LS Power to Acquire Six Natural Gas Power Generation Assets from NRG Energy

The NRG transaction and a pending Constellation acquisition are expected to expand LS Power's natural gas fleet to 11.5 GW.

Rhea-AI Summary

LS Power entered a definitive agreement to acquire 4.9 GW of natural gas-fired generation from NRG Energy (NYSE: NRG). The transaction covers six facilities across Connecticut, New York, Rhode Island and Texas, spanning three regional transmission organizations. The assets are Jack County, Johnson County, Ocean State Power, Ravenswood, R.W. Miller and Wallingford.

LS Power expects the acquisition to close in 2027, subject to customary closing conditions and regulatory approvals. Together with its pending acquisition of approximately 4.4 GW from Constellation, the transaction is expected to expand LS Power's natural gas generation fleet from 2.2 GW to 11.5 GW. Its total generation fleet, including hydro, solar, wind and battery storage assets, is expected to exceed 19 GW.

3 points · 0 major

PositiveiHow this balance works

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0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.LS Power's definitive agreement adds six NRG natural gas generation facilities totaling 4.9 GW upon completion.
• Minor point. Forward-looking: it has not happened yet and may not happen.Combined acquisitions are expected to expand LS Power's gas fleet from 2.2 GW to 11.5 GW.
• Minor point. Forward-looking: it has not happened yet and may not happen.LS Power's total generation fleet is expected to grow to more than 19 GW.

Negative

• Minor pointThe NRG acquisition remains subject to regulatory approvals, with closing expected in 2027.
• Minor pointThe approximately 4.4 GW Constellation acquisition included in LS Power's fleet expansion remains pending.

News Explained

NRG has agreed to transfer the six plants to LS Power, but the announcement gives no purchase price or proceeds figure, so the cash value of the agreed asset sale to NRG cannot be assessed.

Key Figures

Generation capacity: 4.9 GW Facilities: 6 Expected closing: 2027 +1 more

Generation capacity

4.9 GW

Six natural gas-fired facilities covered by the agreement

Facilities

6

Assets covered by the agreement

Expected closing

2027

Subject to customary closing conditions and regulatory approvals

LS Power natural gas fleet

2.2 GW to 11.5 GW

Following this acquisition and the pending Constellation acquisition

Previous Acquisition Reports

1 past event · Latest: Jan 30

Same Type 1 event

1. Jan 30

   portfolio acquisition

   24h Move

   -0.7%

   NRG completed an earlier purchase of 13 GW of natural gas generation facilities from LS Power.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

regional transmission organizations, combined-cycle, simple-cycle, steam turbine

4 terms

regional transmission organizations technical

"natural gas-fired generation facilities across three regional transmission organizations"

Regional transmission organizations (RTOs) are independent, nonprofit entities that operate and coordinate large portions of the high‑voltage electric grid across multiple utilities or states. They run centralized wholesale electricity markets (day‑ahead and real‑time), dispatch generation to meet demand while maintaining system reliability, plan transmission expansions, and provide non‑discriminatory access to the grid; they do not own the transmission lines they manage and must meet regulatory criteria set by the Federal Energy Regulatory Commission (FERC).

combined-cycle technical

"Jack County combined-cycle (Texas)"

A combined-cycle power plant uses two linked systems—typically a gas turbine and a steam turbine—so waste heat from the first is captured to run the second, boosting overall electricity output from the same fuel. For investors, that higher efficiency means lower fuel costs per megawatt, smaller emissions per unit of power and generally better operating margins, but it also involves larger upfront construction costs and technical complexity.

simple-cycle technical

"Ravenswood combined-cycle, simple-cycle, and steam turbine"

A simple-cycle plant is a power-generation setup where fuel is burned to spin a turbine and make electricity in one direct step, without capturing and reusing the waste heat. Think of it like a car that throws away hot engine exhaust instead of using it to power an extra gearbox: it starts quickly and costs less to build but produces less electricity per unit of fuel and tends to be more expensive to run. Investors care because simple-cycle units offer fast, flexible capacity that can earn revenue in tight markets or for backup power, but they usually have lower long‑term margins and different regulatory and emissions profiles than more efficient designs.

steam turbine technical

"Ravenswood combined-cycle, simple-cycle, and steam turbine"

A steam turbine is a machine that uses high-pressure steam to spin blades on a shaft, converting heat from boiling water into rotating power to drive electrical generators or heavy machinery—like a windmill turned by steam instead of wind. Investors care because a turbine’s efficiency, reliability and upkeep affect how much energy a plant produces, the cost to operate, capital spending needs and emissions exposure, all of which influence profits and risk.

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LS Power enters into a definitive agreement to acquire 4.9 GW of natural gas-fired generation facilities across three regional transmission organizations, expanding its national footprint of firm, dispatchable gas generation amid growing power demand.

NEW YORK, Nov. 9, 2026 /PRNewswire/ -- LS Power, a leading development, investment, and operating company focused on the North American power and energy infrastructure sector, today announced that it has entered into a definitive agreement with NRG Energy Inc. (NYSE: NRG) to acquire six natural gas-fired power generation facilities across Connecticut, New York, Rhode Island, and Texas, totaling 4.9 GW.

The facilities include:

• Jack County combined-cycle (Texas)
• Johnson County combined-cycle (Texas)
• Ocean State Power combined-cycle (Rhode Island)
• Ravenswood combined-cycle, simple-cycle, and steam turbine (New York) 
• R.W. Miller simple-cycle and steam turbine (Texas)
• Wallingford simple-cycle (Connecticut) 

"Significant investment in firm, dispatchable power remains essential to grid reliability, and facilities that are already built, permitted, and interconnected deliver that power today. Firm power underpins our all-of-the-above approach, including renewables and distributed energy resources," said Paul Segal, CEO of LS Power. "Expanding LS Power's generation footprint in the Texas, Northeast, and New York markets, where we have deep experience developing and operating a range of energy infrastructure assets, creates opportunities to support historic levels of power demand growth."

This acquisition from NRG, together with the pending acquisition of approximately 4.4 GW from Constellation, will expand LS Power's natural gas generation fleet from 2.2 GW to 11.5 GW, increasing the company's capacity in key power markets. LS Power's generation fleet, which also includes hydro, solar, wind and battery storage assets, will grow to more than 19 GW.

The acquisition is expected to close in 2027, subject to customary closing conditions and regulatory approvals.

Milbank LLP served as legal advisor, while Scotiabank and Evercore served as financial advisors to LS Power.

About LS Power
Founded in 1990, LS Power is a premier development, investment, and operating company focused on the North American power and energy infrastructure sector, with leading platforms across generation, transmission, and energy expansion solutions. Since inception, LS Power has developed or acquired more than 50,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Through its transmission business, LS Power Grid, the company operates 7 transmission utilities and has built 780+ miles of high-voltage transmission, with another 400+ miles currently in construction or development. Over the years and across its investment partnerships, projects, and businesses, LS Power has raised more than $95 billion in debt and equity capital to support North American infrastructure. For information, please visit www.lspower.com.

Media Contact
Prosek Partners for LS Power
Pro-LScomms@prosek.com 

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SOURCE LS Power

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is LS Power acquiring from NRG Energy?

LS Power has entered a definitive agreement to acquire six natural gas-fired power generation facilities totaling 4.9 GW from NRG Energy. The facilities are located in Connecticut, New York, Rhode Island and Texas.

When is LS Power's acquisition of NRG's generation assets expected to close?

LS Power expects the acquisition to close in 2027, subject to customary closing conditions and regulatory approvals.