HOUSTON, Jan. 26 /PRNewswire-FirstCall/ -- Reliant Energy has reached an
agreement to sell its two remaining hydroelectric generating stations to
Brascan Power, a subsidiary of Brascan Corporation, for $42 million, subject
to certain closing adjustments. The transaction is contingent on regulatory
approvals and is expected to close in the second quarter.
The units, which include the Piney Station, located near Clarion,
Pennsylvania, and Deep Creek station, located in western Maryland near
Oakland, have generating capacity totaling 48 megawatts. Electricity from
these facilities is sold into the wholesale market in the PJM (Pennsylvania,
New Jersey and Maryland) Interconnection. In September, Reliant completed the
sale of 71 operating hydropower plants in upstate New York as well as the
fossil-fueled Carr Street Generating Station in East Syracuse, New York, to
Brascan Corporation (NYSE: BNN) for approximately $900 million.
Reliant Energy, Inc. (NYSE: RRI) based in Houston, Texas, provides
electricity and energy services to retail and wholesale customers in the U.S.
The company provides a complete suite of energy products and services to
approximately 1.9 million electricity customers, ranging from residences and
small businesses to large commercial, industrial and institutional customers,
primarily in Texas. Reliant also serves commercial and industrial clients in
the PJM (Pennsylvania, New Jersey, Maryland) Interconnection.
The company is one of the largest independent power producers in the
nation with approximately 19,000 megawatts of power generation capacity in
operation or under contract across the U.S. These strategically located
generating assets utilize natural gas, wind, fuel oil and coal. For more
information, visit our Website at http://www.reliant.com/corporate .
This news release contains "forward-looking statements." Forward-looking
statements are statements that contain projections about our revenues, income,
earnings and other financial items, our plans and objectives for the future,
future economic performance, or other projections or estimates about our
assumptions relating to these types of statements. These statements usually
relate to future events and anticipated revenues, earnings, business
strategies, competitive position or other aspects of our operations or
operating results. In many cases you can identify forward-looking statements
by terminology such as "anticipate," "estimate," "believe," "continue,"
"could," "intend," "may," "plan," "potential," "predict," "should," "will,"
"expect," "objective," "projection," "forecast," "goal," "guidance,"
"outlook," "effort," "target" and other similar words.
However, the absence of these words does not mean that the statements are
not forward-looking.
We have based our forward-looking statements on management's beliefs and
assumptions based on information available to management at the time the
statements are made. Actual results may differ materially from those
expressed or implied by forward-looking statements as a result of many factors
or events, including legislative and regulatory developments, the outcome of
pending lawsuits, governmental proceedings and investigations, the effects of
competition, financial market conditions, access to capital, the timing and
extent of changes in commodity prices and interest rates, weather conditions,
changes in our business plan and other factors we discuss in our other filings
with the Securities and Exchange Commission.
Each forward-looking statement speaks only as of the date of the
particular statement, and we undertake no obligation to publicly update or
revise any forward-looking statement, whether as a result of new information,
future events or otherwise.
SOURCE Reliant Energy, Inc.
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Related links:
http://www.reliant.com/corporate
CONTACT:
media, Pat Hammond of Reliant Energy, Inc.,
+1-713-497-7723
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