NRG Energy, Inc. (NYSE:NRG) Q3 2024 Earnings Conference Call November 8, 2024 9:00 AM ET

Company Participants

Kevin Cole - Head of Treasury and Investor Relations
Larry Coben - Chairman and Chief Executive Officer
Bruce Chung - Chief Financial Officer
Rasesh Patel - Head of NRG Consumer
Rob Gaudette - Executive Vice President of NRG Business

Conference Call Participants

Shahriar Pourreza - Guggenheim Partners
Julien Dumoulin-Smith - Jefferies
Angie Storozynski - Seaport
Michael Sullivan - Wolfe Research
David Arcaro - Morgan Stanley

Operator

Good day. Thank you for standing by. Welcome to the NRG Energy's Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please note that today's conference is being recorded.

I will now hand the conference over to your speaker host, Kevin Cole, Head of Treasury and Investor Relations. Please go ahead.

Kevin Cole

Thank you. Good morning, and welcome to NRG Energy's third quarter 2024 earnings call. This morning's call will be 45 minutes in length. It will be broadcast live over the phone and via webcast, which can be located in the Investor section of our website at www.nrg.com under Presentations and Webcasts.

Please note that today's discussion may contain forward-looking statements, which are based upon assumptions that we believe to 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.

In addition, we will 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 with that, I'll now turn the call over to Larry Coben, NRG's Chair and CEO.

Larry Coben

Thank you, Kevin, and good morning, everyone. I'm joined this morning by Bruce Chung, our CFO; and Rasesh Patel, Head of NRG Consumer, who will share an exciting update on our virtual Power Plant initiative. Other members of our management team are also on the call, and available to answer questions. Let's start with today's three messages as shown on slide four.

First, our strong performance this year led us to raise our 2024 financial guidance by $175 million in late September, the second consecutive year we have surpassed our original earnings target. Today, we're reaffirming this elevated outlook for 2024 in initiating strong guidance for 2025. Second, we're excited to announce a strategic partnership with Renew Home and Google Cloud, supported by Google's AI platform to accelerate our Virtual Power Plant efforts. This partnership strengthens our ability to meet evolving customer needs, and marks the beginnings of our effort to scale VPP.