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 22, 1998
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NORTHERN STATES POWER COMPANY
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(Exact name of registrant as specified in its charter)
MINNESOTA
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(State or other jurisdiction of incorporation)
1-3034 41-0448030
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(Commission File Number) (IRS Employer Identification No.)
414 NICOLLET MALL, MPLS, MN 55401
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 612-330-5500
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(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS
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On December 22, 1998, NSP's subsidiary, NRG Energy, Inc. (NRG), sold
one-half of its 50 percent interest in Enfield Energy Centre Ltd. (EECL) to an
affiliate of El Paso International for approximately $26.2 million, resulting in
an after-tax gain to NRG of approximately $16.6 million. This gain will
increase NSP's fourth quarter earnings by approximately 11 cents per share. NRG
continues to hold a 25 percent interest in EECL.
Other details are contained in the news release attached as Exhibit 99.01.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(c) EXHIBITS
Exhibit
No. Description
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99.01 December 28, 1998 News Release from NRG
SIGNATURES
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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.
Northern States Power Company
(a Minnesota Corporation)
By /s/
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John P. Moore, Jr.
Corporate Secretary
Dated: December 29, 1998
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<PAGE>
NEWS
RELEASE
EXHIBIT 99.01
NRG ENERGY SELLS PORTION OF INTEREST IN ENFIELD ENERGY CENTRE TO
EL PASO ENERGY INTERNATIONAL
MINNEAPOLIS (December 28, 1998) - NRG Energy, Inc. (NRG), a wholly-owned
subsidiary of Northern States Power Company (NYSE: NSP), announced today the
sale by an NRG affiliate of one-half of its 50 percent interest in Enfield
Energy Centre Ltd. (EECL) to an affiliate of El Paso Energy International for
$26.2 million, resulting in an after-tax gain to NRG of $16.6 million. The
remaining 50 percent interest in EECL is held by an affiliate of Chicago-based
Indeck Energy Services, Inc.
EECL was established in 1993 to construct, own and operate a 396 MW
combined-cycle gas turbine generation facility located in the Borough of
Enfield, North London, England. Financial close for the project occurred in
December of 1997. Construction is on schedule and the project is expected to be
operational by October 1999.
NRG and El Paso have an existing business relationship related to the
ownership of Energy Center Kladno (ECK) and together have majority ownership in
the Energy Center Kladno Generating (ECKG) facility currently under
constructionin Kladno, Czech Republic.
"This transaction further solidifies the partnership between NRG and El Paso,"
commented David H. Peterson, chairman, president and chief executive officer of
NRG. "NRG values our business relationship with El Paso and hopes to continue
joint participation in additional project investments in Europe and elsewhere."
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
low-risk, high quality portfolio of projects in the United States, Europe, the
Pacific Rim, and Latin America. NRG is involved in approximately 13,000 MW of
projects utilizing diverse fuel types including natural and landfill gas, hydro,
and solid fuels such as coal, lignite, bio-mass 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.
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CONTACT:
Trudy Marshall
Director Communications
612/373-5410
