NRG Energy, Inc. and Lower Colorado River Authority Sign Memorandum of Understanding on Future Power Supplies.PRINCETON, N.J. -- 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. (NYSE NYSE See: New York Stock Exchange :NRG NRG Energy NRG NRG Energy, Inc. NRG Natural Resources Group NRG New Radiancy Group NRG Network Referral Group NRG Network Resource Grapher NRG Numerics Rapporteur Group NRG Neuroprosthetics Research Group NRG notional requirements generator ) and the Lower Colorado River Authority The Lower Colorado River Authority or LCRA is a nonprofit public utility that was formed in 1934 by the Texas Legislature. LCRA's mission is to protect people, property and the environment by providing public services for more than one million people in Central and Southeast (LCRA LCRA Lower Colorado River Authority (Texas) ) have signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. to work together strategically on a series of supply alternatives to serve the needs of LCRA's wholesale electric customers and to help support Texas' growing economy. The agreement could provide LCRA and its customers with the opportunity to access up to 700 MW of new NRG electrical generation. "Our Powering Texas with NRG program is designed to help meet Texas' growing demand for electrical power," said Thad Hill, Regional President for NRG Texas. "We are very pleased to have the opportunity to work with LCRA, which has such a long track record of service in Texas and which shares our commitment to meeting our energy challenges in an affordable and environmentally responsible manner." "Central Texas is one of the fastest growing regions in the country, and population growth creates challenges for public utilities," said Joe Beal, LCRA General Manager. "LCRA owes it to our wholesale electric customers, the communities they serve and the people of Texas to explore as many options as possible in our effort to meet growing energy demands. Exploring our options with NRG is part of that process." The transactions contemplated by this agreement could be finalized as soon as the fourth quarter of this year. NRG Energy, Inc. NRG Energy, Inc. owns and operates a diverse portfolio of power-generating facilities, primarily in Texas and the Northeast, South Central and Western regions of 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. . Its operations include baseload, intermediate, peaking, and cogeneration facilities and thermal energy thermal energy Internal energy of a system in thermodynamic equilibrium (see thermodynamics) by virtue of its temperature. A hot body has more thermal energy than a similar cold body, but a large tub of cold water may have more thermal energy than a cup of boiling production. NRG also has ownership interests in generating facilities in Australia, Germany and Brazil. Lower Colorado River Authority LCRA is a conservation and reclamation district Reclamation districts are a form of special-purpose districts in the United States (and possibly other countries) which are responsible for reclamining and/or maintaining land that is threatened by permanent or temporary flooding for agricultural, residential, commercial, or created by the Texas Legislature The Texas Legislature is the state legislature of the U.S. state of Texas. The legislature meets at the Texas State Capitol in Austin. In Texas, the Legislature is considered the most powerful branch of state government because of its aggressive use of the power of the purse to in 1934. It has no taxing authority and operates solely on utility revenues and fees generated from supplying energy, water and community services. LCRA supplies low-cost electricity for Central Texas, manages water supplies and floods in the lower Colorado River basin, develops water and wastewater utilities, provides public parks, and supports community and economic development in 58 Texas counties. This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions and typically can be identified by the use of words such as "will," "expect," "believe," and similar terms. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially include, among others, the ability to achieve the expected benefits and timing of the agreement as described herein. NRG undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Factors that could cause NRG's actual results to differ materially from those contemplated in the forward-looking statements included in this news 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. More information on NRG is available at www.nrgenergy.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion