Princeton, NJ-based NRG Energy Inc. said it has sold 4,850 MW of natural gas and oil power plant generation in the Northeast and California for $760 million. 

The sale was revealed during a 4Q2020 earnings conference call in which CEO Mauricio Gutierrez also called for a systemwide root cause analysis of the electric and natural gas response to the February freeze in Texas.

Gutierrez said the power plant sale is with Generation Bridge, a unit of  private equity firm ArcLight Capital Partners, involving eight plants spread over New York, Connecticut and California. One New York and two California plants are natural gas-fired, totaling 1,704 MW; the oil assets, including four in Connecticut, total 3,145 MW.

“Many of these assets are at the end of their useful lives and are...