Energy firm inks $287.5 million acquisition

New Jersey-based NRG Energy has announced a deal in which it will purchase Reliant Energy’s Texas-based retail business for $287.5 million (US).

The acquisition brings into NRG’s fold the second-largest mass-market electricity provider in Texas. Reliant currently serves about 1.8 million customers in the state.

“Matching NRG’s generation with Reliant’s retail load reduces the need for third party power contracts and collateral support for the retail business,” said Robert Flexon, NRG’s Chief Financial Officer.

NRG currently has a nationwide power generating capacity of more than 24,000 megawatts. It entered the Texas energy market in 2006 when it bought 11,000 megawatts of assets from Texas Genco. The company expects to finalise its latest purchase late in the second quarter of this year.