Liberty Energy Inc. · NYSE:LBRT
Liberty Energy — Investor Presentation (May 2025)
9 slides from Liberty Energy's investor presentation, May 6, 2025
Slide 1: Power Generation Panel │ May 6, 2025
Power Generation Panel │ May 6, 2025
Slide 2: The Historical Context
The Historical Context 100 Years of Regulated 1990s: Deregulation & Utilities Competition Introduced • Serves a defined region • Protected from competition The Vertically • Controls generation, • Rates approved by Integrated Utility transmission, distribution regulators
Slide 3: Players in the Power Market
Players in the Power Market Oversight Government Market Monitor Market Operator Utility Commission Looks for economic Independent System & Legislature efficiency Operator (ISO) Power Vertically Integrated Utility Marketers The Grid • Buy fuel, sell power • Buy power, resell power Operations & Settle
Slide 4: The Grid as a Natural Monopoly
The Grid as a Natural Monopoly 1 2 3 High Barriers Minimum Competition to Entry Efficient Scale Raises Costs land & capital capacity : customers balancing customers & infrastructure
Slide 5: Competitive Power Generation
Regulated Competitive Competitive Utility Generator Power Fixed return via rates Market-driven returns Generation Franchise rights Compete on Emerges price/efficiency Can own generation Must choose wisely (fuel/site/etc.) • Market-based returns • Strategic decisions = profit or loss Must act “reason
Slide 6: New Pressures, New Questions
New Pressures, New Questions Explosive Strategic Challenge to Load Growth Generation Serve Demand data centers, timely and without exposing EVs, electrification cost-effective ratepayers to speculative risk
Slide 7: Introducing Today’s Panel
Introducing Today’s Panel Travis Broersma Noel Black Eric Goff HEAD OF WEST POWER SOUTHERN COMPANY GOFF POLICY Samin Peirovi Jason M. Stanek Joel Turkheimer DAVIS WRIGHT TREMAINE LLP PJM INTERCONNECTION, LLC WINDY BAY POWER
Slide 8: High Electricity Growth Forecasts
High Electricity Growth Forecasts
Slide 9: Liberty Energy
LIBERTY °° ENERGY