NRG Energy, one of the biggest electricity sellers in Texas, said Tuesday that it completed its $3.6 billion deal to buy British-owned Direct Energy, a move that further consolidates the Texas retail electricity market under the banner of NRG.
Direct Energy, which is owned by U.K.-based Centrica, was the third-largest seller of electricity in Texas and controlled about 10 percent of the market. The deal adds 3 million retail customers to NRG in the United States and Canada, nearly doubling its footprint, and would open a new market for retail natural gas sales in the East.
Terms of the deal were announced in July.
NRG, headquartered in Houston and Princeton, N.J., sells electricity under brand names like Reliant Energy, Green Mountain Energy and Discount Power. It has been aggressively buying competitors in Texas, including low-cost provider Texans Energy in May and the retail power and natural gas business of Dallas-based Stream Energy in 2019.
“The acquisition of Direct Energy further perfects our integrated model by enhancing the way we serve customers with additional products and services,” Mauricio Gutierrez, NRG President and Chief Executive Officer, said in a written statement.
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NRG has been jockeying with Vistra Energy to be the No. 1 electricity seller in Texas. Irving-based Vistra in 2019 bought Connecticut retail power seller Crius Energy — and its TriEagle Energy and Viridian Energy brands — for $378 million and assumption of $108 million in debt.
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January 06, 2021 at 12:53AM
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NRG closes deal to buy competitor Direct Energy - Houston Chronicle
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