NRG completed on Friday a $287.5 million acquisition of Reliant Energy's retail business in Texas and said it’s committed to increasing the renewable portion of its supply portfolio and will change its corporate name to RRI Energy Inc.
Reliant -which provides electricity services to more than 1.7 million in Texas- will now operate as part of NRG Texas. The new company will be headed by Kevin Howell, Executive Vice President of NRG and President of NRG Texas.
NRG expressed its commitment to increase sustainability and fight climate change. The company also noted future plans to revitalize its power base with more efficient and lower carbon generating technologies.
With Reliant's base of retail customers, we now have a platform to build on the entire class of distributed generation and retail alternative energy technologies-including smart meters and solar powered rooftop installations and ultimately, electric vehicles, among other distributed technologies-that directly benefit consumers and the environment, said in a statement today David Crane, NRG's President and Chief Executive Officer.