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BALTIMORE, May 19, 2008 (BUSINESS WIRE) -- Reliant Energy, one of the country's leading competitive power providers, is now offering service to medium-sized businesses in Maryland. Reliant has served large business and institutional clients in Maryland since 2003. Now, its industry-leading, high-quality service
and competitive price plans are available to mid-size business such as convenience stores, churches, restaurants, dry cleaners, and fire and police stations.
Businesses with electrical demand of 25 KW to 600 KW, with bills ranging from $1,000 - $15,000 dollars a month, will be covered under the new service. To learn more about electricity offers from Reliant Energy, customers can call 1-877-235-7954.
With competition comes choice and Reliant Energy offers a range of energy options for its customers. The company provides a variety of innovative plan types and term choices which allow customers to take control of their electrical expenses. Reliant also provides fixed-price plans that lock in rates for up to
24 months.
"Maryland consumers have stated explicitly that they value choice and we are committed to bringing the benefits of competition to our customers," said Rich Rathvon, Reliant Energy, vice president of PJM marketing and energy sales. "With our innovative products and affordable pricing, we are a solid choice for Maryland business customers."
About Reliant Energy
Reliant Energy, Inc. (NYSE:RRI) based in Houston, Texas, provides electricity and energy services to retail and wholesale customers in the United States. The company provides service to approximately 1.8 million retail electricity customers primarily in Texas, including residential and small business
customers. Reliant also serves commercial, industrial, governmental and institutional customers in the states of Pennsylvania, New Jersey, Maryland, Illinois, Delaware, Washington, D.C. and New York.
The company is one of the largest independent power producers in the nation with approximately 16,000 megawatts of power generation capacity across the United States. These strategically located generating assets utilize natural gas, fuel oil and coal. For more information, visit http://www.reliant.com.
SOURCE: Reliant Energy
LOS ANGELES, April 22 (Reuters) - Nevada Power Co, a unit of Sierra Pacific Resources (SRP.N: Quote, Profile, Research) on Tuesday announced it has agreed to buy from Reliant Energy (RRI.N: Quote, Profile, Research) the 598-megawatt natural gas-fueled Bighorn Generating Station near Las Vegas.
Nevada Power is to pay about $500 million for the plant, plus related inventory, the two companies said in a press statement.
The deal needs to be approved by the Public Utilities Commission of Nevada, the Federal Energy Regulatory Commission and undergo a federal antitrust review.
The Bighorn plant can serve about 450,000 Nevada homes when operating at peak capacity. Nevada Power serves about 750 homes per megawatt.
The plant, located about 35 miles south of Las Vegas, began operating in early 2004. It cost an estimated $275 million to build, according to industry publications.
Nevada Power is the primary electric utility for southern Nevada. Sierra Pacific Resources subsidiary Sierra Pacific Power Co serves most of northern Nevada and the Lake Tahoe area in California. It is headquartered in Nevada.
Houston-based Reliant, one of the biggest independent power producers in the United States, with about 16,000 megawatts of generation capacity, said it expected to report a small gain on the sale, according to a filing.
Reliant spokeswoman Pat Hammond said the company has agreed to sell assets that it does not consider to be "core markets." including Nevada. (Reporting by Bernard Woodall and Eileen O'Grady; Editing by David Gregorio)
LAS VEGAS (AP) -- Nevada Power Co., a subsidiary of Sierra Pacific Resources, said Tuesday it will buy Reliant Energy Inc.'s Bighorn Generating Station for about $500 million.
The 598-megawatt natural gas-fired, combined-cycle power plant is located about 35 miles south of Las Vegas.
The companies said they expect the deal to close later this year, following required state and federal regulatory approvals.
Goldman, Sachs & Co. is serving as Nevada Power's financial adviser, while JPMorgan Securities Inc. is serving as Reliant's.
Sierra Pacific shares fell 6 cents to $12.82 in aftermarket trading, after falling 8 cents to $12.88 in the regular session. Reliant shares rose 7 cents to $26.89 in late trading, after falling 37 cents to $26.82 in the regular session.
Reliant Energy Inc. has agreed to sell its Bighorn Generating Station to a subsidiary of Nevada Power Co. for about $500 million.
Reno, Nev.-based Sierra Pacific Resources (NYSE: SRP), a subsidiary of Nevada Power, will own the Primm, Nev. station, which is a 598-megawatt, natural gas-fired, combined-cycle power plant.
The station was commissioned in 2004, and is a zero discharge facility using treated wastewater from local casinos for cooling and make-up water.
Houston energy provider Reliant (NYSE: RRI) expects the deal to close later this year.
Form 8-K for RELIANT ENERGY INC
22-Apr-2008
Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
In this Current Report on Form 8-K, "Reliant Energy" refers to Reliant Energy, Inc., and "we," "us" and "our" refer to Reliant Energy and its subsidiaries.
On April 21, 2008, Reliant Energy Wholesale Generation, LLC and Reliant Energy Asset Management, LLC, each an indirect wholly-owned subsidiary of Reliant Energy, entered into an agreement with Nevada Power Company to sell our natural gas-fired combined-cycle electric generation facility located in Clark County, Nevada with a nominal capacity of 598 megawatts (the "Bighorn Facility") and assign related contracts, including the real property lease where the Bighorn Facility is located. The $500 million purchase price is subject to certain adjustments, which are not expected to be material. We expect to recognize a small gain on the sale. The sale is subject to customary closing conditions, including the approval of the Federal Energy Regulatory Commission and the Public Utilities Commission of Nevada. We expect to close in the second half of 2008.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION
This report contains "forward-looking statements" that contain projections, estimates or assumptions about the sale of the Bighorn Facility and plans and objectives for transactions and dispositions. In many cases you can identify forward-looking statements by terminology such as "intend," "may," "plan," "will," "expect," and other similar words. However, the absence of these words does not mean that the statements are not forward-looking.
