LS Power has signed a definitive agreement to acquire six natural gas-fired power generation facilities, totalling about 4.9 GW, from NRG Energy in Texas, Rhode Island, New York and Connecticut, United States (LS Power press release, 09/11/2026). The USD4bn deal is expected to close in 2027, subject to approvals including FERC, the Hart-Scott-Rodino process and the New York State Public Service Commission. The assets sit in three regional transmission organisations and are specifically:
- Texas: Jack County and Johnson County combined-cycle (CCGT) plants, and the R.W. Miller simple-cycle and steam turbine plant.
- Rhode Island: Ocean State Power combined-cycle plant.
- New York: Ravenswood combined-cycle, simple-cycle and steam turbine plant.
- Connecticut: Wallingford simple-cycle plant.
NRG plans to use the proceeds for a USD3bn share repurchase programme across 2026 and 2027, with USD1bn expected to start before the end of 2026. It also plans USD2bn of debt reduction at closing, part of a planned USD3bn reduction in 2027. NRG will retain 20 GW of US generation, with 10 GW in ERCOT and 10 GW in PJM.
Combined with its pending purchase of about 4.4 GW from Constellation, the deal would take LS Power’s natural gas-fired power fleet from 2.2 GW to 11.5 GW. Its total installed capacity, including hydro, wind, solar and battery storage, would exceed 19 GW.
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