LS Power Is Said to Seek Sale of Group of Gas-Fired Plants

LS Power LLC is selling a major portfolio of natural gas-fired plants that provide about 5 gigawatts of power to the largest US grid, according to people familiar with the matter.

The private New York-based energy owner-developer earlier this year began marketing its Granite Energy natural gas portfolio, which supplies the 13-state grid managed by PJM Interconnection, said the people, who asked not to be named because the process is private.

The deal could fetch roughly $2 billion, one of the people estimated based on recent plant purchases and earnings expectations. In PJM, 5 gigawatts is typically enough to ...