NRG Energy Inc. (NYSE:NRG) and Edison Mission Energy (EME) jointly announced that the Federal Energy Regulatory Commission (FERC) approved the previously announced sale of substantially all of EME’s assets to NRG.
The acquisition of EME’s portfolio of renewable and conventional generation assets will create the second-largest US power company with enough capacity to support nearly 48 million American homes. EME will add nearly 8,000 MW of generating capacity to the combined company’s diverse portfolio of both conventional and wind generation facilities.
Additionally, NRG will become the third-largest US-based renewable energy generator with an industry-leading wind and solar portfolio. The addition of the assets demonstrate the company’s continued commitment to renewables.
The FERC approval represents the final regulatory authorizations required to close the transaction and parties expect to close the transaction on April 1, 2014.
NRG is one of the country’s largest power generation and retail electricity businesses. Its power plants provide about 47,000 MW of generation capacity and its retail and thermal subsidiaries serve more than 2 million customers in 16 states. NRG’s retail electricity providers are Reliant, Green Mountain Energy, Energy Plus and NRG Residential Solutions.
With headquarters in Santa Ana, Calif., and offices in Chicago and Boston, Edison Mission Energy companies own, operate and lease a portfolio of more than 40 electric generating facilities that are powered by wind, natural gas and coal, as well as an energy marketing and trading operation.