NRG Energy Inc (NRG) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the NRG Energy Inc first-quarter 2025 business update and earnings call (Operator instructions) Please be advised today's conference is being recorded.

您好，感謝您的支持。歡迎參加 NRG Energy Inc 2025 年第一季業務更新和收益電話會議（操作員指示）請注意，今天的會議正在錄製中。

I would like to hand the conference over to Kevin Cole, Head of Treasury and Investor Relations to read the safe harbor introductory and introduce the call may begin.

我想將會議交給財務和投資者關係主管 Kevin Cole，閱讀安全港介紹並介紹電話會議的開始。

Thank you. Good morning and welcome to NRG Energy's first quarter and business update call. This morning's call is being broadcast live over the phone, and via webcast. Today's webcast, presentation, and press release can be located in the Investors Section of our website at www.nrg.com under Presentations and Webcast.

謝謝。早安，歡迎參加 NRG Energy 第一季和業務更新電話會議。今天上午的電話會議將透過電話和網路直播進行。今天的網路廣播、簡報和新聞稿可以在我們網站 www.nrg.com 的投資者部分的簡報和網路廣播下找到。

Please note that today's discussion may contain forward-looking statements which are based upon assumptions that we believe be reasonable as of this date. Actual results may differ materially. We urge everyone to review the safe harbor in today's presentation, as well as the risk factors in our SEC filings. We undertake no obligation to update these statements as a result of future events, except as required by law.

請注意，今天的討論可能包含前瞻性陳述，這些陳述是基於我們認為截至目前合理的假設。實際結果可能存在重大差異。我們敦促大家審查今天演示中的安全港以及我們向美國證券交易委員會提交的文件中的風險因素。除非法律要求，我們不承擔因未來事件而更新這些聲明的義務。

In addition, we'll refer to both GAAP and non-GAAP financial measures. For information regarding our non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures, please refer to today's presentation and press release.

此外，我們將參考 GAAP 和非 GAAP 財務指標。有關我們的非公認會計準則財務指標以及與最直接可比較的公認會計準則指標的對帳信息，請參閱今天的簡報和新聞稿。

And now with that, I'll now turn the call over to Larry Coben, NRG's Chair, President and CEO.

現在，我將把電話轉給 NRG 董事長、總裁兼執行長 Larry Coben。

Thank you, Kevin. Good morning, everyone, and thank you for your interest in NRG. I'm joined today by Bruce Chung, our Chief Financial Officer. Other members of the management team are also on the line and available for questions. This morning marks a defining step for NRG.

謝謝你，凱文。大家早安，感謝大家對 NRG 的關注。今天和我一起參加的是我們的財務長 Bruce Chung。管理團隊的其他成員也在線並可以回答問題。今天早上標誌著 NRG 邁出了決定性的一步。

Alongside our outstanding first quarter results, we are announcing the acquisition of a portfolio of assets from LS Power comprised of 13 gigawatts of natural gas generation and a 6 gigawatt commercial and industrial virtual power plant platform located across the Northeast and Texas.

除了我們出色的第一季業績外，我們還宣布收購 LS Power 的資產組合，包括位於東北部和德克薩斯州的 13 千兆瓦天然氣發電和 6 千兆瓦商業和工業虛擬發電廠平台。

This acquisition expands our generation base, improves our ability to serve customers. positions us naturally long versus our retail load in all core markets and increases our asymmetric exposure to demand growth across US power markets.

此次收購擴大了我們的發電基礎，並提高了我們服務客戶的能力。這使得我們自然地在所有核心市場中佔據零售負載的多頭地位，並增加了我們對美國電力市場需求成長的不對稱敞口。

Let's turn to slide 4 for the key takeaways of today's call. We delivered the strongest first quarter adjusted EBITDA in company history, surpassing last year's record by 30%. We are reaffirming our 2025 financial guidance ranges.

讓我們翻到投影片 4，了解今天電話會議的要點。我們實現了公司史上最強勁的第一季調整後 EBITDA，比去年的紀錄高出 30%。我們重申 2025 年的財務指引範圍。

Second, the acquisition of the LS Power portfolio reshapes our competitive position. It improves how we serve customers by doubling our own generation and materially strengthening our virtual power plant operations. This significantly expands our earnings potential and positions us to capture meaningful upside as power markets tighten.

其次，收購 LS Power 資產組合重塑了我們的競爭地位。它透過使我們自己的發電量翻倍並實質地加強我們的虛擬發電廠運作來改善我們為客戶提供服務的方式。這大大擴大了我們的獲利潛力，並使我們能夠在電力市場收緊時獲得有意義的上漲空間。

Third, we are raising our five-year adjusted EPS compound annual growth rate to 14%, a 40% increase to the base plan we presented in February, reflecting the combined contributions of today's acquisition and the Rockland portfolio edition. This outlook maintains a flat view of power and capacity prices and does not include potential upsides such as rising prices, data centers, and other large load contracts or success in our full PEF pipeline.

第三，我們將五年調整後每股盈餘複合年增長率提高至 14%，比我們二月份提出的基礎計劃增加 40%，這反映了今天的收購和 Rockland 投資組合版本的綜合貢獻。這項展望維持了對電力和容量價格的平淡看法，並不包括價格上漲、資料中心和其他大負荷合約或我們整個 PEF 管道成功等潛在上行因素。

Finally, we remain disciplined in capital allocation. We are maintaining a strong balance sheet, returning substantial capital to shareholders, investing in growth, and positioning the business for sustained long-term value creation.

最後，我們在資本配置方面保持紀律。我們保持強勁的資產負債表，向股東返還大量資本，投資於成長，並為持續的長期價值創造做好業務定位。

Turning to slide 5 with the quarterly results and key highlights. Adjusted EPS for the first quarter was $2.68, an 84% increase compared to the first quarter of last year. This improvement was driven by strong asset performance, expanded consumer margins, favorable weather, and natural gas optimization in the Northeast.

翻到幻燈片 5，其中顯示了季度業績和主要亮點。第一季調整後每股收益為 2.68 美元，較去年第一季成長 84%。這一改善得益於強勁的資產表現、擴大的消費者利潤、有利的天氣以及東北地區的天然氣優化。

We are reaffirming our 2025 financial guidance, reflecting strong year-to-date performance and the expected contribution from the Rockland acquisition. First quarter results were exceptional, and we are already tracking at the upper end of our full year guidance ranges. This reflects disciplined execution on margins, supply optimization, and strong operating performance across every aspect of our business. We delivered top decile safety performance and outstanding fleet reliability.

我們重申 2025 年財務指導，反映了年初至今的強勁表現以及 Rockland 收購的預期貢獻。第一季的業績非常出色，我們已經達到了全年預期範圍的上限。這反映了我們業務各個方面的利潤率、供應優化和強勁的營運績效的嚴格執行。我們提供了最高的安全性能和出色的車隊可靠性。

Our third Texas Energy Fund project, Greens Bayou was selected for due diligence review in March, bringing all three of our brownfield projects into that program totaling 1.5 gigawatts of capacity. Separately, we secured an additional 1.2 gigawatts of GE Vernova turbine reservations, a direct result of accelerating customer conversations and rising demand signals. We now hold a total of 2.4 gigawatts of total slot reservations for projects that are expected to begin operations in 2029 and 2030.

我們的第三個德州能源基金專案 Greens Bayou 於 3 月被選中進行盡職調查審查，將我們的所有三個棕地專案納入該計劃，總容量為 1.5 千兆瓦。另外，我們還獲得了額外的 1.2 千兆瓦 GE Vernova 渦輪機預訂，這是客戶對話加速和需求訊號上升的直接結果。目前，我們為預計 2029 年和 2030 年開始營運的專案保留了總計 2.4 千兆瓦的容量。

These slot reservations demonstrate confidence in our commercial discussions and ensure we can act quickly where long-term premium power purchase agreements support new developments. Finally, we completed $445 million in share repurchases through April, leaving $855 million remaining to be completed through the end of 2025.

這些時段預訂顯示了我們對商業談判的信心，並確保我們能夠在長期優質購電協議支持新發展的情況下迅速採取行動。最後，截至 4 月份，我們完成了 4.45 億美元的股票回購，剩餘 8.55 億美元的股票回購將於 2025 年底前完成。

With that, let's turn to the details of the acquisition starting on slide 7. We are acquiring 13 gigawatts of natural gas capacity and a 6 gigawatt CNI virtual power plant platform from LS Power for an enterprise value of approximately $12 billion.

