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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) DECEMBER 15, 1999
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NRG ENERGY, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE
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(State or other jurisdiction of incorporation)
333-33397 41-1724239
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(Commission File Number) (IRS Employer Identification No.)
1221 NICOLLET MALL, SUITE 700 MINNEAPOLIS, MN 55403
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 612-373-5300
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On December 15, 1999, NRG Energy, Inc (NRG), a wholly-owned subsidiary of
Northern States Power Company, acquired the Middletown, Montville, Norwalk and
Devon generating stations totaling 2,235 Megawatts (MW) of generating capacity
from Connecticut Light & Power Company of Hartford, Connecticut. The total
purchase price of $460 million, plus adjustments for working capital, was funded
by short-term corporate borrowings and equity from Northern States Power. The
short-term financing is expected to be replaced by long-term non-recourse
financing in the first quarter of 2000.
Other details are contained in the news release attached as Exhibit 99.7.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
Exhibit No 99.7 - December 15, 1999 News Release from NRG titled "NRG Energy
Completes Acquisition of Connecticut Generating Assets."
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
(Registrant)
By /s/ Leonard A. Bluhm
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Leonard A. Bluhm
Executive Vice President and Chief Financial
Officer
(Principal Financial Officer)
Dated: December 28, 1999
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EXHIBIT 99.7
NRG ENERGY, INC.
FOR IMMEDIATE RELEASE: DECEMBER 15, 1999
NRG ENERGY COMPLETES ACQUISITION OF CONNECTICUT GENERATING ASSETS
MINNEAPOLIS (December 15, 1999) NRG Energy, Inc., (NRG Energy) a wholly owned,
nonregulated subsidiary of Northern States Power Company (NYSE:NSP), today
announced the completion of the acquisition of electric steam generating
stations and remote gas turbines totaling 2,235 megawatts (MW) of generating
capacity from Connecticut Light & Power Company (CL&P) of Hartford, Conn. A
subsidiary of NRG Energy will operate the stations.
The principal assets are the Middletown, Montville, Devon and Norwalk Harbor
gas- and oil-fired steam generating stations. NRG Energy, among the three
largest independent power producers in the region, now owns more than 7,000 MW
of generating capacity in the northeast United States.
In November, NRG Energy also announced that its power-marketing unit, NRG Power
Marketing Inc., had been awarded a four-year contract to supply approximately 40
percent of the CL&P Standard Offer power requirements. Standard Offer Service is
the electric generation service provided to generation service customers of
CL&P's distribution company.
"NRG Energy's newly acquired generating stations in Connecticut will continue to
serve the state's electricity customers through our participation in the CL&P
Standard Offer supply contract," said Craig Mataczynski, president and chief
executive officer of NRG North America. "We are delighted to begin operations
today and look forward to becoming active members of the communities we serve."
Mataczynski said NRG North America would continue to refine options identified
in its business plan to enhance the operating and environmental performance of
the Connecticut plants.
"NRG Energy is committed to environmentally responsible power generation,"
Mataczynski said. "We have a history of improving operating efficiency and
environmental performance at facilities we acquire, and our actions related to
the Connecticut units will be consistent with that approach."
Middletown Station, an 856-MW steam-powered plant, is located beside the
Connecticut River in Middletown, Conn. The 498-MW Montville Station is located
on the Thames River in Uncasville, Conn. Norwalk Harbor Station, with 353 MW of
capacity, is located on Manresa Island at the mouth of Norwalk Harbor. Devon
Station, consisting of 401 MW of generation capacity, is located on the
Housatonic River at Milford, Conn.
NRG Energy is the world's seventh largest independent power producer,
specializing in the development, construction, operation, maintenance and
ownership of low-cost, environmentally responsible power plants and associated
power-marketing activities. With leading generation positions in selected
markets in
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the United States, Europe, the Pacific Rim, and Latin America, NRG Energy is
involved in projects representing more than 22,000 MW of generating capacity,
including nearly 11,000 MW of fully owned capacity. NRG Energy's operations
utilize such diverse fuel sources as natural gas, oil, coal and coal seam
methane, biomass, landfill gas, and hydro, as well as refuse derived fuel and
geothermal energy.
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 Energy. For more
information regarding these risks and uncertainties, review NRG Energy's filings
with the Securities and Exchange Commission.
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MEDIA CONTACT:
Frank Rapley
NRG Energy, Inc.
(612) 373-8892
e-mail: [email protected]
(C)1999 NRG Energy, Inc., All Rights Reserved
