argue clean siting will matter more at the edge.

Sridhar deferred utilization detail to next year's backlog discussion, confirming only that expansion beyond 2 gigawatts is being staffed for.

Sridhar argued the modular architecture serves both, and that inference sited near dense populations favors non-polluting, quiet generation.

Yates argued the governor and stakeholders are aligned that economic development and growth are the key to affordability, but did not detail specific objectives.

Lloyd noted developing opportunities timeline uncertain. Demand in Indiana significant from hyperscalers. Will work methodically as resources and equipment allow. Confirmed increased guidance includes only signed contracts, not pipeline.

Lloyd confirmed incremental flowback is the explicit objective. Each new customer using existing transmission grid generates additional savings for retail customers.

Shawn declined to confirm per-GW economics, citing variability from technology choice and construction timelines. Maintained discipline on competitive information.

Michael confirmed EPC partnership designed for upsizing. Initial agreements cover 2 CCGTs and 400MW batteries. Lloyd added partnership enables faster subsequent execution without lengthy RFP processes.

Bruce said the first half puts NRG below the guidance midpoint, but a substantially hedged fleet and committed load give confidence in finishing within the range.

Management highlighted quality customer selection in Texas paying off with record-low churn, continued smart home momentum, and plans to bundle electricity and home automation for affordability.

Gaudette framed the market as impacted by solar and battery build slowing down, with no weather catalyst to set price markers. Expects curves to change radically with one hot summer.

Management called RTC+B an extraordinary opportunity that NRG is uniquely positioned to capture, though still early in quantifying.

Bruce Chung credited the team's operational changes, cultural improvements, and ability to capitalize on weather-favorable conditions.

Cregg pointed to summer weather as the key variable, noted decoupling limits impact but extremes still matter. LaRossa added gas ops value generation as additional positive.

Cregg clarified uprate targets 2027 or 2029 outage windows. LaRossa explicitly stated license extension is not a gating factor for the upgrade.

Cregg explained the fuel supply chain is well-hedged: reactor fuel lasts years, contracts cover the next few years, and Russian fuel displacement will redirect global supply rather than create shortages. Modest price movements possible at the tail end of the five-year period.

LaRossa confirmed PSEG continues to educate and advocate for nuclear. Noted the DOE appears firmed up on AP1000 selection but i's and t's are still being crossed. PSEG is helping educate the incoming administration.

LaRossa explained the 18-to-24-month cycle extension involved fuel design changes consistent with industry practice. Also highlighted cooling tower insulation improvements for summer efficiency gains. No further Hope Creek uprate opportunity, but Salem PWR could move from 18 to 24 months.

Duke said seasonality is leveling due to indoor fabrication and no revenue was pulled forward; growth reflects customers asking for more services immediately as Quanta performs on-site, including book-and-burn MEP work that never enters backlog.

Duke confirmed UI margins are the primary source of earnings improvement from mix and execution, and expects continued margin gains into double digits.

Duke acknowledged bridge power exists but emphasized vast majority of customers will connect to the grid, where Quanta has core advantage.

Duke confirmed renewables visibility through 2030 with double-digit growth continuing. Jayshree noted Tier 1 customers managing political dynamics with safe harboring.

Duke acknowledged daily pipeline conversations but capped guidance at $500M, citing lumpiness, weather risk, and state-level permitting challenges.

CEO emphasized scale, long-standing OEM relationships, and early positioning on turbine orders as key advantages in tight supply chain environment.

CFO emphasized vertical integration gives customers certainty on generation, transmission, and distribution sourcing and timing, enabling transparent cost communication.

Poroch confirmed minimum 15-year contract durations for data center agreements, with some going even longer to ensure durability.

Poroch highlighted the flexibility of bilateral negotiations in all three electric territories. Womack added bridge solutions at Southern Power and PowerSecure are potential upsides to the plan.