Actual results may differ materially from those expressed or implied by forward-looking statements as a result of many factors or events, including, but not limited to, regulatory developments and approvals, legal, governmental and bankruptcy proceedings, financial market conditions, access to capital, changes in commodity prices and interest rates, and other factors we discuss or refer to in the "Risk Factors" section of our filings with the Securities and Exchange Commission.
Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
HOUSTON--(BUSINESS WIRE)--Reliant Energy this week began offering consumers a plan that provides a discount on electricity rates through the end of this summer, when Texans generally use more electricity.
ADVERTISEMENT
Consumers who sign up for Reliant Energy Secure Savings – 24 before May 29, 2008, can receive an additional 10 percent summer discount through Sept. 22. This discount will be applied to an already low 24-month term rate, even as natural gas prices have increased dramatically since the beginning of the year.
During the summer, Texans use approximately 45 percent of their annual electricity because of air-conditioning needs in the state’s heat and humidity.
“We strive to proactively offer consumers plans and energy efficiency options that help them better manage their electricity bills, particularly in the heat of the Texas summer,” said Reliant Energy Chief Operating Officer Brian Landrum. “Reliant Energy Secure Savings – 24 provides customers with already low pricing during the term of the product, plus an additional 10 percent discount when our customers need it most.”
In addition to Secure Savings - 24, Reliant Energy offers customers a range of options to manage their electricity bills during the summer, from its energy efficiency online tools at reliant.com to its Beat the Heat Centers at Houston-area community centers. Customers also are able to choose from renewable, month-to-month, fixed-priced and pricing plans indexed to gas prices.
Consumers interested in signing up or switching to Secure Savings – 24 can call 1-866-RELIANT or visit reliant.com/summersavings before May 29, 2008. Customers will be able to receive additional savings if they enroll online and sign up for 1) online account management, 2) paperless billing and 3) automatic bill payment.
Reliant Energy, Inc. (NYSE:RRI - News), based in Houston, Texas, provides electricity and energy services to retail and wholesale customers in the United States. In Texas, the company provides service to about 1.8 million retail electricity customers, including residential and small business customers and commercial, industrial, governmental and institutional customers. Reliant also serves commercial, industrial, governmental and institutional customers in the PJM (Pennsylvania, New Jersey and Maryland), Illinois and New York markets.
The company is one of the largest independent power producers in the nation with approximately 16,000 megawatts of power generation capacity across the United States. These strategically located generating assets utilize natural gas, fuel oil and coal. For more information, visit www.reliant.com.
Contact:
Reliant Energy, Houston
Pat Hammond, 713-497-7723
Source: Reliant Energy
HOUSTON--(BUSINESS WIRE)--You are invited to listen to a webcast of Reliant Energy’s (NYSE:RRI - News) First Quarter 2008 earnings call that will be broadcast live on the Internet at 11:00 a.m. Eastern on Thursday, May 1, 2008.
ADVERTISEMENT
What: Reliant Energy’s First Quarter 2008 Earnings Call
When: May 1, 2008 – 11:00 a.m. Eastern
Where: http://www.reliant.com
How: Live over the Internet – Simply log on to the web address above
Contact: Marie McArdle at 713-497-7727
Reliant Energy, Inc. (NYSE:RRI - News) based in Houston, Texas, provides electricity and energy services to retail and wholesale customers in the United States. In Texas, the company provides service to more than 1.8 million retail electricity customers, including residential and small business customers and commercial, industrial, governmental and institutional customers. Reliant also serves commercial, industrial, governmental and institutional customers in the PJM (Pennsylvania, New Jersey and Maryland) market.
The company is one of the largest independent power producers in the nation with approximately 16,000 megawatts of power generation capacity across the United States. These strategically located generating assets utilize natural gas, fuel oil and coal. For more information, visit http://www.reliant.com.
(Minimum requirements to listen to the broadcast: The Windows Media Player software is required to listen to the broadcast, and can be downloaded free of charge at http://www.microsoft.com/windows/windowsmedia/player/download/download .aspx) (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)
Contact:
Reliant Energy, Inc.
Marie McArdle, +1-713-497-7727
Source: Reliant Energy, Inc.
NEW YORK, Apr 08, 2008 (BUSINESS WIRE) -- Reliant Energy, one of the country's leading competitive power providers, is now offering service to business customers in the state of New York. This marks the first time Reliant has offered retail electric service in the New York electric market.
The company will focus on delivering innovative products, industry leading customer service and competitive pricing to bring new benefits to business customers in the state. Reliant plans to be a leader in the New York market building on their significant positions created in six other states.
Reliant Energy was deemed an eligible energy service company by the New York Department of Public Service and has been certified to serve non-residential customers by Consolidated Edison Company, Niagara Mohawk, New York State Electric & Gas and Rochester Gas and Electric in all New York Independent System
Operator zones, except Long Island zone K.
In the initial phase of market entry, Reliant will offer service to those businesses whose electrical demand is 100 KW per month and higher. These typically range from the largest commercial, industrial, government and institutional clientele, down to medium sized businesses. Services offered will include commodity supply, risk management, demand response and Green-E Renewable
Energy Credits. Plans to roll out services to smaller commercial clients are in development.
"We are committed to bringing the benefits of competitive markets to our customers and are pleased to be offering new options to commercial, industrial and institutional customers in New York," said Jim Ajello, senior vice president, business development. "Last year, we began offering service in Illinois and Delaware and this is a confirmation of our commitment to competitive electricity markets across the country."
