NRG Energy Inc. subsidiary NRG Retail LLC has completed its acquisition of Stream Energy's retail retail electricity and natural gas business for $300 million, plus working capital.
The deal closing follows the receipt of all required regulatory approvals, according to an Aug. 7 news release. Stream Energy's remaining business will now use Kynect as its name and brand.
Kynect will market energy and wireless services through its independent sales organization and be the exclusive marketer to the Stream business acquired by NRG.
The acquisition is part of NRG's efforts to position itself toward an "integrated competitive power" model after declaring the independent power producer model "obsolete" in early 2017. It is intended to reduce exposure to wholesale market volatility.