secwatch.observer — SEC 8-K summary
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Issuer:     NRG ENERGY, INC. (NRG)
CIK:        0001013871
Form:       8-K
Filed at:   2026-11-09T12:02:22+00:00
Accession:  0001104659-26-124147
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 7.01, 1.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

NRG to sell six gas plants (4.9 GW) to LS Power for $4B cash, funding $3B of buybacks
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- Definitive agreement sells six natural gas generation assets to LS Power for $4B cash, an implied 2027 valuation of 8.0x EV/Adj. EBITDA, subject to working capital adjustments.
- Assets total 4.9 GW: Ravenswood (NYISO), Ocean State Power and Wallingford (ISO-NE), and Jack County, Johnson County and R.W. Miller (ERCOT).
- Closing targeted for Q2 2027, subject to HSR, FERC and New York State Public Service Commission approvals; Barclays advised NRG, White & Case was counsel.
- Proceeds support $3B of share repurchases across 2026-2027, including an incremental $1B expected before end of Q4 2026, plus $2B more debt reduction.
- Post-close NRG will own 20 GW: 10 GW in ERCOT and 10 GW in PJM, with 1.1 GW more ERCOT capacity by 2028 from two Texas Energy Fund projects, per CEO Robert Gaudette.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1013871/000110465926124147/0001104659-26-124147-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1013871/000110465926124147/tm2629302d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-124147

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