Dive Brief:

• NRG Energy is buying bankrupt Edison Mission Energy in a deal valued at nearly $2.64 billion. Edison filed for bankruptcy in December as it faced plunging power prices and rising costs for pollution controls. 
• NRG will add nearly 8,000 megawatts (MW) of generation, including 4,300 MW of coal-fired capacity, 1,700 MW of wind, 1,600 of gas and 400 MW of oil and waste-fired capacity.
• The deal needs approval from federal authorities as well as the Public Utility Commission of Texas. 

Dive Insight: 

This is the latest deal for NRG CEO David Crane, who has been reshaping NRG's business since he took over in 2003. In December, he closed the purchase of GenOn Energy and its 14,000 MW portfolio to make NRG the largest independent power producer in the US with nearly 100 power plants with 47,000 MW of capacity. Crane has also bought retail electric providers and a demand response company.