NRG shares rise 4.2% after $4 billion gas asset sale agreement
Key Facts
NRG Energy shares rose 4.2% after the company said it had agreed to sell natural gas-fired power generation assets to LS Power for $4 billion in cash, according to an Investing.com report published on November 9, 2026. The deal includes six assets in four U.S. states, and the final value is subject to working capital and other adjustments at closing. The purchase price implies an enterprise value multiple of 8.0 times 2027 adjusted earnings before interest, taxes, depreciation and amortization, according to the deal announcement carried by Business Wire. The valuation provides a benchmark for measuring the agreed price against the assets’ projected earnings for that year. The report did not establish that the shares were trading higher during the November 9 session; the 4.2% figure was described as a move following the announcement.
The six plants have total capacity of 4.9 gigawatts and are located in Texas, Rhode Island, New York and Connecticut, according to an LS Power statement published through PR Newswire. The assets include the Jack County and Johnson County plants in Texas, Ocean State Power in Rhode Island, Ravenswood in New York and Wallingford in Connecticut, along with another asset in the group being sold. The plants span markets from the U.S. South to the Northeast. The deal statement names the assets, while the total capacity gives a clear measure of the portfolio being transferred to the buyer. The statement did not say the sale was intended to allow NRG to focus on its core markets.
LS Power presented the deal as an expansion of its generation portfolio in Texas, the Northeast and New York, saying it would give the company opportunities to support growing power demand in those markets. The company linked its investment to the importance of dispatchable generation for grid reliability. Its chief executive said, "Significant investment in firm, dispatchable power remains essential to grid reliability." He added that the existing, permitted facilities connected to the grid provide power today. That explanation frames the deal around the value of operating assets ready to supply power, according to the buyer. It also makes clear that the announced geographic expansion is concentrated in markets where the six assets are located.
The deal comes as NRG reported third-quarter 2026 adjusted earnings before interest, taxes, depreciation and amortization of $2.013 billion, compared with $1.205 billion in the same period of 2025, according to the company statement attached to its filing with the U.S. Securities and Exchange Commission. That figure provides recent financial context for the asset sale announcement, but it relates to the company’s third-quarter results and does not represent earnings from the six plants alone. The deal’s 8.0-times multiple is also based on an implied 2027 valuation, not the third-quarter earnings cited. NRG shares closed at $88.29 on November 6, 2026, according to EL7 data. That close was from an earlier session and does not establish the share price on November 9 or the size of any move during that session.
The sale is expected to close in the second quarter of 2027, subject to regulatory approvals and customary closing conditions, according to the NRG statement attached to its 8-K filing and the Investing.com report. The $4 billion purchase price remains subject to working capital and other adjustments at closing under the announced terms. The target date sets the expected timetable for the asset transfer, while the stated approvals and conditions remain necessary to complete the deal. The transaction includes plants with total capacity of 4.9 gigawatts in markets where LS Power said it wants to expand its presence. Until closing, the deal remains an announced agreement between the two parties, not a completed transfer.