NRG Energy Buys Energy Plus for Retail Power
NRG Energy, Inc. is planning to expand the retail side of its diverse energy offerings with the acquisition of Philadelphia-based Energy Plus Holdings LLC. Serving primarily the Northeastern United States’ retail energy market for electricity and natural gas, Energy Plus has tapped into markets in New York, Connecticut, Pennsylvania, New Jersey, Maryland, Illinois, and even Texas.
NRG Energy has offered $190 million cash to buy Energy Plus Holdings. NRG believes the acquisition will add immediate scale to its already expanding retail customer base, with a particular focus on the Northeast U.S.
The deal is expected to close in October pending approvals from the Justice Department and Federal Energy Regulatory Commission.
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Energy Plus has been one of the fastest growing energy companies in the United States. It has successfully garnered partnerships with nearly 100 companies and associations throughout the industry.
"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 David Crane, NRG President and Chief Executive Officer. "Energy Plus' direct marketing expertise, exclusive loyalty program partnerships and marketing platform, leveraged with the resources of Reliant and Green Mountain and aligned with the wholesale support provided by NRG's generation assets, creates a potent retail combination that is well differentiated from the product and service offerings of our competitors."
Combining NRG Energy’s wholesale power generation business with Energy Plus’ retail market reach will undoubtedly catapult the company to new heights.