NRG Energy Inc. has completed its $287.5 million acquisition of Reliant Energy's retail business, which provides electricity service to more than 1.7 million customers in Texas. The sale, initially announced on March 2, creates a stronger and more reliable competitive business that benefits Texas consumers.
While NRG intends to provide executive management, financial, commercial operations and risk functional support, the retail business will continue to function as a self-contained business unit doing business as Reliant Energy and headquartered in Houston.
‘With Reliant's base of retail customers, we now have a platform to build on the entire class of distributed generation and retail alternative energy technologies – including smart meters and solar-powered rooftop installations and, ultimately, electric vehicles, among other distributed technologies – that directly benefit consumers and the environment,’ says David Crane, NRG's president and CEO.
SOURCE: NRG Energy Inc.