The expansion builds upon Reliant's extensive retail experience in ERCOT (Electric Reliability Council of Texas) and PJM (Pennsylvania, New Jersey and Maryland) Interconnection. Reliant's agreement with NYISO and the selected utilities will enable it to serve the majority of New York State's industrial
customers. Customers seeking additional information about products and services can contact Reliant at 877-235-7954 or visit the company's website at www.reliant.com/solutions. Reliant is also in the process of opening an office in downtown Albany.
About Reliant Energy
Reliant Energy, Inc. (NYSE:RRI) based in Houston, Texas, provides electricity and energy services to retail and wholesale customers in the United States. In Texas, the company provides service to more than 1.8 million retail electricity customers, including residential and small business customers and commercial,
industrial, governmental and institutional customers. Reliant also serves commercial, industrial, governmental and institutional customers in the PJM Interconnection market within the states of Pennsylvania, New Jersey, Maryland, Illinois, Delaware, Washington, D.C. and within New York State.
The company is one of the largest independent power producers in the nation with approximately 16,000 megawatts of power generation capacity across the United States. These strategically located generating assets utilize natural gas, fuel oil and coal. For more information, visit http://www.reliant.com.
SOURCE: Reliant Energy, Inc.
Reliant Energy Partners with Environmental Agencies to Restore 1,170 Acres of Columbia Bottomlands
HOUSTON, Mar 27, 2008 (BUSINESS WIRE) -- Reliant Energy announced today that it has entered into an innovative agreement with the U.S. Fish and Wildlife Service and National Fish and Wildlife Foundation to preserve and restore 1,170 acres in the Columbia Bottomlands forest in Brazoria County.
Reliant Energy is providing approximately $300,000 to assist the U.S. Fish and Wildlife Service in its effort to preserve and protect the Columbia Bottomlands. The National Fish and Wildlife Foundation is matching Reliant's funding, bringing the total investment to almost $600,000.
These funds will be used to acquire additional land that will be reforested, decreasing the impact of carbon emissions on the environment. As the native hardwood trees on this land mature, they will sequester, or hold, more than
154,400 tons of carbon, helping to reduce greenhouse gases.
"Reliant Energy is committed to environmental stewardship," said Mark Jacobs, Reliant Energy, president and chief executive officer. "This project provides a great opportunity for us to demonstrate that commitment. Through this innovative
public-private partnership we are able to help preserve a piece of this vital habitat and reduce greenhouse gases."
In addition to this benefit and the restoration of critical wildlife habitat and biodiversity, the conversion of land cleared decades ago to bottomland forest will improve water quality, enhance flood control and provide recreation and
wildlife habitat.
"This project will have a very positive impact locally in Brazoria County, not only in conservation, but in the quality of life for the people here," said State Rep. Dennis Bonnen, chair of the Environmental Regulations Committee.
"There will be many recreation and ecotourism benefits."
The Columbia Bottomlands stretches across the coastal plain between the Brazos, San Bernard and Colorado rivers. The area is vital to migrating neo-tropical birds, as well as native wildlife and plant species. The land, which was formerly used for agriculture, is being restored through a combination of
natural re-forestation and selected tree plantings.
The area is also home to the San Bernard Oak, the largest live oak in Texas, and includes some of the largest remaining tracts of old-growth bottomland forest in the southern U.S. It extends through four counties, Brazoria, Matagorda, Fort
Bend and Wharton. In the 1800s, it was a forest of more than 1,000 square miles. Today less than 25 percent remains in forests.
One unique element of this project is the carbon credits associated with this property. Reliant's agreement with the U.S. Fish and Wildlife Service allows the company to purchase carbon credits equal to the amount of carbon that is removed
by the trees over time.
"We hope that other businesses and organizations will follow Reliant's lead and see this as an important model. While conserving and restoring forests in the Columbia Bottomlands is important for wildlife and people directly, it also helps decrease carbon dioxide in the atmosphere by permanently storing carbon in the standing trees, roots and soil of the forest," says Mike Lange, wildlife biologist with the U.S. Fish and Wildlife Service. "It is critical to protect the land in perpetuity in order to allow forests to be restored and carbon to be permanently removed from the atmosphere. It is easy to plant a tree, but for carbon sequestration to work, the land that tree is planted on must be protected permanently."
In recent years, Reliant Energy's environmental staff has worked with more than 200 organizations to restore and preserve habitat in Florida, Pennsylvania, Illinois, Texas, Mississippi, Louisiana, Arkansas, and California. While Reliant is a partner or owner in eight other re-forestation projects in the southern U.S., the Columbia Bottomlands project represents the first that will primarily incorporate natural forest re-growth as opposed to mass planting of native bottomland hardwoods. This project accentuates the importance of conservation as a key element in carbon sequestration.
Reliant also actively supports energy conservation with programs including Smart Energy, providing pointers about saving energy at www.reliant.com/saveenergy and environmental education through facilities such as the Education Center being developed at Hudson Woods in the Columbia Bottomlands.
Reliant Energy, Inc. (NYSE:RRI), based in Houston, Texas, provides electricity and energy services to retail and wholesale customers in the United States. In Texas, the company provides service to more than 1.8 million retail electricity customers, including residential and small business customers and commercial, industrial, governmental and institutional customers. Reliant also serves commercial, industrial, governmental and institutional customers in the PJM (Pennsylvania, New Jersey and Maryland) market.
The company is one of the largest independent power producers in the nation with approximately 16,000 megawatts of power generation capacity across the United States. These strategically located generating assets utilize natural gas, fuel oil and coal. For more information, visit www.reliant.com.
SOURCE: Reliant Energy, Inc.
