NRG Energy has issued an open letter to its shareholders regarding Exelon’s attempt to force a merger between the two companies. The letter argues that Exelon’s offer is not high enough to be fair to NRG’s stockholders and that NRG’s recent deals with Reliant Retail and eSolar have added value to the company. In the letter, NRG also expressed concern about Exelon’s financial standing, including its relative value, financing plan and managing plan.

Here is an excerpt from the letter, which you can read in its entirety here:

As you know, the primary objection of NRG’s management and Board of Directors to the Exelon offer has been and continues to be the price. The exchange ratio of 0.485x does not come close to compensating you for the value of your interest in your Company. NRG’s substantial liquidity, ample cash balances, extensively hedged baseload position combined with our proven ability to be nimble put us in a strong position to capitalize on the opportunities in the marketplace as we have so recently demonstrated. In contrast, Exelon has made disclosures this week that heighten our previously stated concerns about Exelon’s lack of a financing plan or a cogent management and hedging strategy for the combined company.