FERC Approves NRG, LS Power Deal, Rejects PJM Requested Conditions

In May, NRG Energy announced a deal to acquire LS Power’s portfolio of natural-gas power plants in a deal valued at roughly $12 billion, including debt, that will expand NRG’s footprint in Texas and along the East Coast (see NRG Buys 18 Gas-Fired Power Plants, Including 5 in PA, for $12B). NRG said the acquisition would add 18 more natural-gas-fired facilities in nine states, including five in Pennsylvania and one in Ohio, doubling its generation capacity to approximately 25 gigawatts (GW). In June, NRG asked the Federal Energy Regulatory Commission (FERC) to approve the deal (see NRG, LS Power Asks FERC to Approve $18B Deal for 12 Gas-Fired Plants). “Not so fast,” said the PJM Interconnection, which requested that FERC set certain conditions before approving the deal (see PJM Monitor Asks FERC to Impose Conditions on NRG, LS Power Deal). FERC ignored PJM and OK'd the deal on Friday without preconditions.

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