接下來，讓我們從第 7 張投影片開始了解收購的細節。我們正在從 LS Power 收購 13 千兆瓦的天然氣容量和 6 千兆瓦的 CNI 虛擬發電廠平台，企業價值約 120 億美元。

This is a highly strategic acquisition that strengthens our position as one of the nation's leading competitive power generators. We're acquiring these assets at a significant discount to new build costs at an attractive valuation and at the strategically opportune time to be adding high quality, difficult to replicate resources into our portfolio as the sector enters into a period of sustained demand.

這是一項具有高度戰略意義的收購，鞏固了我們作為國內領先的競爭性發電企業之一的地位。我們以遠低於新建成本的價格收購這些資產，估值也極具吸引力，而且由於該行業進入了持續需求期，我們在戰略上處於有利時機，將高品質、難以複製的資源添加到我們的投資組合中。

We would also note that LS Power will receive a meaningful portion of the transaction consideration in NRG shares. LS Power will receive approximately $2.8 billion of equity as consideration and own approximately 11% of NRG in closing. This is LS Power's largest single equity investment in firm history, which I think speaks for itself in terms of their confidence in our company's future. We welcome them as a future large shareholder in our company.

我們還要指出的是，LS Power 將以 NRG 股份的形式獲得交易對價的很大一部分。LS Power 將獲得約 28 億美元的股權作為對價，並在交易結束時擁有 NRG 約 11% 的股份。這是 LS Power 公司史上最大的單筆股權投資，我認為這充分說明了他們對我們公司未來的信心。我們歡迎他們成為我們公司未來的大股東。

The acquisition is built on four key pillars. First, it more than doubles the size of our generation fleet, creating a pro forma portfolio of 25 gigawatts of owned capacity.

此次收購基於四大關鍵支柱。首先，它使我們的發電規模增加了一倍多，形成了自有容量為 25 千兆瓦的預期組合。

Second, it enhances and magnifies our opportunity to create value in the emerging power market super cycle by expanding our scale in key competitive regions, strengthening our large load strategy, and increasing our asymmetric upside opportunities.

其次，透過擴大我們在主要競爭地區的規模、加強我們的大負荷策略以及增加我們不對稱的上行機會，它增強並放大了我們在新興電力市場超級週期中創造價值的機會。

Third, it improves our credit risk profile, supporting a long-term net debt to adjusted EBITDA target of less than 3 times and a balanced capital allocation plan including $1 billion in annual share repurchases through our deleveraging period.

第三，它改善了我們的信用風險狀況，支持長期淨債務與調整後 EBITDA 比率低於 3 倍的目標，並支持平衡的資本配置計劃，包括在我們的去槓桿期間每年 10 億美元的股票回購。

Fourth, it delivers immediate and substantial accretion while establishing an even stronger foundation for sustained long-term growth.

第四，它能夠帶來立竿見影的實質成長，同時為長期持續成長奠定更堅實的基礎。

Let me take you through each of these pillars in detail, beginning on slide 8. This transaction transforms our portfolio. We are acquiring the largest privately held natural gas generation fleet and the leading CNI virtual power plant platform. In the East, we are adding approximately 11 gigawatts of natural gas-fired capacity, with 75% of that in PJM and the balance in NYISO and ISO-NE. These assets include some of the highest capacity factor combined cycle units and most efficient peakers in PJM.

從第 8 張投影片開始，讓我向大家詳細介紹這些支柱。此次交易改變了我們的投資組合。我們正在收購最大的私營天然氣發電機組和領先的 CNI 虛擬發電廠平台。在東部，我們增加了約 11 吉瓦的天然氣發電容量，其中 75% 在 PJM，其餘在 NYISO 和 ISO-NE。這些資產包括 PJM 中一些容量係數最高的聯合循環機組和最高效的峰值發電機組。

Several of the peakers also present opportunities for conversion and upgrades to combined cycle plans, improving long-term flexibility and value. In Texas, we are acquiring more than 2 gigawatts of capacity in the North zone. This strengthens and diversifies our Houston focused fleet. It shifts our residential supply position to naturally long.

一些尖峰發電廠也提供了轉換和升級到聯合循環計畫的機會，從而提高了長期靈活性和價值。在德州，我們正在北部地區收購超過 2 千兆瓦的發電容量。這將增強並多樣化我們以休士頓為中心的船隊。它將我們的住宅供應狀況轉變為自然多頭。

These assets improve our ability to serve both large and small customers and give us more control over meeting demand in a tightening supply environment while at the same time lowering our cost to serve. The acquisition also includes C Power, the national leader in distributed energy optimization, with 6 gigawatts of commercial and industrial virtual power plant capacity.

這些資產提高了我們服務大客戶和小客戶的能力，使我們能夠在供應緊張的環境中更好地滿足需求，同時降低我們的服務成本。此次收購還包括分散式能源優化領域的全國領導企業 C Power，其擁有 6 千兆瓦的商業和工業虛擬發電廠容量。

We believe this is the premier CNIBPP platform valued for its proprietary software and managing more than 2,000 customers across 60 grid programs. The business has 95% retention and a well diversified customer base spanning commercial, industrial, government, education, and healthcare sectors.

我們相信這是首屈一指的 CNIBPP 平台，其專有軟體的價值在於管理 60 個電網專案中的 2,000 多個客戶。該業務的保留率為 95%，客戶群多元化，涵蓋商業、工業、政府、教育和醫療保健領域。

As customer demand becomes more dynamic and the grid more constrained, we believe this capability will meaningfully grow in value. It gives us the tools and scale to serve customers, support reliability, and compete in a market that increasingly values flexibility.

隨著客戶需求變得更加動態以及電網更加受限，我們相信這種能力的價值將會顯著成長。它為我們提供了服務客戶、支援可靠性以及在越來越重視靈活性的市場中競爭的工具和規模。

Pro forma, the combined portfolio gives NRG a balanced mix of resources and significant excess supply relative to our residential retail load. In Texas, we expect to generate enough output from our own plants to serve our residential retail load.

預計合併後的投資組合將為 NRG 帶來均衡的資源組合和相對於住宅零售負載而言顯著的過剩供應。在德州，我們預計我們自己的工廠能夠生產足夠的產量來滿足我們的住宅零售負荷。

In PJM, we will produce more than twice the energy required to serve our retail customers. And the acquisition gives us embedded upside as market conditions evolve. We're also impressed by the regulatory momentum in both markets. In Texas, SB6 is progressing, and we see it as an important step toward improving transparency and clarifying how large loads connect to the system. In PJM, we're seeing constructive progress on key issues. We feel good about where both markets are headed.

在 PJM，我們將生產為零售客戶提供所需兩倍以上的能源。隨著市場狀況的變化，這項收購將為我們帶來內在的上升空間。這兩個市場的監管勢頭也給我們留下了深刻的印象。在德州，SB6 正在取得進展，我們認為這是提高透明度和明確大負載如何連接到系統的重要一步。在 PJM，我們看到關鍵問題上取得了建設性進展。我們對這兩個市場的發展方向感到樂觀。

Moving to slide 9. The transaction significantly strengthens NRG's ability to capture upside as demand grows. With the addition of this portfolio, we will hold the third largest natural gas generation portfolio in the East and Texas. This puts us at competitive scale alongside other top players in the sector and enhances our position to meet rising load and respond to changing market conditions.

移至幻燈片 9。此交易大大增強了 NRG 在需求成長時獲取上行空間的能力。隨著該投資組合的加入，我們將擁有東部和德州第三大天然氣發電投資組合。這使我們與該行業的其他頂尖企業具有同等的競爭力，並增強了我們應對不斷增加的負荷和應對不斷變化的市場條件的能力。

We've already identified 1 gigawatt of potential upgrades through converting peakers to combined cycle plans in the East, creating a clear path to expand output using existing sites and meeting large load additionality requests.

