NRG · 8-K · 20261109PR124147

Acquisition / Partnership / Divestiture

NRG ENERGY, INC. · 2026-11-09 · Importance 71 · Surprise 60 · In source text

NRG entered a definitive agreement to sell six natural gas generation assets to LS Power for $4 billion in cash, subject to working-capital and other closing adjustments. The sale is targeted to close in the second quarter of 2027, subject to customary conditions and regulatory approvals, including HSR, FERC, and New York State Public Service Commission approval. The assets represent 4.9 GW across NYISO, ISO-NE, and ERCOT, and the stated implied 2027 valuation is 8.0x EV/Adjusted EBITDA.

Key facts

• NRG entered into a definitive agreement to sell six natural gas generation assets to LS Power for $4 billion in cash, subject to working capital and other closing adjustments. source
• The sale is targeted to close in the second quarter of 2027, subject to customary closing conditions and regulatory approvals, including HSR, FERC, and NYSPSC approvals. source
• The six assets being sold 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). source
• The sale price implies a 2027 valuation multiple of 8.0x EV/Adj. EBITDA. source
• Barclays is serving as lead financial advisor on the transaction, and White & Case LLP is serving as legal counsel to NRG. source

Impact estimates