Complete Energy Partners Reaches Agreement to Buy NRG Energy Inc.'s Batesville, Miss., Electric Generating Facility.Energy Editors/Business Editors HOUSTON--(BUSINESS WIRE)--May 6, 2004 Complete Energy Partners today announced that it has signed a definitive agreement to purchase a 100% interest in NRG Energy NRG Energy, Inc. (NRG) is a wholesale power generation company founded in 1989, which has an ownership interest in 47 power generating facilities around the world. The diverse portfolio of facilities, are primarily in the Northeast, South Central and Western regions of the United Inc.'s 837 megawatt meg·a·watt n. Abbr. MW One million watts. meg  a·watt Batesville Electric Generating Facility,
located in Batesville, Miss. The transaction is expected to close during
the third quarter of 2004, subject to certain regulatory approvals.
Lori Cuervo, a partner with Complete Energy Partners, said, "At this point in the commodity cycle, we are pleased to execute an agreement to purchase the Batesville Facility because it is well engineered and well managed with significant upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar . Complete Energy Partners will be assuming the existing workforce who we believe is very well qualified. This facility will serve as the foundation for Complete Energy Partners' aggressive acquisition of both merchant and contracted power generation assets as we take advantage of the attractive asset investment opportunities due to the decline in power plant valuations." The output of the Batesville Facility is sold under long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. contracts to both Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). Electric and Power Company and Aquila Energy Marketing Corporation. The Batesville Facility will be operated by Complete Energy Partners. Complete Energy Partners, with offices in Houston and Pittsburgh, is an acquirer, owner and operator of power generation assets. Complete Energy is led by experienced industry veterans Peter Dailey, Milton Scott and Hugh Tarpley, managing partners, and Lori Cuervo, partner. Complete Energy Partners is acquiring other merchant and contracted power plants currently being divested by utilities, independent power producers and financial institutions. Complete Energy Partners is allied with Power Plant Professionals, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , an experienced operations and maintenance provider headquartered in Charlotte, N.C., and Fulcrum fulcrum: see lever. Power Services, LP, a leading commercial energy services company headquartered in Houston. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion