NRG Announces LPSC Approval of Sale of Its South Central Business
January 16 2019 - 12:45PM
Business Wire
NRG announces that the Louisiana Public Service Commission
(LPSC) has approved the previously announced transaction between
NRG and Cleco Corporate Holdings LLC (Cleco). In an open
session meeting today, January [16], the LPSC awarded Cleco
approval for the transaction. This is the last regulatory approval
needed to finalize the transaction.
The agreement to sell NRG’s South Central Business to Cleco was
first announced on February 7, 2018. On that date, NRG and Cleco
entered into a Purchase and Sale Agreement for Cleco to
purchase NRG’s South Central business for a total purchase price
and cash proceeds of $1.0 billion, subject to certain
adjustments. The companies expect to close the transaction in
February 2019.
About NRG
At NRG, we’re redefining power by putting customers at the
center of everything we do. We create value by generating
electricity and serving nearly 3 million residential and commercial
customers through our portfolio of retail electricity brands. A
Fortune 500 company, NRG delivers customer-focused solutions for
managing electricity, while enhancing energy choice and working
towards a sustainable energy future. More information is available
at www.nrg.com. Connect with NRG on Facebook, LinkedIn and follow
us on Twitter @nrgenergy, @nrginsight.
Safe Harbor
In addition to historical information, the information presented
in this press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Exchange Act. These statements involve
estimates, expectations, projections, goals, assumptions, known and
unknown risks and uncertainties and can typically be identified by
terminology such as “may,” “should,” “could,” “objective,”
“projection,” “forecast,” “goal,” “guidance,” “outlook,” “expect,”
“intend,” “seek,” “plan,” “think,” “anticipate,” “estimate,”
“predict,” “target,” “potential” or “continue” or the negative of
these terms or other comparable terminology. Such forward-looking
statements include, but are not limited to, statements about the
Company’s future revenues, income, indebtedness, capital structure,
plans, expectations, objectives, projected financial performance
and/or business results and other future events, anticipated
benefits or costs of acquisitions or divestitures, and views of
economic and market conditions.
Although NRG believes that its expectations are reasonable, it
can give no assurance that these expectations will prove to be
correct, and actual results may vary materially. Factors that could
cause actual results to differ materially from those contemplated
herein include, among others, general economic conditions, hazards
customary in the power industry, weather conditions, competition in
wholesale power markets, the volatility of energy and fuel prices,
failure of customers to perform under contracts, changes in the
wholesale power markets, changes in government regulations, the
condition of capital markets generally, our ability to access
capital markets, unanticipated outages at our generation
facilities, adverse results in current and future litigation,
failure to identify, execute or successfully implement
acquisitions, repowerings or asset sales, our ability to implement
value enhancing improvements to plant operations and companywide
processes, our ability to implement and execute on our publicly
announced transformation plan, including any cost savings, margin
enhancement, asset sale, and net debt targets, our ability to
proceed with projects under development or the inability to
complete the construction of such projects on schedule or within
budget, risks related to project siting, financing, construction,
permitting, government approvals and the negotiation of project
development agreements, our ability to progress development
pipeline projects, the timing or completion of GenOn's emergence
from bankruptcy, the inability to maintain or create successful
partnering relationships, our ability to operate our businesses
efficiently, our ability to retain retail customers, our ability to
realize value through our commercial operations strategy, the
ability to successfully integrate businesses of acquired companies,
our ability to realize anticipated benefits of transactions
(including expected cost savings and other synergies) or the risk
that anticipated benefits may take longer to realize than expected,
our ability to close the Drop Down transactions with NRG
Yield, and our ability to execute our Capital Allocation Plan. Debt
and share repurchases may be made from time to time subject to
market conditions and other factors, including as permitted
by United States securities laws. Furthermore, any common
stock dividend is subject to available capital and market
conditions.
NRG undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. The adjusted
EBITDA and free cash flow guidance are estimates as
of February 7, 2018. These estimates are based on assumptions
the company believed to be reasonable as of that date. NRG
disclaims any current intention to update such guidance, except as
required by law. The foregoing review of factors that could cause
NRG’s actual results to differ materially from those contemplated
in the forward-looking statements included in this press release
should be considered in connection with information regarding risks
and uncertainties that may affect NRG's future results included in
NRG's filings with the Securities and Exchange
Commission at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20190116005631/en/
Media:Marijke Shugrue609.524.5262Candice
Adams609.524.5428Investors:Kevin L. Cole,
CFA609.524.4526investor.relations@nrg.com
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