Reliant Energy (RRI) NewsBite Reliant Energy (RRI) Could Be On The Move
Mar 11, 2008 (Fresh Brewed Media via COMTEX) -- Reliant Energy (NYSE: RRI) closed yesterday at $24.19. So far the stock has hit a 52-week low of $17.45 and 52-week high of $30.69. Reliant Energy stock has been showing support around 23.45 and resistance in the 24.99 range. Technical indicators for the stock are
Bullish and S&P gives RRI a positive 4 STAR (out of 5) buy rating. For a hedged play on this stock, look at a Jan '09 25 covered call (VDZ AE) for a net debit
in the $20.99 area. That is also the break even stock price for this trade. This covered call has a 312 day duration, provides 13.23% downside protection and a 19.10% assigned return rate for a 22.35% annualized return rate (comparison purposes only). A lower cost hedged play for this stock would use a longer term
call option in place of the covered call stock purchase. To use this strategy
look at going long the RRI Jan '09 19 Call (VDZ AT) and selling the Jan '09 25 call (VDZ AE) for a $4.05 debit. The trade has a 312 day life and would provide 4.71% downside protection and a 48.15% assigned return rate for a 56.00% annualized return rate (for comparison purposes only). Reliant Energy does not pay dividends at this time.
IHF - Investors Observer Goto www.iotogo.com/18w1 for our free report titled, The 18 Ways To Know When It's Time To Dump A Stock
(C) Copyright 2008, Fresh Brewed Media. All rights reserved.
-0-
SUBJECT CODE: BREAKING NEWS
Source: Comtex Wall Street News
Compliments of Scottrade.com
Reliant Energy Marks Rodeo Season with Promotions, Entertainment
HOUSTON, Feb 29, 2008 (BUSINESS WIRE) -- Reliant Energy, the largest supporter
of youth and education programs for the Houston Livestock Show and Rodeo(TM),
has organized a number of activities in conjunction with this year's show.
Reliant Energy is coordinating the following events:
-- Friday, Feb. 29
Hannah Montana Ticket Sweepstakes
Reliant Energy customers can be automatically entered into a sweepstakes to win Hannah Montana tickets by signing up for paperless billing by Feb. 29 at www.reliant.com/Hannah. To enter a sweepstakes to win a pair of field-level tickets to some of the Rodeo's other performances, visit www.reliantpowerzone.com/rodeotickets.
-- Feb. 27 - March 14
Reliant Energy Go Tejano Sweepstakes
The general public will have an opportunity to win one of 25 four-packs of field tickets to Go Tejano Night at the Rodeo. Raul Brindis from "El Show de Raul Brindis y Pepito" on KLTN will ask daily questions about Reliant Energy, and callers will have the chance to demonstrate their knowledge and win tickets by
answering questions correctly. For more information, visit,
reliantpowerzone.com.
-- March 3-22, 5 p.m.-6 p.m.
Reliant Energy Plugged-In Concert Series Promoting Energy Efficiency - FREE
A local country band will perform each weekday night at Reliant Center in Hall B to help Rodeo fans get "plugged in" to energy efficiency and awareness.
Attendees also can visit the Reliant Energy booth, located at the west end of Hall B, to receive concert posters, courtesy of Reliant Energy. Rodeo attendees who sign the Compact With Texas pledge (www.reliant.com/compactwithtexas) will receive a free compact fluorescent light (CFL), and Reliant customers who
sign-up for average billing or paperless billing will receive a free Plugged-In Concert Series T-shirt. For a list of scheduled performers, visit www.reliant.com/energysavings.
-- March 3-22, 9 a.m.-9 p.m.
Reliant Energy "Teach Me Energy" Experience
Reliant Energy's "Teach Me Energy" Experience is a family-friendly, interactive booth located at the Rodeo's AGVENTURE exhibit in Reliant Center in Hall B. There, children will be able to participate in an interactive demonstration of
Reliant Energy's "Teach Me Energy" Web site for children and answer questions about energy efficiency for a chance to win a prize. Courtesy of Reliant Energy, families and children also can have their photos taken in front of various Western-style backdrops, such as barrel racing, country singers, bull riding, a
bucking bronco and a covered wagon.
-- March 12 - April 11
Reliant Energy Power of Art Online Contest
Reliant Energy will hold an online art contest with 25 elementary school art finalists from the Rodeo's School Art Program. The students' art work will be posted on www.reliantpowerzone.com March 12 - April 11 for parents, students, school administrators and others to vote for their favorite entry. The three students with the highest number of votes will win $1,000 in free art supplies from Office Max for their school, $1,000 for their school district and a Rodeo gift package.
As the official electricity provider of the Houston Livestock Show and Rodeo, Reliant Energy is the Rodeo's largest supporter of youth and education, providing educational opportunities that make a difference in the lives of Texas youth. Over the last seven years through the Rodeo, Reliant Energy has donated a
four-year college scholarship to a Texas high school senior each year.
Reliant Energy, Inc. (NYSE:RRI) based in Houston, Texas, provides electricity and energy services to retail and wholesale customers in the United States. In Texas, the company provides service to more than 1.8 million retail electricity customers, including residential and small business customers and commercial,
industrial, governmental and institutional customers. Reliant also serves commercial, industrial, governmental and institutional customers in the PJM (Pennsylvania, New Jersey and Maryland) market.
The company is one of the largest independent power producers in the nation with approximately 16,000 megawatts of power generation capacity across the United States. These strategically located generating assets utilize natural gas, fuel oil and coal. For more information, visit www.reliant.com.
INCRPINFIntranet Corporate Info
SOURCE: Reliant Energy
Reliant Energy Inc. (RRI) swung to a fourth-quarter profit amid a surge in unrealized derivatives gains and lower debt costs.
