The largest independent power producer in the United States, NRG Energy Inc, had entered into an agreement to purchase most of the assets of the bankrupt Edison Mission Energy. The unit of Edison International was said to be worth USD2.64 billion with the proceeds to be used for expansion into coal and wind shareholdings.

The purchase price for 12.7 million NRG shares with the balance paid out through cash on hand according to the statement from NRG. The cash on hand is expected to be at USD1.06 billion on closing, which is projected to be on the first quarter of 2014.

Edison Mission operates coal burning plants with the capacity to produce 4,300 megawatts. This is enough power available for use by 3.4 million homes, according to data obtained from the Department of Energy. The company also has 1,700 megawatts of wind-driven technology and also has heat and power facilities owned by Chevron Corp. 

Last December, Edison Mission had filed for bankruptcy because of the decline in power prices and increasing cost to cover pollution control.

According to NRG CEO David Crane, "Virtually 100% of their assets, their particular expertise and the balance of their technologies deployed complement NRG's own assets."