NRG · 10-Q · 2026Q3 · Full report
Acquisition / Partnership / Divestiture
NRG ENERGY, INC. · 2026-11-09 · Importance 71 · Surprise 60 · In source text
On January 30, 2026, NRG completed its $10.572 billion acquisition of the LSP Portfolio, funded with $6.844 billion in cash and $3.728 billion in NRG shares. The portfolio added natural-gas-fired and dual-fuel generation assets across nine states, expanding NRG’s footprint in the Northeast and Texas, and included CPower, a demand-response platform serving more than 2,000 commercial and industrial customers. NRG reported $2.025 billion of LSP Portfolio revenue for the nine months ended September 30, 2026; the filing notes that this excludes portfolio-level hedging effects. On November 9, 2026, NRG agreed to sell six natural-gas-fired assets totaling 4.9 GW from its Texas and East segments to LS Power, with closing targeted for the second quarter of 2027, subject to customary conditions and regulatory approvals; NRG preliminarily expects a goodwill-related impairment charge upon held-for-sale classification.
Key facts
- On January 30, 2026, NRG completed its acquisition of the LSP Portfolio from LS Power for 24.25 million NRG common shares and $6.4 billion in cash, plus $472 million of working capital and other adjustments. source
- NRG paid $7.094 billion, net of cash acquired, for acquisitions of businesses and assets during the nine months ended September 30, 2026. source
- NRG’s consideration for the LSP Portfolio acquisition included 24.25 million shares of NRG common stock and $6.4 billion in cash. source
- NRG’s total consideration for the LSP Portfolio acquisition was $10.572 billion, comprising $6.844 billion cash consideration and $3.728 billion stock consideration. source
- NRG provisionally recorded $3.802 billion of goodwill from the LSP Portfolio acquisition, allocated $1.586 billion to Texas and $2.216 billion to East. source
- NRG’s LSP Portfolio acquisition consideration was 24.25 million NRG common shares and $6.4 billion cash, plus $472 million of working capital and other adjustments. source
- Cash used in investing activities increased by $6,503 million due primarily to cash paid for the LSP Portfolio acquisition in January 2026. source
- NRG completed the acquisition of the LSP Portfolio on January 30, 2026; the portfolio includes natural gas-fired and dual fuel facilities and CPower, a demand response platform. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -17.6% | NRG paid $7.094 billion, net of cash acquired, for acquisitions of businesses and assets during the nine months ended September 30, 2026. |
| cash | negative | realized | -16.1% | Cash used in investing activities increased by $6,503 million due primarily to cash paid for the LSP Portfolio acquisition in January 2026. |
| assets | positive | realized | +9.4% | NRG provisionally recorded $3.802 billion of goodwill from the LSP Portfolio acquisition, allocated $1.586 billion to Texas and $2.216… |