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NRG Builds Power Giant in Hungry Northeast

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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