In a skillet over medium heat, add the ½" bacon slices and cook until golden brown, stirring occasionally. Remove bacon bits and place on a paper towel lined plate to cool.
Heat skillet with reserved bacon grease over medium heat, then place Brussels sprouts flat side down. Salt to taste, then cook until golden brown, or about 5-8 minutes.
Once browned on both sides, add the cream, pepper, red pepper, nutmeg, garlic powder, mozzarella cheese and Parmesan cheese. Gently stir until the cheese is melted and the sauce is creamy.