Results came in ahead of analysts' estimates, helping send shares higher in premarket trading.
The Texas energy company reported net income of $227 million, or 64 cents a share, compared with a year-earlier net loss of $53.7 million, or 17 cents a share. Unrealized derivative gains soared to $277 million from $49 million.
Revenue grew 13% to $2.65 billion.
The mean per-share earnings estimate of analysts polled by Thomson Financial was 4 cents on revenue of $1.89 billion.
Reliant's shares recently changed hands at $24, up 5.3% from Monday's close.
"2007 was a transitional year," said Chief Executive Mark Jacobs in a prepared statement, noting Reliant has switched from "repositioning strategy" to a stance that "capitalizes on our strong foundation."
Reliant's total operating expenses fell 3.2%, while interest costs tumbled 43%.
The company expects to generate $519 million in free cash flow from continuing operations in 2008, compared with $241 million in 2007.
-By Andrew Edwards, Dow Jones Newswires; 201-938-5973; Andrew.Edwards@dowjones.com
(END) Dow Jones Newswires
February 26, 2008 08:27 ET (13:27 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.- - 08 27 AM EST 02-26-08
Source: DJ Broad Tape
Reliant To Sell Channelview Plant For $468 Million
Feb 25, 2008 (financialwire.net via COMTEX) -- February 25, 2008
(FinancialWire) Reliant Energy (NYSE: RRI) has agreed to sell its Channelview Cogeneration Plant and related contracts to an affiliate of Kelson Energy for $468 million.
According to Reliant, the transaction should provide value to Reliant for its equity interest in the project as well as resolve the bankruptcy proceedings that began in August 2007 when four subsidiaries related to the Channelview plant filed for Chapter 11 bankruptcy protection.
Proceeds from the sale will be used to settle the claims of secured creditors, including around $379 million of debt, accrued interest and make-whole payments as of January 31, 2008. It will also be used to pay the claims of unsecured creditors and a cash-sharing agreement. Residual proceeds will be retained by Reliant.
The sale is subject to several closing conditions, including the approval of the court overseeing the bankruptcy.
Kelson Energy is an independent power producer that currently owns or leases four combined-cycle gas-fired facilities located in the Southwestern and Southeastern regions of the United States. They have an aggregate total capacity of 4,002 megawatts.
Houston-based Reliant Energy provides electricity and energy services to retail and wholesale customers in the United States. In Texas, the company provides service to more than 1.8 million retail electricity customers, including residential and small business customers and commercial, industrial, governmental and institutional customers.
Reliant also serves commercial, industrial, governmental and institutional customers in the Pennsylvania, New Jersey and Maryland market.
For up-to-the-minute news, features and links click on
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Source: Comtex Wall Street News
Reliant Energy Inc. (RRI) on Friday said director Sarah Barpoulis won't seek re-election at the company's 2008 annual shareholders meeting due to personal reasons.
The Houston provider of electricity and energy services said Barpoulis's decision wasn't the result of any disagreement with Reliant Energy, according to a Securities and Exchange Commission filing.
Reliant Energy said Barpoulis will continue to serve on its board until the end of her current term.
The company didn't say in the SEC filing who will be Barpoulis' replacement.
-Gee L. Lee, Dow Jones Newswires; 202-862-1346
(END) Dow Jones Newswires
February 22, 2008 10:01 ET (15:01 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.- - 10 01 AM EST 02-22-08
Source: DJ Broad Tape
Reliant Energy Announces Fourth Quarter 2007 Earnings Call
HOUSTON, Feb 19, 2008 /PRNewswire-FirstCall via COMTEX/ -- You are invited to listen to a webcast of Reliant Energy's (NYSE: RRI) Fourth Quarter 2007 earnings call that will be broadcast live on the Internet at 10:00 a.m. Eastern on Tuesday, February 26, 2008.
What: Reliant Energy's Fourth Quarter 2007 Earnings Call
When: February 26, 2008 - 10:00 a.m. Eastern
Where: http://www.reliant.com
How: Live over the Internet - Simply log on to the web address above
Contact: Marie McArdle at 713-497-7727
Reliant Energy, Inc. (NYSE: RRI) based in Houston, Texas, provides electricity and energy services to retail and wholesale customers in the United States. In Texas, the company provides service to more than 1.8 million retail electricity customers, including residential and small business customers and commercial, industrial, governmental and institutional customers. Reliant also serves commercial, industrial, governmental and institutional customers in the PJM (Pennsylvania, New Jersey and Maryland) market.
The company is one of the largest independent power producers in the nation with approximately 16,000 megawatts of power generation capacity across the United States. These strategically located generating assets utilize natural gas, fuel oil and coal. For more information, visit http://www.reliant.com.
(Minimum requirements to listen to the broadcast: The Windows Media Player software is required to listen to the broadcast, and can be downloaded free of charge at http://www.microsoft.com/windows/windowsmedia/player/download/download.aspx )
SOURCE Reliant Energy, Inc.
Reliant Energy and Allconnect Announce Expanded Online Services for Movers
HOUSTON & ATLANTA, Feb 19, 2008 (BUSINESS WIRE) -- Reliant Energy Inc. and Allconnect Inc., today announced an extended partnership that enables Reliant to offer its added-value mover relocation services to its customers online in addition to over the phone.
Since fall 2006, Reliant Energy has partnered with Allconnect to offer its consumers Reliant Energy Connections, the convenience of setting-up other home services -- phone, cable/satellite TV, Internet, newspaper and/or home security
-- at a new residence after they have completed their electric order by phone.
Reliant Energy will now enhance this convenience by extending Reliant Energy Connections to customers who wish to set-up multiple services at once by visiting the online Moving Center at reliant.com.