我們已經透過將東部的尖峰發電計劃轉換為聯合循環計劃，確定了 1 千兆瓦的潛在升級，從而創建了一條使用現有站點擴大產量並滿足大負載附加請求的清晰途徑。

The acquisition meaningfully increases the number of sites available to support large loads and data centers, positioning us to meet the needs of hyper scalers and other large load customers and the emerging demand across our core markets. Importantly, none of these opportunities are incorporated into the accretion and growth metrics.

此次收購顯著增加了可用於支援大負載和資料中心的站點數量，使我們能夠滿足超大規模用戶和其他大負載客戶的需求以及核心市場的新興需求。重要的是，這些機會都沒有納入增值和成長指標。

Let me repeat that, none of these opportunities are incorporated into the accretion and growth metrics. Together, these advantages position NRG to capture value well beyond our base forecast with multiple avenues for upside as markets tighten and customer demand for more customized supply solutions increases.

讓我再說一遍，這些機會都沒有納入增值和成長指標。綜合起來，隨著​​市場收緊和客戶對更多客製化供應解決方案的需求增加，這些優勢使 NRG 能夠獲得遠超過我們基本預測的價值，並且擁有多種上漲途徑。

Turning to slide 10, beyond the strategic and operational drivers, we want to outline how this strengthens NRG's long-term financial foundation. What sets this acquisition apart is not just the quality of the assets. It is the way it accelerates our growth trajectory and reinforces our ability to deliver durable shareholder value. It exceeds our hurdle rates, produces immediate and substantial accretion, lowers risk, and positions NRG for sustained financial strength.

轉到第 10 張投影片，除了策略和營運驅動因素之外，我們還想概述這如何加強 NRG 的長期財務基礎。此次收購的獨特之處不僅在於資產的品質。它加速了我們的成長軌跡並增強了我們為股東提供持久價值的能力。它超出了我們的最低收益率，產生了直接和實質的成長，降低了風險，並使 NRG 保持持續的財務實力。

We are committed to a balanced capital allocation (inaudible) that prioritizes deleveraging and includes both substantial return of shareholder capital and growth investment. We expect to return at least $1 billion annually to shareholders via share repurchases while maintaining our target 7% to 9% annual dividend per share growth even through the deleveraging period. We are targeting $3.7 billion of debt reduction related to the acquisition. Once we have achieved our targeted credit metrics, we plan to return to our 80% capital return and 20% growth allocation framework.

我們致力於實現平衡的資本配置（聽不清楚），優先考慮去槓桿，並包括股東資本的大量回報和成長投資。我們預計每年將透過股票回購向股東返還至少 10 億美元，同時即使在去槓桿期間也能維持每股 7% 至 9% 的年度股息成長目標。我們的目標是減少與此次收購相關的37億美元債務。一旦我們實現了目標信用指標，我們計劃恢復 80% 的資本回報和 20% 的成長分配框架。

Turning to slide 11 for a summary of headline metrics. This is an exceptionally accretive acquisition that delivers significant immediate value, including $1.6 billion of incremental adjusted EBITDA, $1 billion of free cash flow before growth, and double digit percentage accretion in adjusted EPS and free cash flow per share.

翻到第 11 張投影片來查看主要指標的摘要。這是一項極具增值的收購，可帶來顯著的直接價值，包括 16 億美元的增量調整後 EBITDA、10 億美元的成長前自由現金流，以及調整後每股收益和每股自由現金流的兩位數百分比增值。

Over the medium and long term, it lists our adjusted EPS compound annual growth rate by 40%, bringing it to 14% through 2029. And to repeat, this 14% growth rate does not include any additional upside opportunities such as rising power prices or data centers.

從中期來看，它列出了我們調整後的每股盈餘複合年增長率為 40%，到 2029 年將達到 14%。再次強調，14% 的成長率並不包括任何額外的上行機會，例如電價上漲或資料中心上漲。

With that, I'll turn it over to the man who today is the most famous [Bruce] from New Jersey, Bruce Chang, to walk you through the financial details.

接下來，我將把話題交給當今新澤西州最著名的布魯斯張 (Bruce Chang)，他將向你們介紹財務細節。

Thank you, Larry. Before turning to our exciting announcement today, I'm going to provide a brief overview of our fantastic first quarter financial results.

謝謝你，拉里。在今天宣布我們令人興奮的公告之前，我將簡要概述我們出色的第一季財務表現。

Turning to slide 13, I'm pleased to share that NRG delivered record first quarter financial results with $2.68 in adjusted earnings per share and over $1.1 billion in adjusted EBITDA. Adjusted net income was $531 million and free cash flow before growth was $293 million.

翻到第 13 張投影片，我很高興地告訴大家，NRG 第一季的財務表現創下了紀錄，調整後每股收益為 2.68 美元，調整後 EBITDA 超過 11 億美元。調整後的淨收入為 5.31 億美元，成長前的自由現金流為 2.93 億美元。

Compared to the first quarter of last year, we achieved an impressive 84% increase in adjusted EPS and a 30% increase in adjusted EBITDA. Each of our segments executed exceptionally in the first quarter and produced strong financial results over the prior year.

與去年第一季相比，我們的調整後每股收益成長了 84%，調整後 EBITDA 成長了 30%。我們每個部門在第一季都表現出色，並且比前一年取得了強勁的財務業績。

Our results were driven by a mix of expanded margins, favorable weather, and excellent commercial optimization in our East, West, and Texas segments, as well as continued customer growth and net service margin expansion in our smart home segments.

我們的業績得益於東部、西部和德州分部的利潤率提高、天氣條件有利和出色的商業優化，以及智慧家居分部的持續客戶成長和淨服務利潤率擴大。

First quarter of 2025, free cash flow before growth exceeded the same period in 2024 by $333 million, largely driven by our strong EBITDA growth and the timing of certain working capital items. With the strong performance delivered in the first quarter, we are reaffirming our 2025 financial guidance across all metrics, while also also noting that we are trending at the upper end of our guidance range. I look forward to providing you updates on subsequent earnings calls.

2025 年第一季度，成長前的自由現金流比 2024 年同期高出 3.33 億美元，主要得益於我們強勁的 EBITDA 成長和某些營運資本項目的時機。憑藉第一季的強勁表現，我們重申了 2025 年所有指標的財務指導，同時也注意到我們正處於指導範圍的上限。我期待向您提供後續收益電話會議的最新消息。

Turning to 2025 capital allocation. There are minimal changes to our original capital allocation outlook compared to what I shared in our February call. We began 2025 with $525 million in unallocated excess cash from the prior year, largely driven by the [Aron] divestiture that closed in the fourth quarter.

轉向2025年的資本配置。與我在二月電話會議上分享的內容相比，我們最初的資本配置前景變化很小。2025 年初，我們擁有上一年未分配的超額現金 5.25 億美元，這主要得益於第四季度完成的 [Aron] 資產剝離。

When combined with the midpoint of our free cash flow before growth guidance, that brought the starting 2025 capital allocation, capital available for allocation to over $2.6 billion. Our plan to execute $1.3 billion in share purchases remained unchanged. Through April 30, we executed $445 million in sharer repurchases.

與我們的成長指引之前的自由現金流中點相結合，這使得 2025 年的起始資本配置、可供分配的資本超過 26 億美元。我們執行 13 億美元股票購買計畫維持不變。截至 4 月 30 日，我們已執行了 4.45 億美元的股東回購。

We generally manage our share repurchases through periodic [10B51] trading plans, which enables a more programmatic and regular approach to when we are buying in the market. We enter into these plans during open windows when we do not possess material nonpublic information. These plans will execute over several months or longer and are designed to allow for the continued execution of share repurchases if or when we come into possession of material nonpublic information during such periods.

我們通常透過定期的[10B51]交易計劃來管理我們的股票回購，這使得我們在市場上買入時能夠採取更有程序性和更規律的方式。我們在不掌握重大非公開資訊的開放窗口期間制定這些計劃。這些計劃將持續數月或更長時間，旨在當我們在此期間掌握重大非公開資訊時，能夠繼續執行股票回購。

Wrapping up the slide, we are showing a slight change from the chart presented during our last earnings call to reflect financing fees related to our liability management program and incremental capital for our new build program, which includes amounts for turban reservation slots through the GE (inaudible) partnership we announced last quarter. Finally, we are showing $40 million of unallocated capital which we will allocate over the course of the year.

