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Reliant Energy Inc

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BUSINESS
July 28, 2001
* Reliant Energy Inc., owner of Houston's utility and a power supplier in California and other states, said earnings rose 4.9% to $247.2 million, or 84 cents a share, on higher revenue from electricity trading and generation. Revenue more than doubled to $12 billion from $5.76 billion. Analysts were expecting 77 cents.
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BUSINESS
December 23, 2005 | From Dow Jones/Associated Press
The Federal Energy Regulatory Commission said Thursday that it had accepted a $512-million settlement with Reliant Energy Inc., California utilities and commission staff to resolve claims stemming from the 2000-01 Western energy crisis. Specifically, the settlement resolves claims that the Houston-based power generator charged unfairly high prices for electricity during the crisis.
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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
November 4, 2004 | From Dow Jones/Associated Press
Orbitz Inc., the Internet travel agency that is being bought by Cendant Corp., posted a 30% jump in third-quarter profit, aided by a surge in hotel business. Chicago-based Orbitz said net income rose to $5.1 million, or 12 cents a share, from $3.9 million, or 10 cents a share, a year ago. The most recent quarter included several one-time items: a noncash charge of $1.4 million for restructuring; $4.2 million in expenses from the Cendant deal; and a $967,000 reversal of tax-related expenses.
BUSINESS
August 20, 2002 | From Times Wire Reports
The Securities and Exchange Commission accepted accounting certifications from top executives at AOL Time Warner Inc., Bristol-Myers Squibb Co. and Reliant Energy Inc. on Monday, while listing one from Mirant Corp. as not in compliance. Mirant, a big North American natural-gas trader whose accounting is under review by the SEC, joined 12 other companies whose certifications were listed earlier as not in compliance.
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
March 11, 1999 | From Bloomberg News
Reliant Energy Inc., owner of the second-largest utility in Texas, agreed Wednesday to buy one of the largest Dutch power companies for about $2.4 billion, expanding into Europe as the continent moves to open electric sales to competition. Reliant, which last month changed its name from Houston Industries Inc., said it will first buy a 40% stake in Energieproduktiebedrijf UNA for $900 million, then acquire the rest of the company by 2006.
BUSINESS
August 1, 2002 | Bloomberg News
Reliant Resources Inc.'s credit ratings were cut three levels to junk by Moody's Investors Service Inc. amid concern the energy trader's cash flow will decline with wholesale power sales. The shares fell as much as 23%. Senior unsecured debt for Reliant Resources, a publicly traded unit of Texas power producer Reliant Energy Inc., was cut to Ba3 from Baa3, the lowest investment-grade rating, Moody's said.
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.
BUSINESS
July 7, 2004 | From Bloomberg News
A federal appeals court dismissed suits that California had filed against Dynegy Inc., Reliant Energy Inc. and Mirant Corp. for allegedly overcharging for power during the state's energy crisis in 2000 and 2001. The U.S. 9th Circuit Court of Appeals upheld lower court rulings that the state cases -- claiming that the companies double-billed California -- were preempted by federal laws governing power costs.
BUSINESS
July 7, 2004 | From Bloomberg News
A federal appeals court dismissed suits that California had filed against Dynegy Inc., Reliant Energy Inc. and Mirant Corp. for allegedly overcharging for power during the state's energy crisis in 2000 and 2001. The U.S. 9th Circuit Court of Appeals upheld lower court rulings that the state cases -- claiming that the companies double-billed California -- were preempted by federal laws governing power costs.
BUSINESS
February 11, 2003 | Nancy Rivera Brooks, Times Staff Writer
Saying customers are being shortchanged, Southern California Edison on Monday called for federal regulators to reconsider a $13.8-million settlement with Reliant Resources Inc. for withholding power and trying to manipulate electricity prices on two days in June 2000. Edison said its own analysis found that Reliant earned at least $15.
BUSINESS
October 30, 2002 | From Reuters
Reliant Resources Inc. said third-quarter earnings fell from weak wholesale power profit and the cost of completing its spinoff from parent company CenterPoint Energy Inc. Reliant posted earnings of $58 million, or 20 cents a share, down from $214 million, or 71 cents, a year ago. This year's period included $153 million in charges related to the spinoff and Texas' transition to deregulated retail electricity sales.
BUSINESS
August 20, 2002 | From Times Wire Reports
The Securities and Exchange Commission accepted accounting certifications from top executives at AOL Time Warner Inc., Bristol-Myers Squibb Co. and Reliant Energy Inc. on Monday, while listing one from Mirant Corp. as not in compliance. Mirant, a big North American natural-gas trader whose accounting is under review by the SEC, joined 12 other companies whose certifications were listed earlier as not in compliance.
BUSINESS
August 1, 2002 | Bloomberg News
Reliant Resources Inc.'s credit ratings were cut three levels to junk by Moody's Investors Service Inc. amid concern the energy trader's cash flow will decline with wholesale power sales. The shares fell as much as 23%. Senior unsecured debt for Reliant Resources, a publicly traded unit of Texas power producer Reliant Energy Inc., was cut to Ba3 from Baa3, the lowest investment-grade rating, Moody's said.
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
December 23, 2005 | From Dow Jones/Associated Press
The Federal Energy Regulatory Commission said Thursday that it had accepted a $512-million settlement with Reliant Energy Inc., California utilities and commission staff to resolve claims stemming from the 2000-01 Western energy crisis. Specifically, the settlement resolves claims that the Houston-based power generator charged unfairly high prices for electricity during the crisis.
BUSINESS
April 17, 2001 | From Bloomberg News
Reliant Energy Inc., the owner of Houston's utility and a power supplier in California and other states, said Monday that first-quarter earnings more than doubled on higher profit from energy-trading and natural-gas businesses. Profit from operations rose to $273.5 million, or 94 cents a share, from $133.7 million, or 47 cents, a year earlier, Reliant spokeswoman Sandy Fruhman said. Revenue more than tripled to $13.3 billion. Soaring power prices pushed California's largest utility, PG&E Corp.'
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.
CALIFORNIA | LOCAL
October 19, 2001 | NANCY VOGEL, TIMES STAFF WRITER
Power plant owners turned the tables on California on Thursday, accusing two state agencies of colluding and manipulating the state's electricity market. Reliant Energy and Mirant Corp., vilified by politicians as gougers that overcharged California on electricity sales, filed a petition seeking intervention by the Federal Energy Regulatory Commission.
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