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NEWS
February 2, 2003 | From Associated Press
Reliant Energy agreed Friday to refund $13.8 million for withholding power to drive up prices in California in 2000, the latest evidence that energy companies manipulated the state's power supply. The refund covers two days in June 2000, when transcripts of telephone calls between Reliant employees show that employees withheld power to drive up prices in California's newly deregulated market.
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BUSINESS
October 7, 2008 | From Times Wire Services
Reliant Energy Inc., the owner of power plants in nine U.S. states, said it would explore strategic alternatives after cutting its profit projections and losing more than half of its market value last week. Morgan Stanley and Goldman, Sachs & Co. are financial advisors for a review of all options to enhance stockholder value, Houston-based Reliant said. The company didn't specify the alternatives that would be considered and said it wouldn't disclose developments until its board approved a course of action.
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BUSINESS
March 16, 2002 | Bloomberg News
Reliant Energy Inc. had a profit in the fourth quarter after a loss a year earlier from Latin American businesses and investments. Net income was $46.6 million, or 16 cents a share, contrasted with a loss of $299 million, or $1.04, a year earlier, the company said. Revenue fell 14% to $8.44 billion. Its trading unit's profit was reduced by $68million, or 17 cents a share, from business with Enron Corp., which filed for bankruptcy protection in December.
NEWS
November 1, 2005 | From Bloomberg News
A federal judge delayed Reliant Energy Inc.'s criminal trial on charges that the company and four of its traders shut down power plants in June 2000 to manipulate electricity prices and avoid losses on energy trades. U.S. District Judge Vaughn Walker in San Francisco put the trial, which was scheduled to start this week, on hold for at least a week after the government said it would appeal a ruling the judge made in Houston-based Reliant's favor. The ruling would "deprive the jury from seeing" evidence that Reliant took unfair advantage of market rules to manipulate energy prices, Assistant U.S. Atty.
BUSINESS
August 16, 2005 | Elizabeth Douglass, Times Staff Writer
Reliant Energy Inc. said Monday that it would pay $460 million to resolve claims that it withheld power and overcharged for electricity during California's energy crisis in 2000 and 2001, becoming the last major out-of-state power producer to settle disputes from the troubled time.
BUSINESS
October 27, 1999
Houston-based Reliant Energy Solutions Inc., an unregulated services unit of Reliant Energy Inc., has agreed to acquire Southland Industries' Energy Services division, a Long Beach-based design-build mechanical contractor. Terms were not disclosed. Southland Industries is a mechanical design and building firm with 13 offices and 12 divisions in California, Colorado, Oregon, Nevada, Virginia and Washington. Reliant Energy is an international energy delivery and services company with $11.
BUSINESS
July 26, 2002 | Reuters
Reliant Energy Inc. and unregulated subsidiary Reliant Resources said quarterly earnings for each fell by about 25%, but both beat Wall Street expectations and saw their battered shares surge sharply as a result. Both Houston-based firms said their earnings fell largely due to sluggish wholesale natural gas and power markets and mild weather that reduced electricity demand. But bargain-hunting investors drove them both up on the NYSE. Reliant Energy shares rose 63%, or $3.40, to $8.
BUSINESS
April 30, 2002 | Bloomberg News
Texas power company Reliant Energy Inc. said first-quarter earnings dropped 14% after energy trading profit tumbled by half. Net income fell to $225.4 million, or 76 cents a share. Revenue fell 34% to $8.73 billion. Reliant was projected to earn 47 cents in the first quarter. Shares of Reliant Energy rose 33 cents to $25.30 on the NYSE. Reliant Energy expects to earn $1.17 to $1.22 a share this year after the spinoff of its trading arm, Reliant Resources Inc.
BUSINESS
October 7, 2008 | From Times Wire Services
Reliant Energy Inc., the owner of power plants in nine U.S. states, said it would explore strategic alternatives after cutting its profit projections and losing more than half of its market value last week. Morgan Stanley and Goldman, Sachs & Co. are financial advisors for a review of all options to enhance stockholder value, Houston-based Reliant said. The company didn't specify the alternatives that would be considered and said it wouldn't disclose developments until its board approved a course of action.
