NRG to Sell Six Power Plants, Including NYC's Ravenswood, for $4 Billion
NRG has agreed to sell six natural-gas power plants totaling 4.9 gigawatts to LS Power. The $4 billion cash deal is expected to close in the second quarter of 2027, subject to regulatory approvals.
NRG Energy has agreed to sell six natural-gas power plants, including New York City's Ravenswood Generating Station, to LS Power for $4 billion in cash, the companies announced Monday.
The plants have a combined generating capacity of 4.9 gigawatts. The sale covers Ravenswood in New York, Ocean State Power in Rhode Island, Wallingford in Connecticut, and Jack County, Johnson County and R.W. Miller in Texas.
NRG said the deal is targeted to close in the second quarter of 2027, subject to closing conditions and regulatory approvals. Those include federal antitrust review, the Federal Energy Regulatory Commission and the New York State Public Service Commission. The price is subject to working-capital and other closing adjustments.
The company plans to use proceeds to support share repurchases, reduce debt and preserve money for other investments. NRG said its plan includes $3 billion in share repurchases across 2026 and 2027, with an additional $1 billion expected to begin before the end of this year. Following the sale's closing, it plans an additional $2 billion in debt reduction.
After the sale, NRG expects to own and operate 20 gigawatts of generating capacity nationwide, split between Texas's ERCOT market and the PJM region. LS Power said the acquisition would expand its presence in Texas and the Northeast as demand for power grows.
(The agreement has not closed. Its timing and the companies' future plans remain subject to approvals and other conditions.)