LS Power has agreed to acquire six natural gas-fired power plants with a combined 4.9 GW of capacity from NRG Energy for US$4bn in cash, the companies said on 9 November 2026.
Why LS Power is buying Six natural gas generation assets (NRG Energy, Inc.)
LS Power said that, together with its pending purchase of about 4.4 GW from Constellation, the deal would lift its gas-fired fleet from 2.2 GW to 11.5 GW and its total generation fleet to more than 19 GW. Chief executive Paul Segal said "Firm power underpins our all-of-the-above approach". For NRG, chief executive Robert Gaudette said "We are unlocking substantial value from a select group of assets" and that "This transaction will strengthen our balance sheet".
Deal terms and financing
The price is US$4bn in cash, subject to working capital and other closing adjustments, an implied 8.0 times 2027 EV/adjusted EBITDA. NRG plans US$3bn of share repurchases across 2026 and 2027, including an incremental US$1bn starting before the end of the fourth quarter of 2026, and a further US$2bn of debt reduction on closing. The assets are Ravenswood (NYISO), Ocean State Power and Wallingford (ISO-NE), and Jack County, Johnson County and R.W. Miller (ERCOT).
Regulatory approvals and timing
Closing requires Hart-Scott-Rodino clearance and approval from the Federal Energy Regulatory Commission and the New York State Public Service Commission, and is targeted for the second quarter of 2027.
Market context
The plants formed part of the gas portfolio NRG bought from LS Power earlier in 2026; NRG keeps its PJM generation fleet and CPower. Buyers are paying up for dispatchable gas capacity as data-centre demand tightens US power markets.
