(Bloomberg) -- 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 serve about 4 million people.

The sale comes as appreciation for gas plants is rising amid surging demand for power. Several portfolios have changed hands as valuations improve and the outlook for profitability improves.

LS Power didn’t respond to a request for comment on the status of the sale. There’s no certainty a deal will go through.

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