In a joint interest to continue to satisfy consumers' needs, both companies look forward to serving customers using this new web option. It is anticipated it will bring flexibility to consumers and quickly enable them to ensure all major home services will be available on their planned move day.
About Reliant Energy
Reliant Energy, Inc. (NYSE:RRI) based in Houston, Texas, provides electricity and energy services to retail and wholesale customers in the United States. In Texas, the company provides service to more than 1.8 million retail electricity customers, including residential and small business customers and commercial, industrial, governmental and institutional customers. Reliant also serves commercial, industrial, governmental and institutional customers in the PJM (Pennsylvania, New Jersey and Maryland) market. The company is one of the largest independent power producers in the nation with approximately 16,000 megawatts of power generation capacity across the United States. These strategically located generating assets utilize natural gas, fuel oil and coal.
For more information, visit http://www.reliant.com.
About Allconnect
Allconnect, Inc. is the leading provider of essential home services and connections during residential relocations. Founded in 1998 to help people during their move, the company establishes a number of residential services for consumers including power, telephone, cable television, Internet, newspaper, and lawn care all at no cost to consumers. The company partners with more than 30 power companies and hundreds of service providers across the U.S. and employs more than 500 associates. Next year, the company will assist more than five million families with their residential relocation. In the last year, Allconnect won the Verizon Supplier Excellence Award, was named for the second time one of Inc. Magazine's 500 fastest growing private companies, and was named one of Atlanta's 50 fastest growing privately-held companies by the Atlanta Business Chronicle. For more information, visit http://www.allconnect.com.
Reliant Launches Energy Saver Partner Program in Dallas
Thursday February 14, 1:08 pm ET
Company continues successful streak with local volunteers in Dallas/Fort Worth
DALLAS--(BUSINESS WIRE)--Reliant Energy announced the successful installation and testing of the first demand-response system at a Dallas/Fort Worth residence. Late last year, the company reported that its Houston-based tests were also successful.
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“Reducing peak demand delays the need for costly new power plants, conserves resources and, ultimately, helps moderate price,” said Glen Stancil, Reliant Energy’s vice president of Smart Energy research and development. ”This is the first of a number of new products and services we plan to launch this year that will give customers better control and more insight into how they use energy.”
The system uses data collected from smart meters, coupled with broadband over power line technology, to communicate with and control Web-programmable thermostats and high-usage appliances in the home. During times of high electricity usage across the state, the system can be used to increase thermostat settings by a few degrees or cycle off air conditioning systems for short periods of time.
The smart electric meters installed in the Dallas/Fort Worth area communicate via broadband over power line technology provided by the Current Group LLC. By using this technology, Reliant Energy is able to offer customers innovative new programs that were not available with traditional meters.
Eligible Houston-area customers have already received mail-outs encouraging them to sign up for the pilot, and installation of the system is under way. Reliant will contact customers in the Dallas area who have the required smart meter for the pilot program by telephone or mail.
Reliant’s program, called the Energy Saver Partner, offers customers a free Web-controlled, programmable thermostat (a $250 value), a free 25-point air conditioning inspection (a $75 value), an enrollment bonus and monthly bill credits from May through September.
Reliant’s pilot is part of a larger study sponsored by the Center for the Commercialization of Electric Technologies to develop demand-response programs. Findings from the CCET pilot will be shared with the Electric Reliability Council of Texas and retail providers to enable new market tools and demand-response programs.
The Center for the Commercialization of Electric Technologies is an organization of 19 Texas electric and high-tech companies joined by five universities in a collaborative effort to modernize the Texas electric system. CCET’s purpose is to encourage private-sector initiatives that promote growth in high-quality employment, and to lead to scientific breakthroughs in the operation of the Texas electric system.
The state’s leading electric market participants have begun a two-year study to assess the technology in Houston and in Dallas. Austin Energy is coordinating results of its own demand response program in Austin. Participants in the Dallas pilot include Oncor, Reliant Energy, TXU Energy, Direct Energy, Current Group LLC and Corporate Systems Engineering. AEP Texas is participating financially in the project.
About Reliant Energy
Reliant Energy, Inc. (NYSE:RRI - News) based in Houston, Texas, provides electricity and energy services to retail and wholesale customers in the United States. In Texas, the company provides service to more than 1.8 million retail electricity customers, including residential and small business customers and commercial, industrial, governmental and institutional customers. Reliant also serves commercial, industrial, governmental and institutional customers in the PJM (Pennsylvania, New Jersey and Maryland) market.
The company is one of the largest independent power producers in the nation with approximately 16,000 megawatts of power generation capacity across the United States. These strategically located generating assets utilize natural gas, fuel oil and coal. For more information, visit http://www.reliant.com.
Contact:
Reliant Energy, Inc., Houston
Pat Hammond, 713-497-7723 (media)
or
Dennis Barber, 713-497-3042 (investors)
Source: Reliant Energy, Inc.
Reliant Shares Rise on Raised Guidance
Thursday August 2, 3:42 pm ET
Reliant Shares Rise After Improved Guidance, Earnings Call
HOUSTON (AP) -- Shares of electricity provider Reliant Energy rose Thursday after the company raised its outlook.
The company posted revenue and a loss far below analyst expectations due to milder summer weather, but said it expects higher cash flow and earnings excluding certain charges in 2008 and 2009.
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Reliant shares rose $1.43, or 5.4 percent, to $28.13 in midday trading after its earnings conference call, following a 6 percent drop in premarket trading. During the call, company executives focused on plans to meet consumption demands and handle environmental concerns while containing costs.
