Reliant Energy to Sell Two Hydroelectric Generating Plants to
Brascan
HOUSTON, Jan. 26 /PRNewswire-FirstCall/ --
Reliant Energy has reached an
agreement to sell its two remaining hydroelectric generating stations to
Brascan Power, a subsidiary of Brascan Corporation, for $42 million, subject to
certain closing adjustments. The transaction is contingent on regulatory
approvals and is expected to close in the second quarter.
The units, which include the Piney Station, located near Clarion, Pennsylvania,
and Deep Creek station, located in western Maryland near Oakland, have
generating capacity totaling 48 megawatts. Electricity from these facilities
is sold into the wholesale market in the PJM (Pennsylvania, New Jersey and
Maryland) Interconnection. In September, Reliant completed the sale of 71
operating hydropower plants in upstate New York as well as the fossil-fueled
Carr Street Generating Station in East Syracuse, New York, to Brascan
Corporation (NYSE:BNN) for approximately $900 million.
Reliant Energy, Inc. (NYSE:RRI) based in Houston, Texas, provides electricity
and energy services to retail and wholesale customers in the U.S. The company
provides a complete suite of energy products and services to approximately 1.9
million electricity customers, ranging from residences and small businesses to
large commercial, industrial and institutional customers, primarily in Texas.
Reliant also serves commercial and industrial clients in the PJM (Pennsylvania,
New Jersey, Maryland) Interconnection.
The company is one of the largest independent power producers in the nation
with approximately 19,000 megawatts of power generation capacity in operation
or under contract across the U.S. These strategically located generating
assets utilize natural gas, wind, fuel oil and coal. For more information,
visit our Website at http://www.reliant.com/corporate .
This news release contains "forward-looking statements." Forward-looking
statements are statements that contain projections about our revenues, income,
earnings and other financial items, our plans and objectives for the future,
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including legislative and regulatory developments, the outcome of pending
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extent of changes in commodity prices and interest rates, weather conditions,
changes in our business plan and other factors we discuss in our other filings
with the Securities and Exchange Commission.
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DATASOURCE: Reliant Energy, Inc.
CONTACT: media, Pat Hammond of Reliant Energy, Inc., +1-713-497-7723
Web site: http://www.reliant.com/corporate