NRG Energy Inc. is seeking approval from the Federal Energy Regulatory Commission to acquire Stream Energy's retail electricity and natural gas business.
Under the deal, NRG Retail LLC would purchase all ownership interests in Stream Energy's retail energy business for $300 million plus working capital for the retail energy businesses.
FERC has been asked to approve the deal by June 16. (FERC docket EC19-93)
The acquisition is part of NRG Energy'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.