NRG Energy has agreed to acquire LS Power’s portfolio of natural gas generation facilities and power plant platform in a cash-and-stock deal with an enterprise value of about $12 billion.The power company also boosted its earnings in the first quarter as revenue surged on gains across its regions and segments.

NRG Energy said on Monday it would acquire power generation assets from energy infrastructure investment firm LS Power in a deal valued at $12 billion, as the U.S. utility bets on surging electricity demand,

NRG Energy has entered an agreement to acquire LS Power Equity Advisors’ natural gas generation facilities and a C&I VPP platform portfolio.