Cinergy Capital & Trading Completes Acquisition of Merchant Generating Plants From Enron.Business Editors, Energy Writers CINCINNATI--(BUSINESS WIRE)--March 23, 2001 Cinergy Capital & Trading, Inc., an energy merchant-focused affiliate of Cinergy Corp. (NYSE NYSE See: New York Stock Exchange :CIN CIN cervical intraepithelial neoplasia. Cervical intraepithelial neoplasia (CIN) A term used to categorize degrees of dysplasia arising in the epithelium, or outer layer, of the cervix. ), announced today that it has completed the acquisition of two merchant generating facilities in the Southeast U.S. from Enron North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The two companies announced in December, 2000, that they had signed a definitive agreement subject to regulatory approvals, which have now been received. Terms of the transaction were not disclosed. "This purchase of 1,000 megawatts of natural gas-fired capacity is another key milestone for the asset development segment of our energy merchant business. It will directly contribute to our target of growing our energy merchant earnings at a 10-12 percent average rate as part of our three-year corporate target of seven to eight percent," said Michael J. Cyrus, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cinergy's energy merchant business unit and president of Capital & Trading. "It also gives our business merchant capability in another energy trading hub that will complement our leadership status in the 'Into Cinergy' energy trading hub." The acquisition consists of Enron's 494-megawatt Brownsville generation facility located in Haywood County, Tennessee Haywood County is a county located in the U.S. state of Tennessee. In 2000, its population was 19,797. For 2005, the U.S. Census Bureau estimated that its population was 19,656.[1] Its county seat is Brownsville6. Geography According to the U.S. and the 504-megawatt Caledonia generation facility located in Lowndes County, Mississippi Lowndes County is a county located in the U.S. state of Mississippi. As of 2000, the population was 61,586. Its county seat is Columbus6. Lowndes County is named for U.S. Congressman William Jones Lowndes. . Brownsville has four natural gas-fired combustion turbines and Caledonia has six. Plant management and staff at both facilities have agreed to join Cinergy, allowing these facilities to be ready for the summer peaking season. Cinergy Corp., one of the nation's leading diversified energy companies, has a focused strategy intent on growing its energy merchant business. The company owns, operates or has under development over 21,000 megawatts of generation. Cinergy has the 6th largest electricity trading organization in the U.S. as well as physical and financial gas trading capabilities of 17 bcf/day. The "Into Cinergy" power trading hub is the most liquid trading hub in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Cinergy's energy merchant business operates in several regions of the U.S. and is based on a profitable balance of asset development, customer origination, marketing and trading, industrial-site cogeneration cogeneration In power systems, use of steam for both power generation and heating. High-temperature, high-pressure steam from a boiler and superheater first passes through a turbine to produce power. infrastructure development and plant operations. Cinergy also owns regulated operations in Ohio, Indiana and Kentucky that serve about 1.5 million electric customers and about 500,000 gas customers. In addition, Cinergy manages one of the industry's top power technology portfolios. Statements made in this release that convey the company's or management's intentions, expectations or predictions of the future are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The company's actual results could differ materially from those projected in the forward-looking statements, and there can be no assurance that estimates of future results will be achieved. Please refer to the company's SEC filings for additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements. |
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