BUSINESS
December 10, 2000
The Southern California Edison-commissioned "MIT study" told of finding evidence of energy withholding on the part of suppliers throughout the state ["Power Suppliers Accused of Manipulating Prices," Nov. 23]. It's what the study didn't tell that was most interesting. For example, it didn't acknowledge that suppliers went far beyond "utility standard," working round-the-clock, fixing units that experts said couldn't be fixed and returning units to service that could easily have sat broken for the entire summer.
BUSINESS
August 16, 2005 | Elizabeth Douglass, Times Staff Writer
Reliant Energy Inc. said Monday that it would pay $460 million to resolve claims that it withheld power and overcharged for electricity during California's energy crisis in 2000 and 2001, becoming the last major out-of-state power producer to settle disputes from the troubled time.
BUSINESS
May 13, 2003 | From Reuters
Reliant Resources Inc. and Reliant Energy settled an investigation by U.S. securities regulators Monday, promising never to engage in improper "round-trip" trades or accounting transactions designed to shift earnings. The Securities and Exchange Commission said it did not impose a fine on Reliant Resources, a Houston-based electricity provider, or on Reliant Energy, which in August 2002 became CenterPoint Energy Inc., a Texas utility.
NEWS
February 2, 2003 | From Associated Press
Reliant Energy agreed Friday to refund $13.8 million for withholding power to drive up prices in California in 2000, the latest evidence that energy companies manipulated the state's power supply. The refund covers two days in June 2000, when transcripts of telephone calls between Reliant employees show that employees withheld power to drive up prices in California's newly deregulated market.
BUSINESS
July 26, 2002 | Reuters
Reliant Energy Inc. and unregulated subsidiary Reliant Resources said quarterly earnings for each fell by about 25%, but both beat Wall Street expectations and saw their battered shares surge sharply as a result. Both Houston-based firms said their earnings fell largely due to sluggish wholesale natural gas and power markets and mild weather that reduced electricity demand. But bargain-hunting investors drove them both up on the NYSE. Reliant Energy shares rose 63%, or $3.40, to $8.
BUSINESS
July 24, 2002 | E. SCOTT RECKARD, TIMES STAFF WRITER
Investors fleeing yet another economic sector trampled the stocks of energy companies Tuesday, as fears of more accounting scandals haunted a power industry already facing a cash crunch. The rout further depressed stocks trading far below last summer's highs, suggesting the kind of investor flight from utilities and energy that devastated dot-com and telecommunications shares. Dynegy Inc. shares plunged 64% as the pipeline giant warned that its cash flow this year may be 40% less than projected.
BUSINESS
May 13, 2003 | From Reuters
Reliant Resources Inc. and Reliant Energy settled an investigation by U.S. securities regulators Monday, promising never to engage in improper "round-trip" trades or accounting transactions designed to shift earnings. The Securities and Exchange Commission said it did not impose a fine on Reliant Resources, a Houston-based electricity provider, or on Reliant Energy, which in August 2002 became CenterPoint Energy Inc., a Texas utility.
CALIFORNIA | LOCAL
July 4, 2002 | NANCY VOGEL, TIMES STAFF WRITER
State grid operators fined a dozen companies and utilities a total of $122 million for failing to deliver electricity from December 2000 to June 2001, according to information released Wednesday by the California Independent System Operator. Those penalized include major power plant owners, such as Duke Energy and Reliant Energy, and the operators of publicly owned systems, such as the city of Pasadena and the State Water Project.
BUSINESS
May 14, 2002 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
Houston energy company Reliant Resources Inc. admitted Monday that it used phony trades to inflate the company's revenue by about 10% during the last three years--a disclosure that caused investors to further doubt the health of all energy merchants and raised new questions about the ethics of the industry. Reliant's sham deals are the latest practices disclosed by the energy-trading industry amid investigations by federal regulators and Congress into phony accounting and market manipulation.
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