NRG Energy, Inc. (NYSE: NRG) and GenOn Energy, Inc. (NYSE: GEN) today jointly announced that the Federal Energy Regulatory Commission (FERC) and New York Public Service Commission (N.Y. PSC) have approved the previously announced merger of NRG and GenOn.
The combination of NRG and GenOn will create the nation's largest competitive generator of electricity, with about 47,000 megawatts of generating capacity. The combined company's diverse portfolio of both conventional and renewable generation facilities can power nearly 40 million American homes.
The FERC and N.Y. PSC approvals represent the final regulatory authorizations required to close the transaction. The N.Y. PSC approved the merger at an open meeting today. NRG and GenOn expect the written order memorializing the N.Y. PSC approval of the merger will be issued before the end of the week and the companies will close the transaction promptly after receiving the written order.