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NRG's Crane: "Texas Will Never Be In a Multi-Year Scarcity of Generation"
November 05,2014 "Texas will never be in a multi-year scarcity of generation situation because you can build quickly there," NRG Energy CEO David Crane said today on an earnings call. Crane's comment was prompted by an analyst who noted that despite poor summer results from the lack of volatility, NRG announced this morning the construction of new build generation, which the analyst noted follows recent announcements of new build from Calpine and Exelon, as the analyst asked what seems to be changing in the Texas market. Crane said that NRG's new build cost of $400/kW at Robinson, resulting from the use of a brownfield site and equipment relocated from another plant -- "not too many people can do that." "I'm not sure that what we've seen is a huge flood of new supply unleashed yet. We have reason to be optimistic in the short to medium term. Because Texas does grow, it usually is affected by extreme weather in the summer and occasionally in the winter," Crane said. "So we like the Texas market. But you do point to the fact that it's hard to have a sustained advantage in the Texas market on the wholesale side for years and years, cause the barriers to entry in terms of new build are low in Texas, and they've always been low," Crane said. "So overall, it's a good market, but you're right, I mean, Texas will never be in a multi-year scarcity of generation situation because you can build quickly there," Crane said.
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