NRG » Topics » Other

These excerpts taken from the NRG 10-K filed Feb 12, 2009.
Other
 
  •  NINA — In March 2008, NRG formed NINA, an NRG subsidiary focused on marketing, siting, developing, financing and investing in new advanced design nuclear projects in select markets across North America, including the planned STP units 3 and 4 that NRG is developing on a 50/50 basis with CPS Energy. TANE will serve as the prime contractor on all of NINA’s projects, and has partnered with NRG on the NINA venture, and received a 12% equity ownership in NINA in exchange for a $300 million investment in NINA in six annual installments of $50 million, the first of which was received during 2008 and the last three of which are subject to certain conditions. On February 12, 2009, the Company announced that NINA completed negotiations for the EPC agreement with TANE to build the STP expansion. Concurrent with the execution of the EPC agreement, NINA will enter into a $500 million credit facility with Toshiba to finance the cost of long-lead materials for STP 3 and 4.


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  •  Unsolicited Exelon Proposal — On October 19, 2008, the Company received an unsolicited proposal from Exelon Corporation to acquire all of the outstanding shares of the Company and on November 12, 2008, Exelon announced a tender offer for all of the Company’s outstanding common stock. On January 7, 2009, Exelon extended the tender offer to February 25, 2009, and indicated that further extensions may follow. NRG’s Board of Directors, after carefully reviewing the proposal, unanimously concluded that the proposal was not in the best interests of the stockholders and has recommended that NRG stockholders not tender their shares. In addition, on January 30, 2009 Exelon announced a proposed slate of nine nominees for election to the NRG Board at the 2009 Annual Meeting of Stockholders, together with a proposal to increase the number of NRG directors from 12 to 19.
 
  •  Sherbino Wind Farm — On October 22, 2008, NRG and its 50/50 joint venture partner, BP, announced the completion of its 150 MW Sherbino wind farm. Since NRG has a 50 percent ownership, Sherbino will provide the Company a net capacity of 75 MW.
 
  •  Elbow Creek Wind Farm — On December 29, 2008, NRG, through Padoma, announced the completion of its Elbow Creek project, a wholly-owned 120 MW wind farm in Howard County near Big Spring, Texas. The Company funded and developed this wind farm which consists of 53 Siemens wind turbine generators, each capable of generating up to 2.3 MW of power.


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Other


 
















  • 

NINA — In March 2008, NRG formed NINA, an NRG
subsidiary focused on marketing, siting, developing, financing
and investing in new advanced design nuclear projects in select
markets across North America, including the planned STP units 3
and 4 that NRG is developing on a 50/50 basis with CPS Energy.
TANE will serve as the prime contractor on all of NINA’s
projects, and has partnered with NRG on the NINA venture, and
received a 12% equity ownership in NINA in exchange for a
$300 million investment in NINA in six annual installments
of $50 million, the first of which was received during 2008
and the last three of which are subject to certain conditions.
On February 12, 2009, the Company announced that NINA
completed negotiations for the EPC agreement with TANE to build
the STP expansion. Concurrent with the execution of the EPC
agreement, NINA will enter into a $500 million credit
facility with Toshiba to finance the cost of long-lead materials
for STP 3 and 4.





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  • 

Unsolicited Exelon Proposal — On
October 19, 2008, the Company received an unsolicited
proposal from Exelon Corporation to acquire all of the
outstanding shares of the Company and on November 12, 2008,
Exelon announced a tender offer for all of the Company’s
outstanding common stock. On January 7, 2009, Exelon
extended the tender offer to February 25, 2009, and
indicated that further extensions may follow. NRG’s Board
of Directors, after carefully reviewing the proposal,
unanimously concluded that the proposal was not in the best
interests of the stockholders and has recommended that NRG
stockholders not tender their shares. In addition, on
January 30, 2009 Exelon announced a proposed slate of nine
nominees for election to the NRG Board at the 2009 Annual
Meeting of Stockholders, together with a proposal to increase
the number of NRG directors from 12 to 19.
 