總結一下這張投影片，我們展示了與上次收益電話會議上提供的圖表略有不同之處，以反映與我們的負債管理計劃相關的融資費用和新建計劃的增量資本，其中包括透過我們上個季度宣布的 GE（聽不清）合作夥伴關係獲得的頭巾預訂時段的金額。最後，我們還有 4000 萬美元的未分配資本，我們將在年內分配這些資本。

Moving to slide 15 for a look at the key terms of the acquisition we're announcing today. I echo Larry's excitement that NRG will be acquiring a transformative 13 gigawatt portfolio, adding diversity and scale to our generation strategy, while also acquiring the Premier CNIVPT platform in the US. This is a highly complementary and strategic acquisition and a very compelling transaction from a financial perspective.

請翻到第 15 張投影片來查看我們今天宣布的收購的關鍵條款。我和拉里一樣興奮，NRG 將收購具有變革意義的 13 千兆瓦產品組合，為我們的發電策略增添多樣性和規模，同時也將收購美國的 Premier CNIVPT 平台。這是一次高度互補且具有策略意義的收購，從財務角度來看也是非常引人注目的交易。

As you can see on the slide, enterprise value for the portfolio is $12 billion representing a very attractive multiple of 7.5 times 2026 EV to EBITDA. The enterprise value includes $2.8 billion of stock consideration, which is based on $24.25 million shares that we will issue to LS Power, multiplied by the 10-day trailing volume weighted average price as of last Friday.

正如您在投影片上看到的，該投資組合的企業價值為 120 億美元，相當於 2026 年企業價值與 EBITDA 的 7.5 倍，這是一個非常有吸引力的倍數。企業價值包括 28 億美元的股票對價，該價值基於我們將向 LS Power 發行的價值 2,425 萬股股票乘以截至上週五的 10 天成交量加權平均價格。

In addition to the stock consideration, the enterprise value includes $3.2 billion of existing debt at the acquired companies and $6.4 billion of cash consideration paid to LS Power, less approximately $400 million of the NPV of tax benefits generated directly as a result of the acquisition.

除股票對價外，企業價值還包括被收購公司的 32 億美元現有債務和支付給 LS Power 的 64 億美元現金對價，減去收購直接產生的約 4 億美元稅收優惠的 NPV。

The acquisition is highly accretive, with 18% accretion to adjusted EPS in year one and adds $1.85 per share on a run rate basis. On free cash Level 4 growth per share, the transaction is more than 20% accreative in year one and adds $3.25 per share on a run rate basis.

此次收購具有很高的增值潛力，第一年調整後每股收益將增加 18%，以運行率計算每股收益將增加 1.85 美元。以每股自由現金 4 級增長計算，該交易在第一年就增值了 20% 以上，按運行率計算每股增加了 3.25 美元。

As a result of the highly accretive nature of the acquisition, we are raising our long-term adjusted EPS and free cash flow per share growth rates to greater than 14%, and that's before upside opportunities. The acquisition significantly enhances NRG's credit profile and helps support a long-term leverage target of less than 3 times net debt to EBITDA.

由於此次收購具有高度增值性，我們將長期調整後每股收益和每股自由現金流成長率提高到 14% 以上，這還不包括上行機會。此次收購顯著提升了 NRG 的信用狀況，並有助於支持淨債務與 EBITDA 比率低於 3 倍的長期槓桿目標。

We expect all three rating agencies to affirm our credit our our current credit ratings. From a capital allocation perspective, we remain committed to maintaining both a strong balance sheet and a robust return of capital program.

我們期望所有三家評級機構都能確認我們目前的信用評級。從資本配置的角度來看，我們仍然致力於維持強勁的資產負債表和強勁的資本回報計畫。

As such, we expect to execute $1 billion in annual share of purchases while aggressively repaying $3.7 billion of debt over the 24 to 36 months post closing until we achieve our target credit metrics. Upon achieving our target credit metrics, we expect to return to our 80/20 capital allocation framework. Finally, we anticipate closing the transaction during the first quarter of 2026, after the receipt of various regulatory approvals.

因此，我們預計每年將完成 10 億美元的採購份額，同時在交易完成後的 24 至 36 個月內積極償還 37 億美元的債務，直到我們實現目標信用指標。在實現我們的目標信用指標後，我們預計將恢復到 80/20 的資本配置框架。最後，我們預計在獲得各種監管部門的批准後，將於 2026 年第一季完成交易。

Turning to an overview of our acquisition financing plan on slide 16. The acquisition will be funded through the issuance of NRG stock to LS Power, $6.4 billion of new secured and unsecured debt financing, and the assumption of $3.2 billion of existing debt.

請看第 16 張投影片，其中概述了我們的收購融資計劃。此次收購的資金將透過向 LS Power 發行 NRG 股票、64 億美元新的有擔保和無擔保債務融資以及承擔 32 億美元現有債務來籌集。

The stock consideration represents 23% of the total enterprise value and reflects LS Power's strong conviction in NRG's post-acquisition value. The funding plan for the new debt is designed to preserve credit quality and maintain our commitment to a strong balance sheet.

股票對價佔企業總價值的23%，反映了LS Power對NRG收購後價值的堅定信心。新債務的融資計劃旨在保持信貸品質並維持我們對強勁資產負債表的承諾。

We expect to be opportunistic in the market between now and the anticipated closing date to place permanent financing at compelling rates while also maximizing pre-payment flexibility given our aggressive deleveraging plan post closing.

我們期望從現在到預計的截止日期之間在市場上抓住機會，以極具吸引力的利率提供永久融資，同時考慮到我們在交易結束後積極的去槓桿計劃，最大限度地提高預付款的靈活性。

Our investment grades senior secured grading will allow us to tap the very liquid and cost effective investment grade debt market, while great and which greatly enhances our ability to place permanent debt for the transaction.

我們的投資等級優先擔保評級將使我們能夠利用流動性極強且具有成本效益的投資級債務市場，同時這大大增強了我們為交易放置永久債務的能力。

As always, the strength of our balance sheet remains a top priority. Consistent with the views of the rating agencies, we firmly believe this acquisition enhances our credit profile and mitigates key financial risks. We intend to reduce debt by $3.7 billion within 24 to 36 months after closing to ensure we achieve our long-term target investment grade credit metrics.

像往常一樣，我們資產負債表的強勁程度仍然是重中之重。與評級機構的觀點一致，我們堅信此次收購將提高我們的信用狀況並降低主要的財務風險。我們計劃在交易完成後的 24 至 36 個月內減少 37 億美元的債務，以確保實現我們的長期目標投資等級信用指標。

Based on our analysis, this is very achievable and does not rely on any significant power and capacity price increases, nor does the plan rely on achieving any cost or revenue synergies associated with the acquisition. Furthermore, we expect the transaction to provide at least $500 million of potential collateral efficiencies, translating into tens of millions of dollars in carrying cost savings annually. We have not included any of this in our pro forma.

根據我們的分析，這是非常可實現的，並且不依賴任何顯著的電力和容量價格上漲，該計劃也不依賴於實現與收購相關的任何成本或收入協同效應。此外，我們預計該交易將提供至少 5 億美元的潛在抵押品效率，每年可節省數千萬美元的持有成本。我們的表格中沒有包含任何這些內容。

The combination of the strong free cash flow generation of the combined businesses, our financing plan and its associated debt reduction creates tremendous flexibility to maintain a robust return of capital program post closing. As I said earlier, we intend to execute $1 billion of share repurchases annually through the deleveraging period while continuing to grow our common dividend per share, 7% to 9%.

合併後業務產生的強勁自由現金流、我們的融資計劃及其相關的債務削減，創造了巨大的靈活性，可以在交易完成後維持強勁的資本回報計劃。正如我之前所說，我們計劃在去槓桿期間每年回購 10 億美元股票，同時繼續將每股普通股股息提高 7% 至 9%。

On slide 17, we provide an overview of how the transaction impacts our long-term adjusted EPS growth trajectory. The transaction is immediately accreted by 18% in year one and will add $1.85 per share of incremental run rate earnings by 2029.

在第 17 張投影片上，我們概述了該交易如何影響我們的長期調整後每股收益成長軌跡。該交易在第一年將立即增值 18%，到 2029 年將增加每股 1.85 美元的增量運行率收益。

Combined with the recent acquisition of the Rockland, Texas portfolio, this acquisition will increase our long-term adjusted EPS growth rate from greater than 10% to greater than 14%. What is noteworthy is that 80% of our long-term growth will come from our previously announced organic growth plan and the accretive earnings from our acquisitions, with the remaining 20% attributed to our return of capital program.

