NRG Energy Inc. (NYSE:NRG) today joined GE Vernova, Inc. (NYSE:
GEV) and TIC – The Industrial Company (TIC), a subsidiary of Kiewit
Corporation (Kiewit) in announcing a new venture aimed at rapidly
bringing new electricity generation capacity to market in response
to growing demand for computing power and generative AI
(GenAI).
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the full release here:
https://www.businesswire.com/news/home/20250225753165/en/
This best-in-class, U.S.-based venture combines the strengths of
a power generation and wholesale company/developer, original
equipment manufacturer, and engineering, procurement and
construction (EPC) company to deliver quality, certainty and speed
in powering GenAI capability. Through their innovative efforts and
focus on efficient practices, these industry leaders aim to shorten
the concept-to-electron timeline, ensuring that electricity
generation capacity is quickly brought online to help meet
demand.
“The growing demand for electricity in part due to GenAI and the
buildup of data centers means we need to form new, innovative
partnerships to quickly increase America’s dispatchable
generation,” said Robert J. Gaudette, Executive Vice President,
President of NRG Business and Wholesale Operations. “Working
together, these three industry leaders are committed to executing
with speed and excellence to meet our customers’ generation
needs.”
Initially, the venture will work to advance four projects
totaling over 5 gigawatts (GW) of efficient, new natural gas
combined cycle power plants for the ERCOT & PJM markets. The
first 1.2GW is expected to commence commercial operation in 2029
with two (2) 7HA gas turbines secured under a slot reservation
agreement with GE Vernova. Subsequent projects will be targeted to
come online through 2032. The model is replicable and scalable,
with the potential to fill a future pipeline of 10-15GW and expand
to other areas across the U.S.
“GE Vernova is honored and excited that NRG has selected to own
and operate our industry-leading 7HA gas turbine technology as they
continue to increase their ability to serve their customers,” said
Dave Ross, President & CEO, GE Vernova’s Gas Power business in
the Americas.
Harnessing the power of three industry leaders, this
collaboration’s strength resides on all three sides:
- NRG is one of America’s leading power generators and
energy retailers with over 160 TWh and 1.9 Tcf delivered, and 13GW
of generation capacity in its fleet.
- GE Vernova is a purpose-built, global energy company
that includes Power, Wind, and Electrification segments. Building
on over 130 years of experience tackling the world’s challenges, GE
Vernova is uniquely positioned to help lead the energy transition
by continuing to electrify the world while simultaneously working
to decarbonize it.
- Kiewit including its subsidiary, TIC, is one of
America’s leading engineering, construction and procurement (EPC)
companies, and one with the most experience in building projects
equipped with GE Vernova equipment.
“We’re excited to be part of this partnership to deliver power
generation projects to support the growth and demand of technology
development in the U.S.,” said Dave Flickinger, Executive Vice
President, Kiewit Corporation. “Our long, successful track record
as an EPC contractor in the power market will help us meet the
speed, safety, quality and delivery demands of this venture – and
serve as a strong partner to NRG and GE Vernova.”
About NRG
NRG Energy Inc. is a leading energy and home services company
powered by people and our passion for a smarter, cleaner, and more
connected future. A Fortune 500 company operating in the United
States and Canada, NRG delivers innovative solutions that help
people, organizations, and businesses achieve their goals while
also advocating for competitive energy markets and customer choice.
More information is available at www.nrg.com. Connect with NRG on
Facebook, Instagram, LinkedIn and X.
About GE Vernova
GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy
company that includes Power, Wind, and Electrification segments and
is supported by its accelerator businesses. Building on over 130
years of experience tackling the world’s challenges, GE Vernova is
uniquely positioned to help lead the energy transition by
continuing to electrify the world while simultaneously working to
decarbonize it. GE Vernova helps customers power economies and
deliver electricity that is vital to health, safety, security, and
improved quality of life. GE Vernova is headquartered in Cambridge,
Massachusetts, U.S., with approximately 75,000 employees across
approximately 100 countries around the world. Supported by the
Company’s purpose, The Energy to Change the World, GE Vernova
technology helps deliver a more affordable, reliable, sustainable,
and secure energy future. Learn more: GE Vernova and LinkedIn.
About Kiewit
Kiewit is one of North America’s largest and most respected
construction and engineering organizations. With its roots dating
back to 1884, the employee-owned company operates through a network
of offices and projects in the United States, Canada and Mexico.
Kiewit offers construction and engineering services in a variety of
markets including transportation, water/wastewater, power, oil, gas
and chemical, building, industrial, marine and mining. Kiewit had
2023 revenues of $17.1 billion and employs more than 31,000 staff
and craft employees.
About TIC
TIC–The Industrial Company is a wholly-owned subsidiary of
Kiewit Corporation and provides direct-hire construction services
for projects in the power; oil, gas and chemical; industrial;
mining and marine markets.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are subject to certain risks,
uncertainties and assumptions and typically can be identified by
the use of words such as “may,” “should,” “could,” “objective,”
“projection,” “forecast,” “goal,” “guidance,” “outlook,” “expect,”
“intend,” “seek,” “plan,” “think,” “anticipate,” “estimate,”
“predict,” “target,” “potential” or “continue” or the negative of
these terms or other comparable terminology. Although NRG believes
that the expectations are reasonable, it can give no assurance that
these expectations will prove to be correct, and actual results may
vary materially.
NRG undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. Factors that
could cause actual results to differ materially from those
contemplated herein include, among others, general economic
conditions; hazards customary in the power industry; the inability
to execute NRG’s strategies, initiatives, or partnerships; the
failure of NRG’s expectations regarding load growth to materialize;
legislative and regulatory changes; and the other risks and
uncertainties detailed in NRG’s most recent Forms 10-K, 10-Q and
8-K filed with or furnished to the SEC at www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250225753165/en/
Media: NRG: Erik Linden 609.524.4519
erik.linden@nrg.com GE Vernova: Laura Aresi
Laura.Aresi@gevernova.com Investors: NRG: Brendan
Mulhern 609.524.4767 investor.relations@nrg.com GE Vernova:
Michael Lapides m.lapides@ge.com
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