NRG Energy President and CEO Larry Coben says there's not enough electricity in the grid to power nuclear energy. Speaking on "Bloomberg The Close," Coben also discusses the company's LS Power deal and energy regulation.

New York

NRG Energy President and CEO Larry Coben stated that the company expects to establish data center power deals throughout the United States. Coben highlighted the complexity of these transactions and noted that while nuclear power is often discussed as a stable energy source for data centers, there is currently not enough nuclear capacity in the U.S. grid to meet demand. He emphasized that natural gas will remain a crucial part of the energy mix, alongside renewables and, potentially in the future, small modular nuclear reactors.

Coben also discussed NRG's recent $12 billion acquisition of gas-fired plants from LS Power, which he said will double the company's generation fleet and provide more flexibility for both data center and traditional customers. Addressing recent media scrutiny of NRG's accounting practices, Coben stated that investors and analysts are comfortable with the company's approach, and he attributed the criticism to misunderstandings about derivative accounting.

NRG CEO Coben expects data center deals all over U.S.

Where are your data center deals? They will be all over the country. OK, and when are we going to get them? Well, you're going to get a fulsome upstate on our second quarter call. OK, good tease. And so you'll have to invite me back the day after so that I can talk about them in detail. How's that for begging my way back on? Good, that's great. Yes. But look, these are complicated deals. There's huge deals out there. I think people now, every time there's not a data center deal for a month, people wonder if they're real. But now that we've seen the last two, they're clearly real. But they're complex. And so they take time to put together. And you have to decide when to disclose them, too. Because even when you talk about them, there's still a couple steps left before they're actually done. I am curious about all of the attention right now on nuclear and what energy's role, if at all, would be in that space. Because when it comes to data center demand, there are a lot of people that have talked about the stability of nuclear power in powering those centers. Look, there is not enough nuclear power in the country, full stop, to power data centers. And so from the beginning, we've known that some of those deals may come first, but that gas is going to be an integral part of that. We're seeing that every day. If small-scale nuclear reactors become a commercially viable technology, which I hope they will sometime in 2035, 2040, we would certainly look to do that. But this is going to be things that are powered by everything. Because there's simply not enough electricity in the US grid to power everything with nuclear power. And remember also, if you take the nuclear power off the main grid, somebody has to supply the people who were buying the power from the nuclear plant before. It's not as if by moving it away, you've all of a sudden got new capacity. I am curious about the geography of that and how close you have to be to those sources about the idea of moving that power from one region to another. I mean, how cohesive can that be? There's really two kinds of transactions. One are kind of co-located when you're on one of the power plant sites and you're selling power from next door. But honestly, that's not going to be the majority of the transactions. The majority of the transactions are going to be you're going to be somewhere on my grid with your data center. My power plant will be somewhere else on the grid, maybe a new plant, maybe an existing plant. And then I'll be selling you power the same way I sell power to commercial and industrial customers all over the country today. They're just virtual power purchase agreements so you have some clarity on financing, basically, at the end of the day. Right, clarity on financing and clarity on supply for the data centers, obviously. OK, so you guys just did a $12 billion deal for a fleet of gas fire plants from LS Power Equity Advisors, right? So that feels like a buy versus build scenario. It takes a long time to build stuff. What's next? I think we're going to do both. I mean, I think the LS Power deal doubles the size of our generation fleet and gives us metal in a lot of different jurisdictions where we didn't have it before so we can have more creative and longer term solutions, both for data center users but also our regular customers. But remember, we also have an arrangement with GE Vernova and Kiewit for construction and turbine slots. But some people are going to want new and dedicated power plants. Some jurisdictions are eventually going to say, you can't take power off the grid long term unless you replace it. We're all about building optionality in menus for those customers. And we think we've done a great job at doing that between the LS Power deal, the GE Vernova Kiewit deal, and some other things that we're working on to give us additional optionality for data center service. You guys sold out of nuclear, right? And I'm wondering if small modular reactors for the future, because you can't build that tomorrow, if that's going to be something you guys are looking for. Well, I think when they are commercially viable, we are happy to. We are kind of technology agnostic. We only had 44% of one nuclear plant so we didn't have the ability to dispatch it. That's why we sold out of it because it wouldn't work for any of these sorts of strategies. I was on a panel in 2013 where I was told small nuclear would be the thing in 2020. I know. Me too. Yeah. I don't believe it was the same panel. I think I bet the person $100 it wouldn't be in 2020 and then double or nothing for 2030 and I'm going to win both bets. But eventually, small nuclear reactors and big nuclear reactors, because at the end of the day you need one regulatory regime for your nuclear fleet, that'll be part of the solution. But it's not going to be all nuclear. It's going to be geographically dependent and customer dependent. So I believe we're going to have it. We're going to have gas. We're going to have nuclear. And by the way, we're still going to have solar and wind and hydro and batteries. I mean, those businesses are having a tough time at the moment, but they're an integral part of the solution as well. I am curious about regulatory policies out of Washington and whether they're going to be supportive of that, particularly on the last couple of points you made with regards to solar, wind, some of those renewable energy sources. Well, that's a great question. I wish I knew the answer. I might be in a different business. Look, I don't know what's going to come out of this particular bill. But longer term, the market is going to decide what happens here. And that's what's going to drive this. I mean, people forget that Texas has twice as much renewable power as California. And it doesn't provide the same incentives that California does. And so that's market driven. So markets will drive this more than anything else. How hard is it? OK, but markets still need help, I think, is the point, right? So do you think that if we remove help for some of these energies that it's going to take either that much longer for it to get economic How does that work? I think it will depend where you are. I think you'll still see solar, for example, in Texas. I think the people who are going to suffer the most is residential rooftop solar. But that's, I think, most dependent on subsidies today. I think utility solar will work in places of high electricity pricing and lots of sun. Wind, obviously, in areas with great wind. No great insight there. But I think you'll still see it. But I do think you'll probably see less. Because people will be uncertain what the regulatory regime will bring tomorrow. There was a piece out in the Wall Street Journal coming down hard on you guys for accounting. And I'm wondering, A, what do you make of that? But B, do you think that there's a lack of confidence in the stock because of that? What's the reaction? There have been two articles, and the stock went up both days that those articles were published. Derivative accounting is complex, and not everyone understands it. Our investors are perfectly comfortable. Our accountants are perfectly comfortable. Our analysts are. We don't do very much speculative derivative trading. What we do is we buy derivatives so that if I have a three-year power contract with you, I then deliver it to you. So it's, in fact, not really an open contract. But because financials are done annually, it looks like an annual contract. So from my perspective, I don't really understand those articles. I just think somebody is confused. And I don't think it's us.

