New Energy Ventures Company

AES Corp., the largest U.S. developer of power plants, is buying Los Angeles-based New Energy Ventures for $90 million in cash and stock to expand further into direct sales of electricity to large users. New Energy Ventures is owned by its senior managers and UniSource Energy Corp. of Tucson. New Energy Ventures, with revenue of $500 million a year, was formed in 1995 to buy power from producers and resell it in California and other deregulating U.S. markets; it was founded by Michael R.

AES Corp., the largest U.S. developer of power plants, is buying Los Angeles-based New Energy Ventures for $90 million in cash and stock to expand further into direct sales of electricity to large users. New Energy Ventures is owned by its senior managers and UniSource Energy Corp. of Tucson. New Energy Ventures, with revenue of $500 million a year, was formed in 1995 to buy power from producers and resell it in California and other deregulating U.S. markets; it was founded by Michael R.

New Energy Ventures, a Pasadena energy marketer, said Tuesday that it has purchased up to $500 million in electrical power from a federal agency for resale in California, the opening shot by independent power companies vying to position themselves in the state's soon-to-be-deregulated electric power industry.

New Energy Ventures, a Pasadena energy marketer, said Tuesday that it has purchased up to $500 million in electrical power from a federal agency for resale in California, the opening shot by independent power companies vying to position themselves in the state's soon-to-be-deregulated electric power industry.