Reliant Energy to Sell Two Hydroelectric Generating Plants to Brascan
January 26 2005 - 10:00AM
PR Newswire (US)
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, future economic performance, or other projections or
estimates about our assumptions relating to these types of
statements. These statements usually relate to future events and
anticipated revenues, earnings, business strategies, competitive
position or other aspects of our operations or operating results.
In many cases you can identify forward-looking statements by
terminology such as "anticipate," "estimate," "believe,"
"continue," "could," "intend," "may," "plan," "potential,"
"predict," "should," "will," "expect," "objective," "projection,"
"forecast," "goal," "guidance," "outlook," "effort," "target" and
other similar words. However, the absence of these words does not
mean that the statements are not forward-looking. We have based our
forward-looking statements on management's beliefs and assumptions
based on information available to management at the time the
statements are made. Actual results may differ materially from
those expressed or implied by forward-looking statements as a
result of many factors or events, including legislative and
regulatory developments, the outcome of pending lawsuits,
governmental proceedings and investigations, the effects of
competition, financial market conditions, access to capital, the
timing and 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. Each forward-looking statement speaks only as
of the date of the particular statement, and we undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. DATASOURCE: Reliant Energy, Inc. CONTACT: media, Pat
Hammond of Reliant Energy, Inc., +1-713-497-7723 Web site:
http://www.reliant.com/corporate
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