NRG-GenOn merger a good news, bad news tale
NRG Energy and GenOn Energy have received Federal Energy Regulatory Commission (FERC) and New York Public Service Commission (NY PSC) approval for the merger of the two companies.
The FERC and NY PSC approvals are the final regulatory authorizations required to complete the merger. NRG and GenOn should receive a written order confirming the merger approval after which the transaction can be fully closed.
Once combined, NRG and GenOn will create the nation's largest competitive electricity generator, with 47,000 MW of generating capacity. The companies' portfolio is comprised of both conventional and renewable generation facilities, and can power approximately 40 million homes.
The merger's final approval is good news NRG and GenOn, but it's not good for everyone. As part of the merger, jobs have begun being eliminated at Houston-based GenOn. Up to 500 jobs are predicted to be eliminated between NRG and GenOn; however, GenOn officials insist that the jobs will be brought back to Houston.
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New generation co to power 40M homes