Multiple drones were shot down over Poland's airspace during a Russian attack on Ukraine overnight in what the country's central command called "an act of aggression."

Warsaw

Ukraine Invasion

Poland and allies down Russian drones in 'act of aggression'

Two Brazilian Supreme Court justices voted to convict former President Jair Bolsonaro of leading a criminal conspiracy to overturn the 2022 election, as they cast the first votes in the final phase of the ex-president's trial.

Brasilia

Two Brazil Supreme Court justices vote to convict Bolsonaro

Nepal’s prime minister has stepped down with at least 22 people dead, the country’s parliament in flames and its main airport shut down during a violent revolt. The unrest started over a social media ban and grew into a broader anti-corruption protest.

Kathmandu

Nepal’s parliament set on fire, PM resigns as protests spiral

U.S. President Donald Trump can't escape questions about Jeffrey Epstein as a congressional committee released a suggestive personal note to Epstein allegedly from Trump, for the convicted sex offender’s 50th birthday.

Washington

White House denies alleged Trump letter to Epstein is authentic

Israel's military said it "conducted a precise strike targeting the senior leadership of the Hamas terrorist organization," amid reports of large explosions in Qatar's capital city, Doha.

Doha

Hamas says none of its leadership killed in Israeli strike on Doha

French President Emmanuel Macron has named loyalist Sebastien Lecornu, a one-time conservative protégé who rallied behind his 2017 presidential run, as prime minister. Analysts say France is in the midst of a complicated political crisis.

Paris

France's Macron names loyalist Lecornu as new PM

Videos circulating online reveal a luminous flying object hitting the vessel. No crew members were harmed. Activists part of the flotilla say they will not be deterred by the attack, and that their mission will continue as planned.

Middle East Conflict

Flotilla for Gaza ship struck by drone off Tunisia, organizers say

The Bureau of Labor Statistics said the U.S. labor market added 911,000 fewer jobs between April 2024 and March 2025. CBS News MoneyWatch correspondent Kelly O'Grady breaks it down.

U.S. jobs growth revised down by 911,000

A Michigan judge has dropped criminal charges against 15 people who were accused of trying to falsely certify Donald Trump as the winner of the 2020 presidential election. CBS News' Shanelle Kaul has the latest.

Michigan

Judge tosses case against 15 accused fake Trump electors in 2020

Israel says it carried out a strike targeting Hamas leaders. One Israeli official says it happened in Doha, Qatar. CBS News' Ramy Inocencio reports.

