---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-047007"
form_type: "8-K"
ticker: "NRG"
cik: "0001013871"
company_name: "NRG ENERGY, INC."
filed_at: "2025-05-12T23:59:59+00:00"
generated_at: "2026-05-21T22:41:01.908677+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# NRG to acquire 13 GW natural gas portfolio and VPP platform from LS Power for ~$12B

## Summary
- Acquires 18 natural gas facilities (13 GW) and CPower C&I VPP platform (6 GW) for ~$12B enterprise value (7.5x 2026 EV/EBITDA).
- Consideration: $6.4B cash, $2.8B stock (24.25M shares at $114.98 VWAP), $3.2B net debt assumed; LS Power gets ~11% pro forma stake with 6-month lock-up.
- Expected close Q1 2026 subject to HSR, FERC, and NYSPSC approvals; NRG targets <3.0x net debt/EBITDA leverage within 24-36 months.
- NRG raises 5-year Adjusted EPS CAGR target to at least 14% from at least 10%; expects ~$9.1B in capital returns over that period.
- Reiterates 2025 capital plan: $1.3B in share repurchases and ~$345M in common dividends.

## SEC filing metadata
- accession: 0001104659-25-047007
- form_type: 8-K
- ticker: NRG
- cik: 0001013871
- company_name: NRG ENERGY, INC.
- filed_at: 2025-05-12T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 7.01, 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1013871/000110465925047007/0001104659-25-047007-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1013871/000110465925047007/tm2514561d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-047007
- JSON: https://secwatch.observer/filing/0001104659-25-047007.json
- Plain text: https://secwatch.observer/filing/0001104659-25-047007.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.