NRG Energy Inc. has received approval from both the U.S. Federal Energy Regulatory Commission (FERC) and the New York State Public Service Commission (NYSPSC) for its acquisition LS Power’s energy portfolio.
The approvals advance the acquisition, which is targeted to close in the first quarter of 2026.
NRG Energy is acquiring a portfolio of natural gas generation facilities and a commercial and industrial virtual power plant platform from LS Power in a cash and common stock transaction valued at approximately US$12 billion.
The transaction comprises US$6.4 billion cash consideration, US$2.8 billion in stock consideration to LS Power and US$3.2 billion of net debt assumed at closing.
LS Power is expected to own approximately 11 per cent of NRG shares.
The acquisition will double NRG’s generation capacity and expand its commercial and industrial virtual power plant platform.
At close, the transaction will expand NRG’s ability to deliver innovative, customised energy solutions to its customers.