Reliant said it expects earnings before certain charges to be $1.01 billion in 2007, $1.42 billion in 2008 and $1.49 billion in 2009. It had previously estimated $911 million for 2007, $1.18 billion for 2008 and $1.42 billion for 2009.
Its free cash flow estimates are now $231 million for 2007, $595 million for 2008 and $869 million for 2009. Earlier Reliant had expected $269 million for 2007, $433 million for 2008 and $551 million for 2009.
The increased guidance reflects better conditions for Reliant's energy-generation facilities and improved cash flows that will likely be used for share repurchases and the clean-up of polluted sites, said Michael Lapides, of Goldman Sachs Global Investment Research, in a report.
The company reported a net loss of $282 million, or 82 cents per share, down from a profit of $14.2 million, or 5 cents per share, a year earlier. Analysts polled by Thomson Financial expected, on average, earnings of 3 cents per share.
Revenue sank 5 percent to $2.65 billion, down from $2.77 billion.
Morgan Stanley's Vikas Dwivedi said in a report that the effect of mild weather was "even worse than we expected," but "does not affect our view of Reliant." The analyst rates Reliant as "Overweight" with a target price of $32 per share.
http://biz.yahoo.com/ap/070802/reliant_mover.html?.v=1
Form 8-K for RELIANT ENERGY INC
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15-Jun-2007
Termination of a Material Definitive Agreement, Financial Statements and Exhib
Item 1.02 Termination of Material Definitive Agreement.
The events described below occurred in connection with Reliant's comprehensive refinancing program publicly announced on May 23, 2007.
Credit Agreements. On June 12, 2007, Reliant entered into a Credit and Guaranty Agreement with Deutsche Bank AG New York Branch, Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A., Goldman Sachs Credit Partners L.P., Merrill Lynch Capital Corporation, ABN AMRO Bank N.V. and Bear, Stearns Corporate Lending Inc. and the guarantors referred to therein (the "Credit Agreement"). The Credit Agreement includes a revolving credit facility in the amount of $500 million and a pre-funded L/C facility in the amount of $250 million. The revolving credit facility matures in June 2012 and the pre-funded L/C facility matures in June 2014. The credit facilities bear interest at LIBOR plus 1.75% or a base rate plus 0.75%. Reliant's subsidiaries, except subsidiaries prohibited by the terms of their financing or other documents from doing so, guarantee the credit facilities. We are required to achieve specified levels for the ratio of adjusted net secured debt to adjusted net earnings (loss) before interest expense, interest income, income taxes, depreciation and amortization (consolidated secured leverage ratio) when loans or letters of credit are outstanding under the revolving credit facility. The Credit Agreement is attached hereto as Exhibit 1.1 and is incorporated herein by reference.
In connection with the entry into the Credit Agreement, on June 12, 2007, Reliant terminated its Third Amended and Restated Credit and Guaranty Agreement dated as of December 1, 2006 (the "Terminated Agreement"). At the time of its termination, the parties to the Terminated Agreement included the same parties to the Credit Agreement, except Bear Stearns Corporate Lending Inc. was not a party to the Terminated Agreement.
Supplemental Indentures - New Notes. On June 13, 2007, Reliant issued and sold in a registered offering $575 million aggregate principal amount of 7.625% Senior Notes due 2014 (the "2014 Notes") and $725 million aggregate principal amount of 7.875% Senior Notes due 2017 (the "2017 Notes" and, together with the 2014 Notes, the "Notes"). On June 13, 2007, Reliant entered into a Fourth Supplemental Indenture with respect to the 2014 Notes and a Fifth Supplemental Indenture with respect to the 2017 Notes with Wilmington Trust Company, as trustee (the "Supplemental Indentures"). The Supplemental Indentures effect amendments to a senior indenture dated as of December 22, 2004. The Notes are general unsecured obligations and will be senior in right of payment to all current and future subordinated indebtedness of Reliant. The Supplemental Indentures are attached hereto as Exhibits 4.1 and 4.2 and are incorporated herein by reference.
Other Relationships. Some of the parties to the Credit Agreement and their respective affiliates perform various financial advisory and investment and commercial banking services for us in the ordinary course of business. Certain affiliates of the lenders under the Credit Agreement were underwriters for the offering of the Notes, including Deutsche Bank Securities Inc., Goldman, Sachs & Co., J.P. Morgan Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, ABN AMRO Incorporated, and Bear Stearns & Co. Inc. Goldman, Sachs & Co., Deutsche Bank Securities Inc., J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as solicitation agents with respect to a solicitation of consents from the holders of our notes offered for tender in the second quarter of 2007. Merrill Lynch Commodities, Inc., an affiliate of Merrill Lynch Capital Corporation, and other affiliates of Merrill Lynch Commodities, Inc., are parties to our credit sleeve and reimbursement agreement and retail working capital facility.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
1.1 Credit and Guaranty Agreement dated as of June 12, 2007
4.1 Fourth Supplemental Indenture relating to the 7.625% Senior Notes due 2014, dated as of June 13, 2007
4.2 Fifth Supplemental Indenture relating to the 7.875% Senior Notes due 2017, dated as of June 13, 2007
http://biz.yahoo.com/e/070615/rri8-k.html
Reliant Energy Announces Comprehensive Refinancing Program
HOUSTON, May 23, 2007 /PRNewswire-FirstCall via COMTEX/ -- Reliant Energy, Inc. today announced a comprehensive refinancing program that, upon completion, will result in reduced interest expense and lower debt levels in addition to a significant improvement in the company's ability to reinvest in the business and return cash to shareholders through dividends and share repurchases.
"A key element of our new strategy is having the flexibility to direct free cash flow and additional capital to the alternatives that create the highest value for shareholders," said Mark Jacobs, Reliant Energy, chief executive officer. "This plan was developed to achieve a capital structure that supports that strategy."