結合最近對德州羅克蘭投資組合的收購，此次收購將使我們的長期調整後每股收益成長率從 10% 以上提高到 14% 以上。值得注意的是，我們長期成長的80％將來自我們先前宣布的有機成長計劃和收購帶來的增值收益，其餘20％則歸功於我們的資本回報計劃。

Recall that this mix was closer to 50/50 back in our third quarter earnings call, thereby demonstrating how this transaction significantly enhances the source of our long-term earnings growth and substantially reduces the impact that an increasing share price would on our ability to achieve our adjusted EPS growth targets.

回想一下，在我們第三季度的收益電話會議上，這種組合接近 50/50，從而表明這筆交易如何顯著增強了我們長期盈利增長的來源，並大幅降低了股價上漲對我們實現調整後每股收益增長目標的能力的影響。

For example, if today our stock price were to only partially close its valuation discount and reach $200 per share, our compound annual growth rate would be around 12%. Furthermore, this uplift in our growth rate only considers the accretion of the transaction itself based on flat power markets. Consistent with the 10% CAGR, we unpacked in our third quarter, 2024 earnings call, our rate adjusted EPS growth rate does not account for any potential upside related to increases in energy and capacity prices, as well as any impacts from our data center and large load strategy.

例如，如果今天我們的股價僅部分彌補其估值折扣並達到每股 200 美元，我們的複合年增長率將在 12% 左右。此外，我們成長率的提升僅考慮了基於平穩電力市場的交易本身的成長。與我們在 2024 年第三季收益電話會議上闡述的 10% 複合年增長率一致，我們的利率調整後每股收益增長率並未考慮與能源和容量價格上漲相關的任何潛在上行空間，以及我們的數據中心和大負載戰略帶來的任何影響。

Moving on to pro forma capital allocation on slide 18. As highlighted earlier, the portfolio we are acquiring will add $1 billion of annual free cash flow on a run rate basis. This results in $4 billion of incremental free cash flow before growth for the 2026 to 2029 period, which when added to our standalone capital available for allocation results in $13.3 billion of excess cash.

繼續第 18 張投影片討論預計資本配置。正如之前所強調的那樣，我們收購的投資組合將按運行率增加 10 億美元的年度自由現金流。這將導致 2026 年至 2029 年期間成長前產生 40 億美元的增量自由現金流，加上我們可供分配的獨立資本，將產生 133 億美元的超額現金。

As discussed earlier, we will aggressively reduce debt by $3.7 billion over the next 24 to 36 months. Despite the incremental debt reduction, our return of capital program remains largely unchanged from what we discussed on our third quarter earnings call. The pro forma plan provides for $7.4 billion of return of capital comprised of $5.7 billion in share purchases and $1.7 billion of common dividends.

如同先前所討論的，我們將在未來 24 到 36 個月內大幅削減 37 億美元的債務。儘管債務有所減少，但我們的資本回報計劃與我們在第三季度收益電話會議上討論的相比基本沒有變化。該備考計畫規定了 74 億美元的資本回報，其中包括 57 億美元的股票購買和 17 億美元的普通股股息。

Forecasted expenditures for growth investments remains at $1.3 billion for the period. The free cash flow from the acquired portfolio will materially enhance NRG's capital return and growth investment flexibility following the deleveraging period in 2029 and beyond, putting NRG on solid footing for sustained earnings per share growth. Finally, we forecast $400 million of remaining [CAFA], which we will allocate as appropriate in the given period.

該期間成長投資的預計支出仍為 13 億美元。收購投資組合產生的自由現金流將在2029年及以後的去槓桿期後大幅提高NRG的資本回報和成長投資彈性，為NRG持續的每股盈餘成長奠定堅實的基礎。最後，我們預測剩餘的 [CAFA] 為 4 億美元，我們將在給定的時間內進行適當分配。

Turning to slide 19 for a brief overview on pro forma credit profile. The physical attributes of the acquired generation assets, additional earnings diversity from the portfolio, and incremental scale to NRG's platform will translate into a more enhanced credit position for NRG as a whole.

翻到投影片 19，簡單概述一下形式信用狀況。所收購發電資產的實體屬性、投資組合的額外獲利多樣性以及 NRG 平台的增量規模將轉化為 NRG 整體上更增強的信用地位。

The aforementioned credit enhancing attributes of this acquisition support a long-term investment grade target credit metric of less than 3 times net debt to EBITDA, up from our current target range of 2.5 times to 2.75 times.

此次收購的上述信用增強屬性支持長期投資等級目標信用指標，即淨債務與 EBITDA 比率低於 3 倍，高於我們目前的目標範圍 2.5 倍至 2.75 倍。

As you can see from the table, both our stand-alone and pro forma plans ensure that we achieve our targeted credit metrics. On a pro forma run rate basis, we will add $6.4 billion of incremental debt supported by the additional EBITDA from this acquisition and the Rock and portfolio acquisition.

從表中可以看出，我們的獨立計畫和備考計畫均能確保我們達成目標信用指標。根據備考運行率，我們將增加 64 億美元的增量債務，由此次收購以及 Rock 和投資組合收購產生的額外 EBITDA 提供支持。

The $3.7 billion of incremental debt reduction in the pro forma column will be done through internally generated cash flows over a 24 to 36 month period after closing. This debt reduction is an important component of our pro forma capital allocation plan and demonstrates our commitment to a strong balance sheet.

預計欄中的 37 億美元增量債務削減將透過交易完成後 24 至 36 個月內的內部產生現金流來實現。這次債務削減是我們備考資本配置計畫的重要組成部分，體現了我們對強勁資產負債表的承諾。

We expect all three rating agencies to affirm our credit ratings, which was a critical component to our evaluation of this transaction. Our high BB unsecured and investment grade secured credit ratings have historically provided advantageous access and pricing in the debt markets.

我們預計所有三家評級機構都會確認我們的信用評級，這是我們評估此交易的關鍵因素。我們較高的 BB 無擔保和投資等級擔保信用評級歷來為我們在債務市場提供了有利的存取和定價。

Our acquisition, financing and pro forma debt reduction plans were carefully crafted to ensure that we will maintain good access to those markets. NRG continues to produce impressive financial results, and the highly complementary and accretive transaction we announced today further enhances our earnings profile while enabling NRG to maintain a strong balance sheet and continued significant return of capital. I look forward to updating you throughout the balance of the year.

我們精心製定了收購、融資和預期債務削減計劃，以確保我們能夠保持良好的市場准入。NRG 繼續創造令人印象深刻的財務業績，我們今天宣布的高度互補和增值交易進一步增強了我們的盈利狀況，同時使 NRG 能夠保持強勁的資產負債表和持續顯著的資本回報。我期待著在今年餘下的時間裡向您提供最新更新資訊。

With that, I'll turn it back to you, Larry.

說完這些，我就把它交還給你，拉里。

Thank you, Bruce. I think you can say our Bruce is not dancing in the dark. (Laughter)

謝謝你，布魯斯。我想你可以說我們的布魯斯不是在黑暗中跳舞。（笑聲）

Beginning on slide 21, our long term outlook. As we have outlined today, this acquisition supercharges our outlook to 14% compound annual growth in adjusted EPS and free cash flow before growth per share through 2029, while reducing our overall risk. These are very achievable targets built on a stronger platform, greater scale, and a more flexible asset base.

從第 21 張投影片開始，介紹我們的長期展望。正如我們今天所概述的，此次收購將使我們對調整後每股收益和自由現金流的複合年增長率提升至 2029 年的 14%，同時降低我們的整體風險。這些都是建立在更強大的平台、更大的規模和更靈活的資產基礎上的非常容易實現的目標。

Our increased growth forecast reflects contributions from the acquisition portfolio and Rockland being added to our base plan that we rolled out last November. Again, it does not include upside from rising power prices, premium large load contracts, or execution of our full TEF development pipeline.

