July 12, 2006
Atlanta-based Mirant Corp. said it planned to sell its international assets and buy back as much as $1.25 billion of its shares to raise its stock price after dropping an unsolicited bid to buy rival NRG Energy Inc.
June 22, 2006 |
To capitalize on increasing electricity demand, NRG Energy Inc. plans to spend as much as $16 billion on new power plants in California and other states, including nuclear reactors in Texas, the Princeton, N.J., company said Wednesday. The 10-year expansion, to be financed through partnerships and borrowings, would increase the company's U.S. generation capacity by 46%, NRG said. The new plants would generate 10,500 megawatts, enough power for about 8 million average U.S. homes.
June 13, 2006 |
Power generator Mirant Corp. withdrew its $8-billion unsolicited bid for NRG Energy Inc. on Monday under pressure from Mirant shareholders, who said they could make more money if Mirant sold itself instead. Hedge fund Pirate Capital, which owns 1.6% of Atlanta-based Mirant's shares, sent a letter to Mirant's board of directors saying that it would call a special shareholders meeting to replace board members if Mirant did not drop its offer by Wednesday, according to a regulatory filing.
October 4, 2005 |
NRG Energy Inc. received commitments from banks to provide $9.9 billion to finance its purchase of electricity producer Texas Genco Holdings. The funding will consist of $4.8 billion of bank loans and $5.1 billion in bridge financing, Princeton, N.J.-based NRG Energy said. Morgan Stanley and Citigroup Inc. are arranging the funding. NRG will become the second-biggest power producer in Texas. The company will acquire Texas Genco for $4 billion in cash and $1.8 billion in stock, NRG Energy said.
December 24, 2004 |
Dynegy Inc. and NRG Energy Inc. on Thursday won the California Energy Commission's approval to build two generators at an El Segundo power plant. The 630-megawatt expansion will replace two gas turbines that the companies shut down because they were too costly to operate, said David Byford, a Dynegy spokesman. The project will take four years to complete once construction begins, he said. "Before we begin construction, we would need to enter a long-term contract," Byford said.
November 12, 2004 |
Dynegy Inc. and NRG Energy Inc. said they would keep one power plant in the Los Angeles area open next year and close another under an accord with the state's power-grid operator intended to ensure adequate power in the region. The California Independent System Operator plans to negotiate a contract with the companies to keep their jointly owned El Segundo plant open next year, the system operator said on its website. That plant is needed to help prevent blackouts.