As part of the initial phase of this program, today the company launched a tender offer and consent solicitation for its 9.25 percent and 9.50 percent senior secured notes totaling $1.1 billion. In the near future, the company expects to issue $1.25 billion of senior unsecured notes with 7- and 10-year maturities to fund the tender offer and consent solicitation and retire a portion of its $400 million term loan. Cash on hand will be used to retire the remainder of the term loan. In addition, the company plans to replace its existing revolving credit facility and pre-funded letter of credit facilities with a new $500 million revolving credit facility and $250 million pre-funded letter of credit facility. The company expects to close these transactions in June 2007, subject to market conditions.
In the second phase of the program, the company will address restrictions remaining in $750 million of its 6.75 percent senior secured notes and $500 million of tax-exempt bonds. The company is evaluating various alternatives, including the retirement or defeasance of some or all of this debt with proceeds from potential asset sales.
The company has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the company has filed with the SEC for more complete information about the company and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at http://www.sec.gov. Alternatively, the company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-624-5774, extension 73042.
Reliant Energy, Inc. (NYSE: RRI) based in Houston, Texas, provides electricity and energy services to retail and wholesale customers in the United States. In Texas, the company provides service to nearly 1.9 million retail electricity customers, including residential and small business customers and commercial, industrial, governmental and institutional customers. Reliant also serves commercial, industrial, governmental and institutional customers in the PJM (Pennsylvania, New Jersey and Maryland) market.
The company is one of the largest independent power producers in the nation with approximately 16,000 megawatts of power generation capacity across the United States. These strategically located generating assets utilize natural gas, fuel oil and coal.
This press release contains "forward-looking statements." Forward-looking statements are statements that contain projections, estimates or assumptions about our revenues, income and other financial items, our plans and objectives for future operations or about future economic performance, transactions and dispositions and financings related thereto. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking.
Actual results may differ materially from those expressed or implied by forward-looking statements as a result of many factors or events, including but not limited to access to capital, legislative and regulatory developments, the effects of competition, financial market conditions, the timing and extent of changes in commodity prices and interest rates, weather conditions, changes in our business plan and other factors we discuss or reference to in the "Risk Factors" section of our filings with the Securities and Exchange Commission.
Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Reliant Energy, Inc.
http://www.pinksheets.com/quote/news.jsp?url=fis_story.asp%3Ftextpath%3DCOMTEX%5Cpr%5C2007%5C05%5C24...
Do you care to elaborate more?
I find Reliant to have the best customer service; very friendly and helpful. Reliant goes to the extent of making follow-ups to ensure the customer is satisfied.
*** UNPROFESSIONAL BEHAVIOR *** I talked with MARIO at 1-866-222-7100. He is a manager in their customer support unit. I had to wait more than 20 minutes and was put on hold by SAL 4 times prior to being transfered to him. MARIO could provide NO assistance and actually HUNG UP on me. This just happened 10 minutes ago. Corp HQ and CEO info:
Address: 1000 Main Street, Houston, TX, US 77002
Telephone:
(713) 497-3000
Website:
www.reliantresources.com
Facsimile:
(713) 488-5925
Email:
CEO:
Joel V. Staff
Reliant Energy, Inc. Announces Results of Tender Offer for 5% Convertible Senior Subordinated Notes
Thursday December 21, 10:05 am ET
HOUSTON, Dec. 21 /PRNewswire-FirstCall/ -- Reliant Energy, Inc. today announced the final results of the tender offer to holders of its 5% Convertible Senior Subordinated Notes due 2010, which expired at midnight, Eastern Standard Time, on December 20, 2006. Holders of $273 million of principal amount of notes, representing 99% of the total $275 million outstanding, accepted the offer.
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"This transaction is the latest in a series of steps we have taken to improve Reliant's financial flexibility," said Mark Jacobs, executive vice president and chief financial officer. "This tender offer improves our credit metrics without diluting our equity. Since December 2002, we have reduced net debt from $7.8 billion to $3.3 billion."
Under the terms of the offer, Reliant will exchange 104.8108 shares of common stock, which represents the number of shares each note will convert to, plus $150 in cash for each $1,000 principal of notes, for total consideration of 28.6 million shares and $41 million in cash.
Reliant Energy, Inc. (NYSE: RRI - News) based in Houston, Texas, provides electricity and energy services to retail and wholesale customers in the United States. In Texas, the company provides service to approximately 1.9 million retail electricity customers, including residential and small business customers and commercial, industrial, governmental and institutional customers. Reliant also serves commercial, industrial, governmental and institutional customers in the PJM (Pennsylvania, New Jersey and Maryland) market.
The company is one of the largest independent power producers in the nation with approximately 16,000 megawatts of power generation capacity in operation across the United States. These strategically located generating assets utilize natural gas, fuel oil and coal. For more information, visit http://www.reliant.com/corporate .
This news release contains "forward-looking statements." Forward-looking statements are statements that contain projections, estimates or assumptions about our revenues, income and other financial items, our plans for the future, future economic performance, transactions and dispositions and financings related thereto. Forward-looking statements relate to future events and anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking.
We have based our forward-looking statements on management's beliefs and assumptions based on information available to management at the time the statements are made. Actual results may differ materially from those expressed or implied by forward-looking statements as a result of many factors or events, including the ongoing negotiation of the retail credit structure, legislative and regulatory developments, the effects of competition, financial market conditions, the timing and extent of changes in commodity prices and interest rates, weather conditions, changes in our business plan and other factors we discuss in our filings with the Securities and Exchange Commission.
Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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Source: Reliant Energy, Inc.
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