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NRG Companies "Admit" Interest In Acquiring Gexa
The NRG Companies, responding to an RFI that was first exclusively reported by EnergyChoiceMatters.com on January 24, have admitted that they have expressed an interest in acquiring Gexa Energy.
As exclusively reported by EnergyChoiceMatters.com, the NRG Companies, which specifically include Reliant Energy Retail Services LLC, Green Mountain Energy Company, Everything Energy LLC, and US Retailers LLC in addition to various NRG generation entities, have proposed in a statement of position filed with the PUC that the PUC should require NextEra to divest its Texas retail electric providers as a condition of acquiring Oncor (see story here)
In response, NextEra Energy, Inc. in an RFI requested that the NRG Companies, "Admit or deny that NRG has expressed an interest in acquiring NextEra Energy's retail electric provider, Gexa. If the answer is anything other than an unqualified 'admit' please provide a detailed explanation for your response."
The NRG Companies responded as follows:
"Admit. NRG has from time to time analyzed potential strategic acquisitions and engaged in discussions regarding the potential acquisition of different retail electric providers, including Gexa. NRG is not engaging in this docket because it is interested in acquiring Gexa; NRG is engaging because it is interested in preserving the structural integrity of the market. Under the Commission's oversight since the initiation of retail competition, one of the core tenets of the ERCOT market has been the separation of roles and duties accomplished through structural separation. The proposed transaction as currently structured potentially threatens the success of the ERCOT retail market by combining a competitive retail electric provider with the utility transmission/distribution service provider without adequate structural separation."
NextEra Energy, Inc. had also requested in an RFI that the NRG Companies, "Admit or deny that NRG's competitive interests in Texas are served if the Commission requires divestiture of NextEra Energy's competitive affiliates if the Proposed Transaction is to be found in the public interest."
The NRG Companies responded as follows:
"Deny. NRG's competitive interests in Texas are not 'served' if the Commission requires divestiture of NextEra Energy's competitive affiliates. Divestiture would not advance or benefit NRG's position in the ERCOT market. Rather, the divestiture of NextEra Energy's competitive affiliates would maintain the structural separation that currently exists in the wholesale and retail markets in ERCOT and fully mitigates the potential for anti-competitive behavior created by the affiliation of competitive generation and retail affiliates with the utility Oncor.
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January 31, 2017
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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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