NRG Announces Purchase Price for Dominion Retail Electric Book in Announcing Closing

NRG Energy has completed its previously announced acquisition of the competitive retail electricity business of Dominion Resources, Inc. for $165 million, excluding transaction adjustments for cash and working capital, NRG said yesterday

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A purchase price had not originally been disclosed by NRG in previously announcing the Dominion Retail electric purchase.

According to Dominion Retail's website, beginning April 1, 2014 all retail electric customers of Dominion Energy Solutions will be transitioned to NRG's Energy Plus brand.

Update 3:30 ET: NRG has clarified the disposition of the electric customers it is acquiring from Dominion Retail. Yesterday, ECM represented the content of a Dominion Retail website which had stated that customers would be transitioned to the Energy Plus brand. NRG said that this Dominion Retail website was not linked on the main Dominion site, and was intended for a specific group of customers being transitioned to Energy Plus. In the Northeast, NRG said that most customers are being transitioned to NRG Residential Solutions; a few customers may transition to Energy Plus if NRG Residential Solutions is not yet licensed in a particular state where Dominion Retail was active

"The acquisition of Dominion's competitive retail electricity business will add, after customary transitions, more than 500,000 customer accounts to NRG's retail footprint by the end of 2014, doubling NRG's northeast retail presence across eight states and enhancing its leading position in Texas by adding the Cirro Energy franchise. The acquisition gives NRG a substantially larger customer platform in markets in which NRG is confident that it can enhance the depth and breadth of customer relationships through the deployment of customer-friendly services built around emerging energy technologies," NRG said.

NRG also closed on its purchase of substantially all the assets of Edison Mission Energy (EME)