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Reliant Resources Inc

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BUSINESS
February 18, 2004 | From Bloomberg News
Reliant Resources Inc. has completed a 591-megawatt natural-gas-fired power plant near Las Vegas. Reliant Energy Bighorn, in southern Clark County, will sell electricity into wholesale markets in Nevada and the West. Reliant last fall mothballed old power plants in California with a total of 264 megawatts of generating capacity.
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BUSINESS
March 9, 2004 | Elizabeth Douglass, Times Staff Writer
Federal prosecutors plan to indict a Reliant Resources Inc. unit on charges that it withheld much-needed electricity to boost prices during California's energy crisis, the Houston-based power company said Monday. The U.S. attorney's office in San Francisco notified Reliant on Friday that it would ask a grand jury for a criminal indictment against Reliant Energy Services and four of the energy trading unit's current and former employees, Reliant spokeswoman Pat Hammond said.
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BUSINESS
September 27, 2001 | From Bloomberg News
Reliant Resources Inc. is near an agreement to buy Orion Power Holdings Inc. for $2.9 billion in cash plus the assumption of debt, people familiar with the companies said. An agreement between the two power-plant developers will be announced this morning if talks proceed as planned, the sources said. The transaction was first reported by Dow Jones News Service and the Wall Street Journal Online edition, which valued the purchase price at $26.80 a share. Reliant Resources shares have fallen 8.
BUSINESS
February 18, 2004 | From Bloomberg News
Reliant Resources Inc. has completed a 591-megawatt natural-gas-fired power plant near Las Vegas. Reliant Energy Bighorn, in southern Clark County, will sell electricity into wholesale markets in Nevada and the West. Reliant last fall mothballed old power plants in California with a total of 264 megawatts of generating capacity.
BUSINESS
December 11, 2003 | From Reuters and Bloomberg News
Reliant Resources Inc. said federal prosecutors in Northern California would decide in the next two months what action to take about allegations that the company had manipulated electricity prices in the state. The Houston-based company said in a filing with the Securities and Exchange Commission that several employees had spoken to prosecutors or testified before a San Francisco grand jury investigating California's power crisis of 2000-01. Reliant owns several power plants in the state.
BUSINESS
November 6, 2003 | From Bloomberg News
Reliant Resources Inc. said it would mothball four generators in California with a combined capacity of 824 megawatts, or enough power for about 660,000 homes. Houston-based Reliant said it was making the move because it had failed to attract any buyers for the power. The units will be mothballed at least until March 2005, the company said. The plants are Etiwanda Units 3 and 4 near Rancho Cucamonga, Mandalay Unit 3 near Oxnard, and Ellwood, near Goleta. Reliant shares fell 5 cents to $5.
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
November 11, 2003 | From Bloomberg News
Reliant Resources Inc., which produces power in 13 U.S. states, posted a $916.3-million third-quarter loss because plants purchased last year dropped in value. But the company's shares had their biggest gain since April because profit excluding one-time costs beat expectations. The net loss was $3.11 a share, compared with net income of $50.4 million, or 17 cents a share, a year earlier, Houston-based Reliant said. Sales fell 27% to $3.79 billion.
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
October 14, 2003 | Nancy Rivera Brooks, Times Staff Writer
Reliant Resources Inc. said Monday that it had retired at its Rancho Cucamonga power plant two turbines that first delivered electricity when Eisenhower was president and now need costly pollution control equipment. Although the turbines' combined 264 megawatts represented less than 1% of the state's generating capacity, the retirement is a symptom of a worrisome trend: Aging generators are being mothballed but few new plants are being built to replace them.
BUSINESS
December 11, 2003 | From Reuters and Bloomberg News
Reliant Resources Inc. said federal prosecutors in Northern California would decide in the next two months what action to take about allegations that the company had manipulated electricity prices in the state. The Houston-based company said in a filing with the Securities and Exchange Commission that several employees had spoken to prosecutors or testified before a San Francisco grand jury investigating California's power crisis of 2000-01. Reliant owns several power plants in the state.
BUSINESS
November 11, 2003 | From Bloomberg News
Reliant Resources Inc., which produces power in 13 U.S. states, posted a $916.3-million third-quarter loss because plants purchased last year dropped in value. But the company's shares had their biggest gain since April because profit excluding one-time costs beat expectations. The net loss was $3.11 a share, compared with net income of $50.4 million, or 17 cents a share, a year earlier, Houston-based Reliant said. Sales fell 27% to $3.79 billion.
BUSINESS
November 6, 2003 | From Bloomberg News
Reliant Resources Inc. said it would mothball four generators in California with a combined capacity of 824 megawatts, or enough power for about 660,000 homes. Houston-based Reliant said it was making the move because it had failed to attract any buyers for the power. The units will be mothballed at least until March 2005, the company said. The plants are Etiwanda Units 3 and 4 near Rancho Cucamonga, Mandalay Unit 3 near Oxnard, and Ellwood, near Goleta. Reliant shares fell 5 cents to $5.
BUSINESS
October 14, 2003 | Nancy Rivera Brooks, Times Staff Writer
Reliant Resources Inc. said Monday that it had retired at its Rancho Cucamonga power plant two turbines that first delivered electricity when Eisenhower was president and now need costly pollution control equipment. Although the turbines' combined 264 megawatts represented less than 1% of the state's generating capacity, the retirement is a symptom of a worrisome trend: Aging generators are being mothballed but few new plants are being built to replace them.
BUSINESS
October 3, 2003 | Nancy Rivera Brooks, Times Staff Writer
Reliant Resources Inc. agreed to pay up to $50 million to resolve allegations that it squeezed electricity supplies to California and other Western states during the energy crisis, federal regulators said Thursday. The settlement with the Federal Energy Regulatory Commission is the largest in the history of the agency.
BUSINESS
August 14, 2003 | Nancy Rivera Brooks, Times Staff Writer
Reliant Resources Inc., a power producer and energy trader accused of manipulating California electricity and natural gas markets, said Wednesday that it received more subpoenas as part of a criminal probe by the Justice Department.
BUSINESS
August 14, 2003 | Nancy Rivera Brooks, Times Staff Writer
Reliant Resources Inc., a power producer and energy trader accused of manipulating California electricity and natural gas markets, said Wednesday that it received more subpoenas as part of a criminal probe by the Justice Department.
BUSINESS
May 27, 2002 | From Reuters
Energy trader Reliant Resources Inc. said U.S. prosecutors have subpoenaed the company for documents pertaining to certain "trading activities that have been the subject of recent publicity," as the investigation into sham energy trades deepens. Reliant Resources, based in Houston, on Saturday confirmed it had received the subpoenas, shortly after Dynegy Inc. said it also had received subpoenas for documents relating to certain trades. Reliant Resources, Dynegy and CMS Energy Corp.
BUSINESS
February 1, 2003 | Jonathan Peterson and Nancy Rivera Brooks, Times Staff Writers
Reliant Resources Inc. has agreed to pay California $13.8 million for withholding power and trying to manipulate prices on two days during the energy crisis in June 2000, federal regulators said Friday. Under the settlement, Houston-based Reliant will compensate customers of the California Power Exchange -- mostly large utilities -- within the next few weeks.
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.
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