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Court Approves Sale of Edison Mission Energy Assets to NRG Energy
NRG Energy, Inc. announced that the U.S. Bankruptcy Court has approved Edison Mission Energy's Plan of Reorganization and the related sale of substantially all of EME's assets, including the equity interests in EME's subsidiaries, to NRG Energy, Inc.
The approved Plan incorporates the Settlement Agreement reached on February 18, 2014 between EME, Edison International and certain of EME's creditors.
NRG had previously said that the assets to be acquired include:
• EME's generation portfolio, which consists of nearly 8,000 net MW of generation capacity located throughout the US, including 1,700 MW of wind capacity, 1,600 MW of gas-fired capacity, 4,300 MW of coal-fired capacity, and 400 MW of oil and waste coal-fired capacity
• Edison Mission Marketing and Trading, a proprietary trading and asset management platform
The acquisition of EME's portfolio of renewable and conventional generation assets will make NRG the largest competitive US power company with about 53,600 megawatts of generating capacity, NRG said.
EME's substantial wind generation portfolio, combined with NRG's leading solar portfolio, will make NRG the third-largest US-based renewable energy generation company, NRG said.
NRG expects to close the transaction by the end of the Q1 2014, following FERC approval.
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March 12, 2014
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Copyright 2010-13 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com
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