我們增加的成長預測反映了收購組合的貢獻，以及 Rockland 被添加到我們去年 11 月推出的基礎計劃中。再次強調，它不包括電價上漲、優質大負載合約或我們完整的 TEF 開發管道執行帶來的好處。

We have the scale, reach, and balance sheet to lead through the most dynamic period this sector has ever seen. Today's announcement significantly strengthens our earnings power, improves our risk profile, and expands our ability to return capital to shareholders. But more than that, it unlocks significantly more potential in a market entering a period of sustained structural growth.

我們擁有規模、影響力和資產負債表，可以帶領我們度過該行業有史以來最具活力的時期。今天的公告大大增強了我們的獲利能力，改善了我們的風險狀況，並擴大了我們向股東返還資本的能力。但更重要的是，它在一個進入持續結構性成長期的市場中釋放了更大的潛力。

Before we open the line for questions, I want to recognize Rasesh Patel, who is retiring this week. Rasesh played a central role in the successful integration of Vivid and in building the country's leading smart home and retail energy platform. His strategic clarity, steady hand, and focus on execution have helped define the energy we are building today.

在我們開始提問之前，我想先認識一下本週即將退休的拉什什·帕特爾 (Rasesh Patel)。Rasesh 在 Vivid 的成功整合以及打造全國領先的智慧家庭和零售能源平台中發揮了核心作用。他的策略清晰、穩健的作風以及對執行的關注幫助我們確定了今天所建立的能量。

We will miss him for that and for his friendship. On behalf of all of us, thank you, Rasesh. We wish you and your family the very best, and we're proud to have you remain part of the NRG family as a customer and long-term shareholder. We expect to name Rasesh's successor by the end of the second quarter.

我們會因此而懷念他以及他的友誼。我代表我們所有人向你表示感謝，拉什什。我們祝福您和您的家人一切順利，我們很榮幸您能作為客戶和長期股東繼續成為 NRG 大家庭的一員。我們預計在第二季末任命拉什什的繼任者。

Operator, we're ready for questions.

接線員，我們已經準備好回答問題了。

(Operator instructions)

（操作員指示）

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies）。

Hey team, good morning. Thank you guys very much for the time. Nicely done.

嘿，團隊，早安。非常感謝你們抽出時間。做得好。

Thank you, Julian. Good morning. How are you?

謝謝你，朱利安。早安.你好嗎？

Hey, great, Larry, thank you so much. Hey, so let's dig right in here. So just first off, in that EBITDA real quickly. I just want to make sure I heard a couple of things, right, I assume you can clarify. So you're assuming $50 and $47 for the PJM and ERCOT respectively, I think that's the low market forwards today. I just want to try to understand a little bit on that. And then separately, in that EBITDA, what portion is C Power?

嘿，太好了，拉里，非常感謝你。嘿，讓我們開始吧。首先，EBITDA 非常快速。我只是想確保我聽到了幾件事，對，我想你可以澄清一下。因此，您假設 PJM 和 ERCOT 的價格分別為 50 美元和 47 美元，我認為這是今天的低市場遠期價格。我只是想嘗試稍微理解一下這一點。然後單獨來看，在 EBITDA 中，C Power 佔多少比例？

And how do you think about growth there? As well as how do you think about the synergies? I think you're not including anything in that [1.6] number. But do you want to just break down that EBITDA and the acquisition a little bit and just think about the various meaningful levers, if you don't mind?

您認為那裡的發展情況如何？您如何看待這種協同效應？我認為你沒有在 [1.6] 這個數字中包含任何內容。但是如果您不介意的話，您是否願意稍微分解一下 EBITDA 和收購，並思考一下各種有意義的槓桿？

Sure. I can start and then, there's -- I think there's about four questions in there, Julien, but let me try to get to them all. We wanted to use the same pricing that we've been using when we rolled out our plan so that it would be simple for shareholders to compare them apples to apples, to really show the power of this acquisition.

當然。我可以開始了，然後——我想這裡面大約有四個問題，朱利安，但讓我試著回答所有問題。我們希望使用與推出計劃時相同的定價，以便股東可以輕鬆進行比較，真正展示此次收購的威力。

Obviously, if we raise the pricing to current market, all of the numbers would be significantly higher, but we choose not to do that to make the comparative life for everybody far, far simpler.

顯然，如果我們將價格提高到當前市場價格，所有數字都會大幅提高，但我們選擇不這樣做，以便讓每個人的比較生活變得更簡單。

Second question was C Power, I think. We're really excited about what C Power represents. I don't -- I think we've seen VPP be a very powerful tool for us already, both on the C&I side and beginning to roll it out now on the residential side. And I think stay tuned, we'll be rolling out some more thoughts on BPP as the year goes on. There was a third question, Julien. I'm sorry. I can't remember what it was.

我認為第二個問題是 C Power。我們對 C Power 所代表的意義感到非常興奮。我不這麼認為——我認為我們已經看到 VPP 成為我們非常強大的工具，無論是在 C&I 方面，還是現在開始在住宅方面推廣。我想請繼續關注，隨著時間的推移，我們將對 BPP 推出更多想法。還有第三個問題，朱利安。對不起。我不記得那是什麼了。

Actually, what's the -- yeah, exactly.

事實上，什麼是——是的，確實如此。

Synergies was the third one. Julien, we expect to find some synergies, but this is not a deal predicated on synergies in any way, shape or form. And if we -- we're assuming zero and still showing the power, anything else will be additional benefit to our stockholders.

協同效應是第三個。朱利安，我們希望找到一些協同效應，但這絕不是一項以任何形式的協同效應為基礎的交易。如果我們 - 我們假設為零並且仍然顯示力量，那麼其他任何事情都會為我們的股東帶來額外的利益。

And then separate, more strategic one. I mean, how do you think about doing more? You've done a couple of things here in quick succession here. And I mean that both in power, but also specifically retail. How do you think about this enabling you, right? Because this kind of flips the equation from earlier to do more retail conceivably, right? Whether that's organically built out more retail presence or inorganically? Any thoughts there?

然後是單獨的、更具策略性的。我的意思是，您覺得如何做更多？您在這裡快速連續地做了幾件事。我的意思是，這不僅體現在電力方面，也體現在零售方面。您認為這對您有何幫助，對嗎？因為這可以顛覆先前的等式，從而可以做更多的零售，對嗎？這是自然而然地還是非自然地建立更多的零售業務？有什麼想法嗎？

You want more, Julien. (Laughter) Look, Julien, I think that does just give us enormous amounts of optionality across all of our customer bases, be it in the home or in the C&I book. It enables us to customize longer-term solutions for people who want those who C Power markets.

你想要更多，朱利安。（笑聲）你看，朱利安，我認為這確實為我們所有的客戶群提供了大量的可選性，無論是在家庭中還是在 C&I 書籍中。它使我們能夠為想要 C Power 市場的人量身打造長期解決方案。

So I think it actually puts us in a position where we can grow across our spectrum of customers. Again, we didn't really assume that in this beyond the growth plan that we had rolled out a couple of months back. But putting all that together, we're super confident about the opportunity set that this provides to us. I mean I think it's exponentially higher. I mean we've doubled the portfolio, but we're more than double the opportunity.

因此我認為這實際上使我們處於可以在客戶群中實現成長的地位。再說一次，我們並沒有真正假設這超出了我們幾個月前推出的成長計劃。但綜合起來，我們對這帶給我們的機會非常有信心。我的意思是我認為它會呈指數級增長。我的意思是我們的投資組合增加了一倍，但我們的機會也增加了一倍以上。

Yes, absolutely. And just clarifying there, some of the amount of growth reflected in retail, or C Power, what have you in your projected assumptions here. Can you break that down and clarify that within the organic piece of your longer-term target?

是的，絕對是。只是想澄清一下，零售業或 C Power 所反映的一些成長量，您在這裡的預測假設是什麼。您能否將其分解並在您的長期目標的有機部分中闡明這一點？

Yes, if you take zero, and then multiply it by zero, that's the answer. It's zero. (multiple speakers) We have not put any growth into that. Sorry, Julien. Zero is the correct answer.

是的，如果你取零，然後乘以零，這就是答案。是零。（多位發言者）我們並沒有在這方面做出任何貢獻。抱歉，朱利安。零是正確答案。

Yeah, excellent. Thank you guys for that. I appreciate it. Nicely done again.

