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Exhibit 99.14
[NRG LOGO]
NEWS
RELEASE
FOR IMMEDIATE RELEASE
NRG ENERGY STRENGTHENS PRESENCE IN THE NORTHEAST BY ACQUIRING AN ADDITIONAL
1,051 MW OF GENERATION IN CONNECTICUT
MINNEAPOLIS--(BUSINESS WIRE)--Dec. 27, 2000--NRG Energy, Inc. (NYSE: NRG)
announced it has signed an asset purchase agreement to acquire the Bridgeport
and New Haven Harbor Stations in Connecticut from Wisconsin Energy
Corp.(NYSE:WEC) for $325 million, subject to normal purchase price adjustments.
"Acquiring these generating facilities is consistent with NRG's strategy of
developing and maintaining a top-three position in the Northeast and will be
accretive to our earnings immediately after the acquisition closes," said David
H. Peterson, chairman, president and CEO of NRG. "In light of this acquisition,
NRG is increasing its 2001 earnings per share estimate to roughly $1.30.
The purchase adds 1,051 megawatts (MW) to NRG's current portfolio of 15,007 net
MW of assets that includes 2,234 MW in Connecticut that NRG purchased in late
1999. NRG's Connecticut portfolio consists of four steam electric generating
stations--Devon, Middletown, Montville (Uncasville), and Norwalk Harbor--and
four remote jet stations--Branford, Cos Cob, Torrington (Franklin Drive) and
Torrington Terminal.
"This acquisition adds baseload coal-fired generation which will diversify our
current Northeast asset portfolio," said Craig A. Mataczynski, president of NRG
North America. "It is important to maintain fuel diversity along with affordable
energy for Connecticut energy consumers and NRG plans to protect and invest in
Connecticut's future energy stability in an environmentally-sensitive manner.
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We plan to begin working immediately with the Connecticut Department of
Environmental Protection to secure approval for adding pollution control
technology to the Bridgeport Harbor Station and to make it one of the cleanest
facilities of its kind," Mataczynski added.
The transaction is subject to approvals from the Federal Trade Commission and
the Federal Energy Regulatory Commission. The acquisition is expected to close
during the first half of 2001.
NRG Energy is a leading global energy company primarily engaged in the
acquisition, development, construction, ownership and operation of power
generation facilities. NRG currently owns all or a portion of 63 power
generation projects and its net ownership interest in these projects is 15,007
MW. The company's operating project portfolio will total more than 30,000 MW
once projects in advanced development, construction and under acquisition
agreements have closed. Certain statements included in this news release are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although NRG
believes that its expectations are reasonable, it can give no assurance that
these expectations will prove to have been correct. Factors that could cause
actual results to differ materially from those contemplated in the
forward-looking statements above include, among others, factors affecting power
generation operations such as unscheduled generation outages and environmental
incidents; limitations on NRG's ability to control the operation of projects in
which it has less than 100 percent interest; risks associated with timely
completion of development projects, including obtaining competitive contracts,
obtaining regulatory and permitting approvals, local opposition, and
construction delays; and factors challenging the successful integration of
projects not previously owned or operated by NRG, including the ability to
obtain operating synergies. NRG
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undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
The foregoing review of factors that could cause actual results to differ
materially from those contemplated in the forward-looking statements included in
this news release should not be construed as exhaustive. For more information
regarding these risks and uncertainties, review NRG Energy's filings with the
Securities and Exchange Commission. More information on NRG Energy is available
at www.nrgenergy.com.
CONTACT: NRG Energy, Minneapolis
Media Relations
Meredith Moore, 612/373-8892
[email protected]
or
Investor Relations
Dan Dokken, 612/373-5336
[email protected]
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