NRG agrees to sell six power plants to LS Power for $4 billion
The 4.9-gigawatt sale is targeted for the second quarter of 2027 and still needs regulatory approvals.
NRG Energy agreed Monday to sell six natural-gas generation assets to LS Power for $4 billion in cash, subject to working-capital and other closing adjustments. The plants represent 4.9 gigawatts of capacity across Texas, New York and New England.
The transaction is targeted to close in the second quarter of 2027. It is not a completed sale: customary closing conditions and approvals from regulators, including the Federal Energy Regulatory Commission and New York State Public Service Commission, remain outstanding.
Proceeds tied to buybacks and debt reduction
NRG said expected proceeds would support a plan for $3 billion of share repurchases across 2026 and 2027. Upon closing, it plans an additional $2 billion of debt reduction, bringing total planned 2027 debt reduction to $3 billion. Those are capital-allocation plans, not evidence the sale proceeds have already been received or spent.
The company said it would retain its PJM generation portfolio and CPower acquired in January. After the sale, it expects to own and operate 20 gigawatts of generation nationwide, split between ERCOT in Texas and PJM.
Separately, NRG reported third-quarter GAAP net income of $561 million and adjusted earnings of $4.68 a share. It reaffirmed its 2026 guidance and introduced a 2027 adjusted earnings range of $8.05 to $10.05 a share, excluding the expected effects of the asset sale. Adjusted earnings are a non-GAAP measure; the 2027 range is an outlook rather than a result.
