NRG Energy on Nov. 9 announced that it has entered into a definitive agreement to sell six natural gas generation assets to LS Power, for a purchase price of $4 billion in cash, subject to working capital and other closing adjustments.
The six assets represent 4.9 GW of generation across NYISO (Ravenswood), ISO-NE (Ocean State Power and Wallingford), and ERCOT (Jack County, Johnson County, and R.W. Miller).
The sale is targeted to close in the second quarter of 2027, subject to customary closing conditions and regulatory approvals, including Hart-Scott-Rodino, the Federal Energy Regulatory Commission and the New York State Public Service Commission.
NRG said it remains dedicated to ensuring affordable, reliable power as demand continues to grow. Upon completion, NRG will own and operate 20 GW of generation capacity nationwide. This includes 10 GW of generation in ERCOT, complemented by 10 GW in PJM.
By 2028, an additional 1.1 GW is expected to be operational in ERCOT through the company’s remaining two Texas Energy Fund projects.
Proceeds from the transaction will be used to support NRG's 2027 pro forma capital allocation plan of $3 billion of share repurchases across 2026 and 2027, including an incremental $1 billion expected to begin before the end of the fourth quarter of 2026.
Upon closing of the asset sale, NRG plans an additional $2 billion of debt reduction to maintain the company’s current leverage profile, bringing total planned 2027 debt reduction to $3 billion. The remaining proceeds will be reserved to fund either contracted growth investments or additional debt reduction.
