NRG Energy, Inc. NRG and GenOn Energy, Inc. GEN announced they have signed a definitive agreement to combine the two companies in a stock-for-stock tax-free transaction, creating the largest competitive generator in the United States with a diverse fleet of approximately 47,000 megawatts (MW) with asset concentrations in the East, Gulf Coast and West and a combined enterprise value of $18 billion.

"This combination ushers in a new era of scale, scope, and market and fuel diversification in the competitive power industry," said NRG President and CEO David Crane, who will continue his present positions with the combined company. "The greater depth and breadth gained through the combination with GenOn will put NRG in a uniquely strong position to fulfill the needs of American energy consumers in the 21st century."