Dynegy plans to spend more than $6 billion to buy several coal and gas power generation plants from Duke Energy and Energy Capital Partners.
Shares of the Houston power producer soared Friday before markets opened and after it announced the deals.
The company plans to spend $2.8 billion on Duke's retail business and ownership interest in several plants and $3.45 billion for assets of Energy Capital Partners, or ECP. The deal will add about 12,500 megawatts of coal and gas generation and expand Dynegy's retail business into Ohio, Pennsylvania and Michigan.
Dynegy said that the deals will boost its presence in the Midwest and New England, including three new markets: Ohio, Pennsylvania and Michigan. The company expects to nearly double its existing portfolio to almost 26,000 megawatts of generating capacity nationally.