NRG completes $3.6B acquisition of Direct Energy

Independent power company NRG Energy has completed its $3.6 billion acquisition of retail electricity distribution firm Direct Energy.

Through the deal NRG adds more than three million retail customers across North America. NRG now features a larger customer footprint, serving all 50 U.S. states and parts of Canada.

“The acquisition of Direct Energy further perfects our integrated model by enhancing the way we serve customers with additional products and services,” said Mauricio Gutierrez, NRG President and Chief Executive Officer. “I want to welcome Direct Energy employees into the NRG family as we embark on this exciting new chapter of our evolution.”

The Federal Energy Regulatory Commission signed off on the NRG-Direct deal in December.

Centrica PLC agreed to sell Direct, its North American subsidiary. Once completed, it would add 3 million customers to NRG’s retail business and dramatically expand its reach outside of Texas.

Direct Energy has customers in all 50 U.S. states and in Canada. More than 75 percent of those are outside Texas, which adds a sought-after regional diversity to NRG’s portfolio.

NRG’s COO gives keynote at POWERGEN 2019. See the story here.

Subscribe to PE’s free, weekly newsletter

NRG’s power assets generate more than 23,000 MW from 40 plants across the U.S. The company is headquartered in both Princeton, New Jersey, and Houston.

Centrica PLC had owned Direct Energy since 2000.

No posts to display