Israel targets Hamas leadership in Doha strike

The Trump administration launched a new immigration enforcement operation in Chicago, saying the latest federal crackdown in a US city would target the "worst of the worst criminals." But activists in the city remain defiant and say they will resist efforts by ICE to snatch people off the streets.

Chicago

Activists defiant as Trump launches ICE raids in Chicago

Norway's Labour Party has won four more years in government after seeing off a surge in support for the right. But exit polls predict it will only have a small majority, and its future may depend on how it navigates Norway's relationship with the rest of the world.

Oslo

Norway’s PM Stoere claims victory in general election

Officials in Nepal say at least 16 people are dead and dozens more injured after police opened fire on protesters. Tens of thousands, mostly young people, rallied in the capital Kathmandu against the government's ban on platforms including Facebook, X, and YouTube.

Multiple fatalities as Nepal police fire on protesters

France's Prime Minister François Bayrou overwhelmingly lost a confidence vote Monday after nine months in office. CBS News correspondent Shanelle Kaul has more.

French PM François Bayrou ousted after losing confidence vote

The U.S. Supreme Court allowed the Trump administration to continue its sweeping immigration stops in the Los Angeles area after they were briefly halted. CBS News immigration reporter Camilo Montoya-Galvez has more.

Supreme Court allows L.A. immigration stops to continue

Two Palestinian gunmen opened fire at a bus stop on the outskirts of Jerusalem on Monday (September 8), killing six people in what police described as "a terrorist attack," one of the deadliest in the city in the past few years.

Jerusalem

Palestinian gunmen kill six at Jerusalem bus stop

U.S. President Donald Trump said he was ready to hit Russia with a second phase of sanctions after its largest air attack on Ukraine in nearly four years of war. The assault on Saturday caused serious damage in Ukraine's capital, including to one of its most important government buildings.

Trump considering second phase of sanctions on Russia

A drone launched by Yemen’s Houthi rebels struck southern Israel Sunday, hitting Ramon International Airport near Eilat and forcing a shutdown of airspace in the region.

Ilan and Asaf Ramon International Airport

Yemen’s Houthi rebels strike Israel's Ramon International Airport

Protests have erupted in Chicago after U.S. President Donald Trump threatened a federal crackdown, including sending National Guard troops and expanding deportations.

Chicago braces after Trump threatens National Guard deployment

Russia's largest overnight air attack of the war set the main building of the Ukrainian government in Kyiv on fire and killed at least four people, including an infant, Ukrainian officials said.

Kyiv

Russia launches biggest air attack of the war on Ukraine

Problems with a cable likely caused a Lisbon funicular railway popular with tourists to hurtle down a hill, killing at least 16 people and injuring another 22 when it crashed into a building, according to a preliminary report.

Lisbon

Deadly Portugal funicular crash likely due to problems with cable

U.S. indie director Jim Jarmusch unexpectedly won the coveted Golden Lion at the Venice Film Festival on Saturday with "Father Mother Sister Brother", a three-part meditation on the uneasy ties between parents and their adult children.

Venice

U.S. independent director Jim Jarmusch wins Venice top prize

Japanese Prime Minister Shigeru Ishiba said on Sunday (September 7) he has decided to resign, caving to ruling party pressure on him to take responsibility for a series of election losses amid voter anger over rising living costs.

Tokyo

Japan's Prime Minister Ishiba resigns after election losses

South Korea announced the deal on Sunday. The immigration raid was part of a criminal investigation targeting a major economic project of a key U.S. ally.

Savannah

South Korean workers detained in U.S. raid in Georgia to be released

Chicago officials agree that a federal crackdown on immigration is imminent. Saturday kicked off a week-long celebration of Mexican Independence Day.

Chicago officials agree a federal immigration crackdown is imminent

Wall Street took hits on the market after hiring slumped in August. The economy added 22,000 jobs, far below expectations, fueling fresh concerns about a slowdown.

Trump hits the links amid economic slowdown concerns

The United States is not talking about regime change in Venezuela, President Donald Trump said on Friday, as the United States ordered an additional 10 stealth fighter jets to a military buildup in the Caribbean.

Caracas

Trump plays down regime change in Venezuela amid military buildup

The Israeli military told Palestinians in Gaza City to leave for the south before bombing a high-rise tower as its forces advance deeper into the enclave's largest urban area.

Tel Aviv-Yafo

Israel tells Palestinians to leave as it pushes into Gaza City

US President Donald Trump's threats to deploy National Guard troops to Chicago, Baltimore, and New Orleans have ignited resistance from local leaders and residents, who argue the deployments serve as intimidation rather than crime prevention.

Breakdown