Overview
- Regulators rejected PJM’s market monitor request for conditions, finding no demonstrated risk that NRG could influence PJM prices after the merger.
- NRG will acquire 12.9 GW of gas-fired capacity and CPower’s virtual power plant platform with about 6 GW under contract, including roughly 4 GW in PJM.
- The portfolio would lift NRG’s PJM capacity to about 9.5 GW from 2.1 GW and raise its New York holdings to about 2.2 GW from 1.2 GW, roughly doubling its overall fleet.
- The companies target closing in early 2026 subject to New York State Public Service Commission approval, with consideration including about 11% of NRG stock to LS Power, $6.4 billion in cash, and the assumption of approximately $3.2 billion of debt.
- FERC also approved LS Power’s purchase of BP Wind Energy North America’s 1.3 GW fleet, while NRG advances a 5.4 GW gas development JV with GE Vernova and Kiewit and signals a data center agreement announcement in 2026.