NRG completes Reliant acquisition

//May 1, 2009//

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NRG Energy said it will pay $287.5 million in cash to ReliantÂs parent, RRI EnergyPower generation company NRG Energy Inc. (NYSE: NRG) in Princeton said it closed its acquisition deal for Reliant EnergyÂs retail business. NRG said it will pay $287.5 million in cash to ReliantÂs parent, RRI Energy.

NRG also will remit net working capital for six months to RRI. Houston-based Reliant provides electricity to more than 1.7 million residential and commercial customers across Texas.

The acquired business unit will operate under NRG Texas, with Jason Few promoted to president of Reliant Energy. Few most recently was senior vice president of mass markets and operations of Reliant, and will report to NRG Texas president Kevin Howell.

Shares of NRG were up 54 cents to $18.52 at midday.