PRINCETON, N.J., Nov 05, 2010 (BUSINESS WIRE) -- NRG Energy, Inc. has completed the acquisition of Green Mountain Energy Company, the nation's leading competitive retail provider of clean energy products and services, for $350 million in cash.
"Green Mountain, as the preeminent national retailer of green energy products and services, is a great complement to NRG's fast-growing solar and wind portfolio," said David Crane, NRG President and Chief Executive Officer. "This combination enables us to match green wholesale and green retail in order to meet the American public's growing demand for a fully sustainable alternative energy supplier."
By combining with NRG, Green Mountain will be able to expand the scope of its green products and services and accelerate the pace of its expansion into attractive markets and market segments. Green Mountain will be run as a standalone business within NRG and will maintain its commitment to customers to make a difference for the environment.
"This acquisition is a win-win for Green Mountain, our customers, employees and shareholders," said Paul Thomas, CEO of Green Mountain Energy Company. "It enables us to continue pursuing our mission to change the way power is made even more rapidly."
Green Mountain ranked highest in J.D. Power and Associates 2009 Texas Business Retail Electric Provider Satisfaction Study. Austin-based Green Mountain has residential and commercial customers primarily in Texas and the New York metro region. Green Mountain also delivers green products and services to select utilities, including Portland General Electric--ranked as the number one green utility program by the Department of Energy's National Renewable Energy Laboratory--as well as providers in New York and New Jersey.
About NRG
NRG Energy, Inc., a Fortune 500 and S&P 500 Index company, owns and operates one of the country's largest and most diverse power generation portfolios. Headquartered in Princeton, NJ, the Company's power plants provide more than 24,000 megawatts of generation capacity--enough to supply more than 20 million homes. NRG's retail business, Reliant Energy, serves more than 1.5 million residential, business, commercial and industrial customers in Texas. A past recipient of the energy industry's highest honors--Platts Industry Leadership and Energy Company of the Year awards, NRG is a member of the U.S. Climate Action Partnership (USCAP), a group of business and environmental organizations calling for mandatory legislation to reduce greenhouse gas emissions. More information is available at www.nrgenergy.com.
About Green Mountain Energy Company
Green Mountain, the nation's leading competitive retail provider of cleaner energy and carbon offset solutions, was founded in 1997 "to change the way power is made." The company is the longest serving green power marketer in the U.S. and in 2009 was ranked the "Highest in Texas Business Customer Satisfaction with Retail Electric Service" by J.D. Power and Associates. Green Mountain offers consumers and businesses the choice of clean electricity products from renewable sources such as wind and water, as well as a variety of carbon offset products. Green Mountain customers have collectively helped avoid over 11.3 billion pounds of carbon dioxide emissions. For more information, visit GreenMountain.com.