  • 

Sherbino Wind Farm — On October 22, 2008,
NRG and its 50/50 joint venture partner, BP, announced the
completion of its 150 MW Sherbino wind farm. Since NRG has
a 50 percent ownership, Sherbino will provide the Company a
net capacity of 75 MW.
 
  • 

Elbow Creek Wind Farm — On December 29,
2008, NRG, through Padoma, announced the completion of its Elbow
Creek project, a wholly-owned 120 MW wind farm in Howard
County near Big Spring, Texas. The Company funded and developed
this wind farm which consists of 53 Siemens wind turbine
generators, each capable of generating up to 2.3 MW of
power.





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Other


 
















  • 

NINA — In March 2008, NRG formed NINA, an NRG
subsidiary focused on marketing, siting, developing, financing
and investing in new advanced design nuclear projects in select
markets across North America, including the planned STP units 3
and 4 that NRG is developing on a 50/50 basis with CPS Energy.
TANE will serve as the prime contractor on all of NINA’s
projects, and has partnered with NRG on the NINA venture, and
received a 12% equity ownership in NINA in exchange for a
$300 million investment in NINA in six annual installments
of $50 million, the first of which was received during 2008
and the last three of which are subject to certain conditions.
On February 12, 2009, the Company announced that NINA
completed negotiations for the EPC agreement with TANE to build
the STP expansion. Concurrent with the execution of the EPC
agreement, NINA will enter into a $500 million credit
facility with Toshiba to finance the cost of long-lead materials
for STP 3 and 4.





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  • 

Unsolicited Exelon Proposal — On
October 19, 2008, the Company received an unsolicited
proposal from Exelon Corporation to acquire all of the
outstanding shares of the Company and on November 12, 2008,
Exelon announced a tender offer for all of the Company’s
outstanding common stock. On January 7, 2009, Exelon
extended the tender offer to February 25, 2009, and
indicated that further extensions may follow. NRG’s Board
of Directors, after carefully reviewing the proposal,
unanimously concluded that the proposal was not in the best
interests of the stockholders and has recommended that NRG
stockholders not tender their shares. In addition, on
January 30, 2009 Exelon announced a proposed slate of nine
nominees for election to the NRG Board at the 2009 Annual
Meeting of Stockholders, together with a proposal to increase
the number of NRG directors from 12 to 19.
 
  • 

Sherbino Wind Farm — On October 22, 2008,
NRG and its 50/50 joint venture partner, BP, announced the
completion of its 150 MW Sherbino wind farm. Since NRG has
a 50 percent ownership, Sherbino will provide the Company a
net capacity of 75 MW.
 
  • 

Elbow Creek Wind Farm — On December 29,
2008, NRG, through Padoma, announced the completion of its Elbow
Creek project, a wholly-owned 120 MW wind farm in Howard
County near Big Spring, Texas. The Company funded and developed
this wind farm which consists of 53 Siemens wind turbine
generators, each capable of generating up to 2.3 MW of
power.





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Other
 
In 2008, NINA and NRG Repowering Holdings LLC, or NRG Repowering, each obtained a $20 million revolving credit facility to provide working capital which permits NINA and NRG Repowering to make cash draws or issue letters of credit. The facilities mature on April 21, 2011 for NINA and August 12, 2011 for NRG Repowering. The facilities provide for customary events of default, which include, among others: nonpayment of principal or interest; breach of other agreements in the facility; the rendering of judgments to pay certain amounts of money against NINA or NRG Repowering and their subsidiaries; and certain events of bankruptcy or insolvency. Borrowings under the facilities accrue interest at LIBOR or a base rate, plus a spread and are secured by substantially all of the assets of the respective borrower. As of December 31, 2008, NINA and NRG Repowering each had borrowed approximately $10 million.
 
