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NRG Energy To Acquire Dominion’s Retail Electric Business

Stocks in this article: NRG

NRG Energy, Inc. (NYSE:NRG) has entered into agreements with Dominion Resources, Inc. (NYSE:D) to acquire its retail electric business. Dominion currently serves more than 600,000 customer accounts in Connecticut, Illinois, Maryland, Massachusetts, New Jersey, New York, Ohio and Pennsylvania, and through its Cirro Energy brand in Texas.

Once completed, the acquisition will support NRG’s ongoing efforts to expand the company’s retail footprint in the Northeast and to grow its leading retail position in Texas. While customers will see more options to improve their ability to understand and control their use of energy, customers should expect a seamless transition and no change in their service once becoming NRG customers.

“We are excited for the opportunity to serve a substantial number of new customers with our leading portfolio of innovative, exclusive retail energy products,” said Jim Steffes, President, NRG Retail Northeast. “We are working to ensure that when the deal closes, the transition of Dominion customers to NRG is smooth and that it paves the way for our special brand of customized electricity plans and access to emerging energy technology solutions.”

“NRG has built a thriving multi-brand electricity business in Texas by bringing innovative products and service to consumers through brands like Reliant and Green Mountain,” said Elizabeth Killinger, President, NRG Retail Texas. “We are excited to welcome Cirro Energy customers to the NRG family.”

The transaction is expected to close by the end of March.

About NRG

NRG is leading a customer-driven change in the U.S. energy industry by delivering cleaner and smarter energy choices, while building on the strength of the nation’s largest and most diverse competitive power portfolio. A Fortune 500 company, we create value through reliable and efficient conventional generation while driving innovation in solar and renewable power, electric vehicle ecosystems, carbon capture technology and customer-centric energy solutions. Our retail electricity providers – Reliant, Green Mountain Energy, Energy Plus and NRG Residential Solutions – serve more than 2 million residential and commercial customers throughout the country. More information is available at www.nrgenergy.com. Connect with NRG Energy on Facebook and follow us on Twitter @nrgenergy.

Copyright Business Wire 2010

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