是的，非常好。謝謝你們。我很感激。再次做得很好。

Shahriar Pourreza, Guggenheim Partners.

Shahriar Pourreza，古根漢合夥人。

Hey guys, good morning.

大家好，早安。

Good morning, Shar. How are you?

早安，沙爾。你好嗎？

Good. I don't think I'll ever question whether Bruce is working hard enough after today's announcement.

好的。我認為在今天的聲明之後我不會再質疑布魯斯是否足夠努力。

That's straight, Shar. (Laughter) He is trying to get that bonus back. (Laughter)

沒錯，Shar。（笑聲）他正在努力拿回那筆獎金。（笑聲）

Larry, this deal seems like it's another huge vote of confidence, I guess, for the industry and the Eastern generation. I guess what has changed? What was it that changed the company's views on your position in Eastern markets? Is it capacity, energy volatility, the price?

拉里，我想，這筆交易似乎是對整個行業和東部一代人的另一個巨大的信任投票。我猜發生了什麼變化？是什麼改變了公司對你們在東方市場地位的看法？是容量、能源波動性還是價格？

Just trying to understand a little bit more on your views on Eastern markets, how that's evolved, especially on the heels of some of the PJM states floating opportunities for wireless companies to own generation, which, to me, seems like a bit of a tail risk. That's a passive to you, yeah.

只是想進一步了解您對東部市場的看法，以及它是如何演變的，特別是在一些 PJM 州為無線公司提供擁有發電設施的機會之後，對我來說，這似乎有點尾部風險。是的，這對你來說很被動。

Yes. Look, I think we've always, as we said, liked PJM market, we just weren't really in a position to be a strong generation player in it. The developments that are going on, be they for data centers, be they for large load, be they for tightening capacity markets, be they for the recent settlement on capacity, all give us a great deal of comfort on where this has to go.

是的。聽著，我認為，正如我們所說的，我們一直都喜歡 PJM 市場，只是我們還沒有真正有能力成為其中強大的發電參與者。正在發生的發展，無論是資料中心、大負載、緊縮的容量市場，或是最近的容量結算，都讓我們對未來的發展方向感到十分安心。

And Shar we also -- we run a lot of sensitivities. It won't surprise you. We don't need exorbitant capacity or energy prices for this to be an exceptionally, exceptionally accretive transaction. PJM is probably where we have the most asymmetric gearing to the upside. And so that's why we like it. We don't see any way that market can't tighten, but even if it doesn't, this is an exceptionally accretive transaction.

和 Shar 一樣，我們也有很多敏感問題。這不會讓你感到驚訝。我們不需要過高的容量或能源價格來實現這項異常、異常增值的交易。PJM 可能是我們上行槓桿最不對稱的領域。這就是我們喜歡它的原因。我們認為市場不可能不收緊，但即使不收緊，這也是一筆極具增值潛力的交易。

Got it. And then are there any large -- is there any large customer or co-location deal tied to these assets? Are there ones you're inheriting from LS or ones that you've been working on, but just didn't previously have the Gen 4?

知道了。那麼，是否有任何大型——是否有任何與這些資產相關的大型客戶或主機託管交易？您是否從 LS 繼承了一些，或者您一直在研究一些但之前沒有 Gen 4 的東西？

Nothing yet, Shar. But we believe it will definitely enhance our large load and data center strategy, but nothing we're prepared to talk about at this time.

還沒有，Shar。但我們相信它肯定會增強我們的大負載和資料中心策略，但目前我們還不準備談論這個。

Okay. Perfect. And then just lastly, I guess, how do you go about unlocking the $500 million in collateral efficiency? Does it require to hit IG first? Any just rough guidance on how to at least think about potential synergies there? Thanks.

好的。完美的。最後，我想，您如何解鎖 5 億美元的抵押效率？需要先打IG嗎？關於如何至少考慮潛在的綜效，有什麼粗略的指導嗎？謝謝。

Shar it's Bruce. I think that's really just a function of having generation now alongside a pretty significant C&I book and being able to sort of match that up appropriately. That is -- that's something that we're going to be able to do just by our own internal means.

莎爾，是布魯斯。我認為這實際上只是現在將一代人與一本相當重要的 C&I 書籍結合起來並能夠進行適當匹配的功能。也就是說——這是我們僅透過自己的內部手段就能做到的事情。

Got it. Perfect. Big congrats guys, Larry, everything. Bruce, I'm very proud of you this morning. Thanks guys. (Laughter)

知道了。完美的。向大家致以最熱烈的祝賀，拉里，一切順利。布魯斯，今天早上我為你感到非常驕傲。謝謝大家。（笑聲）

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Yeah, hi there. Congrats to Larry and team. So I guess my data center question was just asked. Just a couple of other details. The shares that you're issuing, is there -- that just that fixed amount of shares. There's no like collars or anything else like that related to it?

是的，你好。祝賀拉里和他的團隊。所以我想我的資料中心問題剛剛被問到。還有一些其他細節。您發行的股票就是固定數量的股票。沒有類似項圈或與之相關的東西嗎？

Correct.

正確的。

That is good. And then just -- could you just go through the path of deleveraging in terms of just like where are you after year one of closing? And then how do you think it down to 3 times?

那很好。然後——您能否通過去槓桿的途徑，例如在關閉一年後您在哪裡？那麼你認為如何將其降至 3 倍？

Yes Steve. So like I said, we're going to be deleveraging through internally generated cash flow. Year one after close will probably be right around 3.5 times and then we'll tick down steadily over the following two years until we get to 3 times.

是的，史蒂夫。所以就像我說的，我們將透過內部產生的現金流來去槓桿。收盤後第一年可能就在 3.5 倍左右，然後我們會在接下來的兩年內穩定下降，直到達到 3 倍。

Okay. So not that far off the 3 times. Yes. Good. And then I guess you touched on it a little bit, but just on the data center strategy that you have been talking about. Well, I guess, the two strategies you've been talking about previously, first the data centers, it sounds like you're hoping to lock those up in Q2.

好的。所以距離 3 次並不算太遠。是的。好的。然後我想您稍微談到了這一點，但只是關於您一直在談論的資料中心策略。嗯，我想，您之前談到的兩種策略，首先是資料中心，聽起來您希望在第二季鎖定它們。

The (inaudible) and then also just the new build strategy. So even you're still bullish on pursuing continued new build generation even as we've seen prices go up and the like for the cost of new build?

（聽不清楚）然後也只是新的建造策略。所以，即使我們已經看到新建房屋的價格上漲等，您仍然看好繼續建造新建房屋嗎？

We are. We think that additionality is still going to be a big part of people's data center strategies going forward, and we now have the optionality to be able to do that. And we're continuing all the things we said about data centers in the last call, I mean just reaffirm and reiterate those. I mean our view on data centers hasn't changed. Obviously, we didn't spend much time on it in this presentation because there were some other things to talk about.

是的。我們認為，附加性仍將是未來人們資料中心策略的重要組成部分，而我們現在可以選擇這樣做。我們將繼續上次電話會議中關於資料中心所討論的所有內容，我只是重申並重申這些內容。我的意思是我們對資料中心的看法沒有改變。顯然，我們在這次演示中沒有花太多時間討論這個問題，因為還有一些其他的事情要討論。

Understood. Great. Congrats again.

明白了。偉大的。再次恭喜。

Thank you, Steve.

謝謝你，史蒂夫。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Oh, hey thanks so much. Good morning.

哦，嘿，非常感謝。早安.

Hi David, how are you?

你好，大衛，你好嗎？

Good, congratulations. I was thinking -- or I was wondering at a higher strategic level, how do you -- how does the overall NRG portfolio look in your view right now? There's been -- it seems like a bunch of transformations now over the last couple of years. After this acquisition, is this a good balance? Are there holes or opportunities versus what you think the overall kind of ideal NRG portfolio looks like?

很好，恭喜你。我在想——或者我在更高的策略層面上想知道，您認為目前 NRG 整體投資組合是什麼樣的？在過去的幾年裡，似乎發生了一系列的變化。這次收購之後，這是否是一個很好的平衡？與您想像中的整體理想的 NRG 投資組合相比，是否存在漏洞或機會？

Yes. Look, I think we really like where we sit in the portfolio, both in terms of exposure to markets, large loads, data centers. Then layering in on top of that the optionality we have with GE and Kiewit to provide additionality. We really like where we sit in every segment of the market, be it generation, be it large load, be it data center, be it retail. We're really quite pleased with this portfolio, enables us to compete across the board with every competitive market we want to be in.