Other


 



In 2008, NINA and NRG Repowering Holdings LLC, or NRG
Repowering, each obtained a $20 million revolving credit
facility to provide working capital which permits NINA and NRG
Repowering to make cash draws or issue letters of credit. The
facilities mature on April 21, 2011 for NINA and
August 12, 2011 for NRG Repowering. The facilities provide
for customary events of default, which include, among others:
nonpayment of principal or interest; breach of other agreements
in the facility; the rendering of judgments to pay certain
amounts of money against NINA or NRG Repowering and their
subsidiaries; and certain events of bankruptcy or insolvency.
Borrowings under the facilities accrue interest at LIBOR or a
base rate, plus a spread and are secured by substantially all of
the assets of the respective borrower. As of December 31,
2008, NINA and NRG Repowering each had borrowed approximately
$10 million.


 




Other


 



In 2008, NINA and NRG Repowering Holdings LLC, or NRG
Repowering, each obtained a $20 million revolving credit
facility to provide working capital which permits NINA and NRG
Repowering to make cash draws or issue letters of credit. The
facilities mature on April 21, 2011 for NINA and
August 12, 2011 for NRG Repowering. The facilities provide
for customary events of default, which include, among others:
nonpayment of principal or interest; breach of other agreements
in the facility; the rendering of judgments to pay certain
amounts of money against NINA or NRG Repowering and their
subsidiaries; and certain events of bankruptcy or insolvency.
Borrowings under the facilities accrue interest at LIBOR or a
base rate, plus a spread and are secured by substantially all of
the assets of the respective borrower. As of December 31,
2008, NINA and NRG Repowering each had borrowed approximately
$10 million.


 




These excerpts taken from the NRG 10-K filed Feb 28, 2008.
Other
 
  •  STP Repowerings — The NRC docketed the Company’s COLA on November 30, 2007, signaling the beginning of their comprehensive and detailed review process. The Company expects to achieve commercial operation for Unit 3 approximately 48 months after issuance of the COLA, and commercial operation for Unit 4 approximately 12 months thereafter.
 
  •  Cedar Bayou Generating Station — on August 1, 2007, NRG and a partner entered into definitive agreements pursuant to which the two parties will jointly develop, construct, operate and own, on a 50/50 undivided interest basis, a new 550 MW combined cycle natural gas turbine generating plant at NRG’s Cedar Bayou Generating Station in Chambers County, Texas. In exchange for a 50% undivided interest in certain tangible and intangible assets and rights to use facilities owned by NRG, the partner agreed to pay NRG $45 million during a 24-month period.
 
  •  Long Beach — on August 1, 2007, the Company successfully completed and commissioned the repowering of 260 MW of new gas-fired generating capacity at its Long Beach Generating Station. This project is supported by a 10-year PPA.


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Other


 




































  • 

STP Repowerings — The NRC docketed the
Company’s COLA on November 30, 2007, signaling the
beginning of their comprehensive and detailed review process.
The Company expects to achieve commercial operation for Unit 3
approximately 48 months after issuance of the COLA, and
commercial operation for Unit 4 approximately 12 months
thereafter.
 
  • 

Cedar Bayou Generating Station — on
August 1, 2007, NRG and a partner entered into definitive
agreements pursuant to which the two parties will jointly
develop, construct, operate and own, on a
50/50
undivided interest basis, a new 550 MW combined cycle
natural gas turbine generating plant at NRG’s Cedar Bayou
Generating Station in Chambers County, Texas. In exchange for a
50% undivided interest in certain tangible and intangible assets
and rights to use facilities owned by NRG, the partner agreed to
pay NRG $45 million during a
24-month
period.
 
  • 

Long Beach — on August 1, 2007, the
Company successfully completed and commissioned the repowering
of 260 MW of new gas-fired generating capacity at its Long
Beach Generating Station. This project is supported by a
10-year PPA.





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This excerpt taken from the NRG 10-K filed Feb 28, 2007.
Other
 
  •  On January 31, 2006, NRG finalized a settlement agreement with an equipment manufacturer related to certain turbine purchase agreements. Upon finalization of the settlement, NRG recorded a total of $67 million of other income, of which $35 million was related to the discharge of accounts payable previously recorded and $32 million was related to the receiving and recording of the equipment at fair value.
 
  •  Incurred approximately $36 million in development costs primarily related to Repowering NRG program.


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