NRG Builds Power Giant in Hungry Northeast
While power demand hit record levels throughout the Northeast
and power prices rocketed to $850/MWh yesterday, NRG Energy
continued to position itself as a major generator in the
power-hungry region. The subsidiary of Northern States Power landed
a major power generation deal with Connecticut Light & Power of
Hartford. NRG is snatching up 2,235 MW of generating capacity from
CL&P for $460 million.
The assets are composed of the Middletown, Montville, Devon and
Norwalk Harbor gas- and oil-fired steam generating stations
totaling 2,108 MW, and 127 MW of remote gas turbines at Branford,
Torrington and Cos Cob, CT. When the CL&P deal and another
purchase of 1,700 MW of generation from Niagara Mohawk are
completed, NRG will own and operate more than 7,000 MW of
generating capacity in the Northeast.
"On completion of the CL&P acquisition and the pending
Niagara Mohawk acquisition, NRG will pass the 10,000 MW milestone
in owned generating capacity," said NRG CEO Dave Peterson. "While
this megawatt growth is impressive, returns to NSP are more
important. These acquisitions will help NRG meet its earnings goals
in 2000 and beyond."
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