是的。看，我認為我們真的很喜歡我們在投資組合中的位置，無論是在市場敞口、大負荷還是資料中心方面。然後在此基礎上，我們與 GE 和 Kiewit 合作提供可選性，以提供附加性。我們真的很喜歡我們在每個市場領域的位置，無論是發電、大負載、資料中心還是零售。我們對這個產品組合非常滿意，它使我們能夠與我們想要進入的每個競爭市場進行全面競爭。

Okay, great. Understood and then, I was wondering, is there, are you able to give if you were to mark-to-market just what the EBITDA and cash flow uplift would be on the current forward curves and maybe a bit of a follow-on to that, but a lot of the new assets are peakers, and you've got a decent amount of exposure here to the PJM capacity auction. Wondering if you could talk about just how much exposure there is, what's the sensitivity to capacity prices here? And kind of how do you look at the outlook for PJM capacity?

好的，太好了。明白了，然後我想知道，如果按市價計價，您是否能夠給出當前遠期曲線上的 EBITDA 和現金流提升是多少，也許還有一些後續信息，但許多新資產都是峰值資產，而且您在 PJM 容量拍賣中獲得了相當大的曝光率。想知道您是否可以談論這裡的風險敞口有多大，對容量價格的敏感度如何？您如何看待 PJM 產能前景？

Look, I don't think we're -- the assumptions that we've utilized and that you can see in some of the appendices really are particularly aggressive or require high levels of capacity auction. You can run this across a series of sensitivities, David, and it's -- you're still going to get this incredible double-digit accretive outcomes that we're looking at here.

你看，我不認為我們——我們所利用的假設以及你可以在一些附錄中看到的假設確實特別激進或需要高水準的容量拍賣。戴維，你可以將其應用於一系列敏感性因素，而且 - 你仍然會得到我們在這裡看到的令人難以置信的兩位數增值結果。

So I think we'll end up providing some more color over time as to exactly how those sensitivities work, but we're super confident that across a wide variety of potential outcomes in the market, this is an outstandingly good transaction.

因此，我認為我們最終會隨著時間的推移提供更多關於這些敏感性究竟如何發揮作用的信息，但我們非常有信心，在市場上各種潛在結果中，這是一筆非常好的交易。

Bruce, do you want to add anything to that?

布魯斯，你還有什麼要補充的嗎？

Yes, David, in terms of the -- your point about this portfolio having a good number of peakers, that's correct. But if you think about the gross margin associated with the portfolio, it's actually probably more 55% energy, 45% capacity, and that's in large part because of these the CCGTs that are in the portfolio are very efficient and have very high run time. So you can think about it that way.

是的，大衛，就你所說的這個投資組合擁有大量峰值而言，這是正確的。但如果你考慮與投資組合相關的毛利率，它實際上可能更多的是 55% 的能源和 45% 的容量，這在很大程度上是因為投資組合中的 CCGT 非常高效並且運行時間非常長。所以你可以這樣想。

Got it. That's helpful. Thanks. And maybe just sneak in one more. Just thinking about the incremental free cash flow before growth. It seems like a good portion of the incremental free cash flow is going towards debt pay down. But essentially, as you get out after that 24 to 36 months, that's going -- no further commitments at that point, it's incremental kind of be used toward your overall capital allocation framework to 80/20?

知道了。這很有幫助。謝謝。也許再偷偷溜進去一次。只考慮成長之前的增量自由現金流。看起來增量自由現金流的很大一部分都用於償還債務。但本質上，當你在 24 到 36 個月後退出時，那時就不再需要進一步的承諾，而是以增量的方式用於你的整體資本配置框架，達到 80/20？

Yes, that's right. That's what we said. We said post the deleveraging period, we would expect to go back to that 80/20 framework.

是的，沒錯。我們就是這麼說的。我們說，去槓桿期過後，我們預計會回到 80/20 框架。

Excellent. Thanks so much. Appreciate it.

出色的。非常感謝。非常感謝。

Carly Davenport, Goldman Sachs.

高盛的卡莉·達文波特。

Hey, good morning.

嘿，早安。

Good morning. Thanks so much for taking the questions. Maybe just one for me, just on the stand-alone business on the home VPP opportunity. Can you just talk a little bit about how that's tracking post launching in terms of the uptake and how you feel about the ultimate margin opportunity there relative to what you've laid out on prior calls?

早安.非常感謝您回答這些問題。對我來說可能只有一個，就是關於家庭 VPP 機會上的獨立業務。您能否簡單談談該產品發布後的追蹤情況，以及相對於您在先前的電話會議上所提出的方案，您對最終的利潤機會有何看法？

Carly, I'm going to let Rasesh answer that, but this is going to be the last question he gets to answer on a call. So thank you for asking. (Laughter)

卡莉，我將讓拉什什來回答這個問題，但這將是他在電話中回答的最後一個問題。謝謝你的提問。（笑聲）

On that, Carly, I feel incredibly bullish about where we sit on the on Home VPP opportunity. If you recall the third quarter earnings call, we had stated that we expect to exit this year with about 20 megawatts of VPP capacity growing by the end of 2027.

卡莉，在這一點上，我對我們在家庭 VPP 機會中所處的位置感到非常樂觀。如果您還記得第三季的收益電話會議，我們曾表示，預計到 2027 年底，VPP 容量將成長約 20 兆瓦。

We're right now expecting to exit this year with 150 megawatts of residential demand response capacity. So we're tracking really well. The reception from consumers has been outstanding because essentially, this is incremental value add to the customer.

我們現在預計今年的住宅需求響應容量將達到 150 兆瓦。所以我們的追蹤情況非常好。消費者的反應非常熱烈，因為從本質上來說，這是為客戶增加的附加價值。

They're getting a smart thermostat, a (inaudible), a free installation all as a part of being an NRG customer. And in fact, we have been moderating our demand just so that we can hire enough installers in Texas to fulfill the customer demand.

作為 NRG 客戶，他們將獲得一個智慧恆溫器、一個（聽不清楚）和一個免費安裝。事實上，我們一直在控制需求，以便能夠在德州僱用足夠的安裝人員來滿足客戶的需求。

And then lastly, in terms of kind of the margin and earnings part of this, the thing that has really surprised us in a positive way is, of the customers that have taken this value proposition from us, close to half or already upgraded to other recurring revenue services within the NRG family.

最後，就利潤和收益部分而言，真正讓我們感到驚訝的是，在接受我們這個價值主張的客戶中，接近一半已經升級到 NRG 家族內的其他經常性收入服務。

And so this not only helps us moderate supply costs, gives us a differentiated and a stickier value prop with the retail customer, but we're now getting incremental recurring revenue and margin for the customers. So all systems are a go. We launched the offering across the state and across all channels at the start of this month, and we're hiring as fast as we can to ensure that we can fulfill the demand.

因此，這不僅幫助我們控制供應成本，為我們與零售客戶提供差異化和更具黏性的價值主張，而且我們現在還為客戶獲得了增量經常性收入和利潤。因此所有系統均已啟動。我們於本月初在全州範圍內透過所有管道推出了此項服務，我們正在盡快招聘，以確保能夠滿足需求。

That's great. I appreciate that and I'll leave it there. Thank you.

那太棒了。我對此表示感謝，並就此作罷。謝謝。

Thank you.

謝謝。

I'm not showing any further questions at this time. I'd like to turn the call back over to Larry Coben.

我目前沒有其他問題。我想把電話轉回給拉里·科本。

Thank you all for your interest in NRG. I think you can hear the palpable excitement that we have in the room for this transaction and the opportunities that it provides us. We look forward to providing you more information in the days and quarters ahead and really thank you all for being shareholders of NRG.

感謝大家對 NRG 的關注。我想你們可以聽到我們在場所有人對這筆交易以及它給我們帶來的機會的明顯興奮。我們期待在未來幾天和幾個季度為您提供更多信息，並真誠感謝大家成為 NRG 的股東。

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

女士們、先生們，感謝各位參加今天的會議。本節目到此結束。您現在可以斷開連線。