NRG Energy To Buy Energy Plus Holdings For $190 Million

Date : 08/16/2011 @ 9:03AM
Source : Dow Jones News
Stock : Nrg Energy, Inc. (NRG)
Quote : 16.9  0.06 (0.36%) @ 3:59PM

NRG Energy To Buy Energy Plus Holdings For $190 Million

Nrg Energy (NYSE:NRG)
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NRG Energy Inc. (NRG) plans to acquire retail electricity and natural gas provider Energy Plus Holdings LLC for $190 million in cash, citing its desire to expand in retail markets, particularly the Northeast.

Philadelphia-based Energy Plus maintains more than 90% of its retail customer base in states such as New York, Connecticut and Illinois. The company also sells electricity in Texas and natural gas in New York and New Jersey.

"As we launch our retail expansion in the Northeast, Energy Plus adds a highly effective, absolutely unique and essentially non-replicable sales chain to our successful retail energy platform," said NRG Chief Executive David Crane.

The deal, subject to customary regulatory approvals, is expected to close in October.

NRG repeatedly has sought to bulk up through acquisitions, making purchases such as its acquisition last year of clean energy provider Green Mountain Energy Co. for $350 million. Earlier this month, the company reported its second-quarter profit soared to $621 million, while noting plans to expand its retail operations in the Northeast.

Shares closed Monday at $22.87 and were inactive premarket. The stock is up 17% since the start of the year.

-By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com




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