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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange
Act of 1934
Date of Report (Date of earliest event reported): June 25, 1999
NRG ENERGY, INC.
(Exact Name of Registrant as specified in its charter)
DELAWARE 333-33397 41-1724239
(State or Other (Commission (I.R.S. Employer
Jurisdiction of Incorporation) File Number) Identification No.)
1221 Nicollet Mall, Suite 700
Minneapolis, MN 55403
(Address of Principal Executive Offices)
(Zip Code)
(612) 373-5300
(Registrant's Telephone Number, including area code)
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ITEM 5. OTHER EVENTS.
On June 25, 1999, NRG Energy, Inc. (NRG), a wholly-owned subsidiary of Northern
States Power Company, acquired the Arthur Kill Station and the Astoria Gas
Turbine Sites totaling 1,456 Megawatts (MW) of generating capacity from
Consolidated Edison Company of New York. The 842 MW Arthur Kill Generating
Station, located on Staten Island, New York, includes two steam-generating units
designed to burn gas and oil. The 614 MW Astoria Gas Turbine Sites, located in
Queens, New York, consist of 20 gas turbines, grouped into 11 units. The
assets cost approximately $517 million and were financed by a recent senior
note issuance, non-recourse project level financing, and working funds.
NRG holds 100 percent interest in these assets and will operate and maintain the
units. The acquisition of the Arthur Kill and Astoria facilities follows the
1,360 MW acquisition of the Dunkirk and Huntley generating stations from Niagara
Mohawk Power Corp. and the Somerset Station, a 229 MW facility located in
Somerset, Massachusetts. NRG plans to complete the acquisition of another
Niagara Mohawk plant, the 1,700 MW Oswego Generating Station in Oswego, New
York, later this year. In addition, NRG has entered into a binding purchase
agreement to acquire four gas and oil-fired generating stations totaling 2,235
MW located in Connecticut from Connecticut Light & Power Company (CL&P). The
Oswego and CL&P acquisitions will bring NRG net equity ownership of more than
7,000 MW in the Northeast United States and NRG will have a net equity ownership
of more than 10,000 MW in generating capacity.
Certain information included in this 8-K contains statements that are forward-
looking. Such forward-looking information involves risks and uncertainties that
could significantly affect anticipated results in the future and, accordingly,
such results may differ from those expressed in any forward-looking statements
made by or on behalf of NRG. For more information regarding these risks and
uncertainties, review NRG's previous filings with the Securities and Exchange
Commission.
Other details are contained in the news release attached as Exhibit 99.6.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
Exhibit No. 99.6 - June 25, 1999 News Release from NRG titled "NRG Energy
Completes Acquisition of Con Edison Generating Assets."
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NRG Energy, Inc.
(a Delaware Corporation)
By: /s/ Leonard A. Bluhm
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Leonard A. Bluhm
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Dated: July 8, 1999
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NRG ENERGY, INC.
FOR IMMEDIATE RELEASE: JUNE 25, 1999
NRG Energy Completes Acquisition of
Con Edison Generation Assets
MINNEAPOLIS (June 25, 1999) - NRG Energy, Inc. (NRG), a wholly-owned subsidiary
of Northern States Power Company (NYSE: NSP), announced today the closing of the
acquisition of Arthur Kill Station and the Astoria Gas Turbine Sites totaling
1,456 MW of generating capacity from Consolidated Edison Company of New York
(Con Edison).
The 842-MW Arthur Kill Generating Station, located on Staten Island, New York,
includes two steam generating units designed to burn gas and oil, as well as a
"black start" gas turbine. The 614-MW Astoria Gas Turbine Sites, located in
Queens, New York, consist of 20 gas turbines, grouped into 11 units. NRG holds
100 percent interest in the projects and will operate and maintain the units.
"The additions of Arthur Kill Station and the Astoria Gas Turbine Sites enhance
NRG's Northeast United States portfolio of base, intermediate and peaking
generation capabilities while diversifying our fuel mix," said Dave Peterson,
NRG chairman, president and chief executive officer.
The closing of the acquisition of the Arthur Kill and Astoria facilities comes
on the heels of the successful 1,360-MW acquisition of the Dunkirk and Huntley
generating stations from Niagara Mohawk Power Corp. (Niagara Mohawk) earlier
this month. NRG plans to complete the acquisition of another Niagara Mohawk
plant, the 1,700 MW Oswego Generating Station in Oswego, New York, later this
year. The Oswego acquisition will bring NRG net equity ownership of more than
5,000 MW in the Northeast United States.
Craig Mataczynski, president and chief executive officer of NRG North America,
noted the Northeast United States acquisitions will help the company meet its
earnings expectations for 1999.
"Collectively, our recent acquisitions place NRG in an excellent position to
participate in the developing open markets in the `in-city,' Upstate New York
and surrounding regions," Mataczynski said.
NRG is one of the world's leading independent power producers, specializing in
the development, construction, operation, maintenance and ownership of low-cost,
environmentally-sensitive power plants. Established in 1989, NRG has a high
quality portfolio of projects in the United States, Europe, the Pacific Rim, and
Latin America. NRG is involved in approximately 16,000 MW of projects utilizing
diverse fuel types including natural and landfill gas, hydro, and solid fuels
such as coal, lignite, biomass and refuse-derived fuel.
Certain information included in this press release contains statements that are
forward-looking. Such forward-looking information involves risks and
uncertainties that could significantly affect anticipated results in the future
and, accordingly, such results may differ from those expressed in any
forward-looking statements made by or on behalf of NRG.
For more information regarding these risks and uncertainties, review NRG's
filings with the Securities and Exchange Commission.
CONTACT:
Frank Rapley
Director Communications
612/373-8892
