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Briefly
August
9, 2011
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PUCT Staff Seeks to Revoke REP Certificate of Elan Energy
PUCT Staff filed a petition to revoke the REP certificate of ESCO1, LLC d/b/a Elan Energy, LLC, alleging that, among other things, Elan Energy has failed to maintain financial resources in accordance with Subst. R. 25.107, and has not provided retail electric service to customers within 24 months of certification as required by the Substantive Rules.
Viridian Energy Names Jan L. Fox General Counsel
Viridian Energy has named Jan L. Fox as general counsel. A 20-year industry veteran, Fox was most recently president of JLF Energy Consulting and previously served as general counsel and executive vice president of regulatory affairs for Strategic Energy.
Mission Power Selects SmartGridCIS for Prepay Product
SmartGridCIS said that that Mission Power has chosen the SmartGridCIS Express solution to support Mission Power's advanced metering system-based prepay business in Texas. SmartGridCIS Express is a stand-alone billing and CIS solution that provides prepaid services and time-of-use (TOU) rating capabilities.
Dynegy Reports Lower Adjusted Earnings, Completes Reorganization of Assets
Dynegy recorded a net loss for the second quarter of $116 million, versus $191 million a year ago. Adjusted EBITDA was $102 million, versus $124 million a year ago, due to lower realized prices across all of Dynegy's regions, and lower generation volumes, tolling revenues, and capacity revenues in the Northeast and West regions. These negative impacts more than offset higher generation volumes in its Midwest region and lower operating expenses in the Midwest and West regions. Dynegy also completed its asset restructuring, with its plants now organized by fuel type into DynegyPower, LLC (Gas, 6,771 MW); DynegyMidwest Generation, LLC (Coal, 3,132 MW), and DynegyNortheast Generation, LLC (1,570 MW).
GenOn Energy Reports Lower Adjusted Earnings
GenOn Energy, Inc. reported a net loss of $138 million for the second quarter of 2011 compared to a net loss of $263 million for the same period of 2010, with the improvement due to a reduction of unrealized losses on energy derivatives. Adjusted EBITDA was $102 million for the second quarter of 2011 compared to $149 million for the same period of 2010. The decline resulted from lower adjusted energy gross margin primarily due to lower generation volumes; lower contracted and capacity primarily related to the Eastern PJM and California segments; and a reduction in the realized value of hedges.
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