Mirant

[Joe Stocks]

Could this help MIR with sme of their unprofitable contracts?
Bankruptcy Crt Allows NRG To Reject Edison Power Contract

NEW YORK (Dow Jones)--The federal bankruptcy judge overseeing NRG Energy Inc.'s Chapter 11 proceeding ruled Wednesday that the company could reject a money-losing power supply contract with a unit of Edison International's (EIX) Edison Mission subsidiary, according to representatives from both companies.

Judge Prudence Carter Beatty of the U.S. Bankruptcy Court for the Southern District of New York also denied a motion by Edison Mission Marketing & Trading, or EMMT, to lift an automatic stay that would have allowed Edison to take the contract dispute to the Federal Energy Regulatory Commission, the companies said Thursday.

NRG Power Marketing Inc. provides EMMT with power that EMMT then sells to a company called CL Power Sales Eight LLC, which in turn supplies Energy East Corp. (EAS) unit Central Maine Power. The deal is scheduled to run through mid-January 2017.

NRG, a unit of Xcel Energy Inc. (XEL), said in a court filing this week that the agreement is causing it to lose about $465,000 each month because it must purchase power for Edison at a higher price than it can collect from the company.