Kiewit Books 5.4 GW for NRG as Gas Turbine Slots Vanish Through 2029

NRG's 5.4 GW Kiewit lock-up signals that gas turbine slots, transformer lead times, and water rights are now sequenced commitments, not procurement line items, with combined-cycle costs up 66% to $2,157/kW since 2023. Developers who secure tenant, power, and water in the right order will build; those raising capital on promise, like Fermi America's $750 million with no anchor locked, won't.