January 19, 2007 |
The Federal Energy Regulatory Commission used its enforcement authority for the first time Thursday, levying $22.5 million in civil penalties on five power companies. PacifiCorp, Scana Corp., Entergy Corp., NorthWestern Energy Corp. and NRG Energy Inc. agreed to pay fines of $500,000 to $10 million for violating commission rules. "We've been very deliberate in the way we've approached this first use" of the penalty authority, Chairman Joseph Kelliher said.
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.
June 1, 2006 |
Power company Mirant Corp. sued rival energy producer NRG Energy Inc., claiming that NRG unfairly rejected its nearly $8-billion takeover bid. In a lawsuit filed late Tuesday, Atlanta-based Mirant sought a court order directing NRG to stop obstructing Mirant's attempts to acquire NRG. Mirant asserted that NRG was using a "transaction ploy" to turn aside the offer by claiming that Mirant used confidential information from NRG's former financial advisor.
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.