NRG Agrees to Acquire Dominion's Retail Electric Business

   By Michael Calia 
 

NRG Energy Inc. (NRG) on Tuesday said it had reached a deal to buy Dominion Resources Inc.'s (D) retail electric business, in a bid to expand its presence in the Northeastern U.S. and Texas.

Financial terms of the deal were not disclosed. It is expected to close by the end of this month, NRG said.

Dominion's retail electric business serves more than 600,000 customers in northern states from Illinois to New York, while its Cirro Energy brand is focused on Texas.

NRG has made a series of acquisitions lately to bolster its retail power business and its collection of power plants. In 2012, it became the biggest wholesale electric company in the U.S. after it acquired GenOn Energy in a deal valued at approximately $1.7 billion.

Last year, NRG struck a $2.6 billion deal to buy coal plants, wind farms and other assets out of bankruptcy from an Edison International (EIX) subsidiary.

Shares of NRG rose 1.1% to $29.35, and Dominion shares fell 22 cents to $68.13 in recent trading.

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