Thermal services plants expand NRG's national thermal energy portfolio
Jun. 22, 2010 (Business Wire) -- NRG Energy, Inc. (NYSE: NRG), through its NRG Thermal LLC subsidiary, has completed the acquisition of Northwind Phoenix LLC from APS Energy Services Company Inc., a subsidiary of Pinnacle West Capital Corp. (NYSE: PNW).
The acquisition includes the Phoenix District Cooling business unit, the Tucson District Energy business unit, and the operations and maintenance of a Combined Heat and Power plant at Arizona State University in Tempe. The Phoenix district cooling business unit provides chilled water to commercial buildings in the Phoenix central business district including office complexes, municipal buildings, universities and sports facilities.
“This is a strong addition to NRG’s growing energy center portfolio,” said Bob Henry, NRG’s Senior Vice President of Business Operations. “Northwind Phoenix has ideal locations, a modern infrastructure, and a growing customer base that recognizes the benefits of district energy: reliability, lower operational costs, no capital expenditures, and a markedly decreased environmental footprint.”
The downtown Phoenix district cooling business unit has a 100% reliability record over the past seven years. NRG Thermal also owns district energy companies in Minneapolis, Pittsburgh, Harrisburg, San Diego and San Francisco.
District energy centers provide efficiency and economy of scale by supporting many customers with a single plant, compared to each customer individually operating smaller units. In addition to district energy and CHP plants, NRG is developing a diverse mix of low and no-carbon generation, including new nuclear, solar, offshore wind, biomass and carbon capture and sequestration to advance its vision of a clean energy future.
About NRG
NRG Energy, Inc., a Fortune 500 and S&P 500 Index company, owns and operates one of the country’s largest and most diverse power generation portfolios. Headquartered in Princeton, NJ, the Company’s power plants provide more than 24,000 megawatts of generation capacity—enough to supply more than 20 million homes. NRG’s retail business, Reliant Energy, serves 1.6 million residential, business, commercial and industrial customers in Texas. A past recipient of the energy industry’s highest honors—Platts Industry Leadership and Energy Company of the Year awards, NRG is a member of the U.S. Climate Action Partnership (USCAP), a group of business and environmental organizations calling for mandatory legislation to reduce greenhouse gas emissions. More information is available at www.nrgenergy.com.
Safe Harbor Disclosure
This news release contains 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. Such forward-looking statements are subject to certain risks, uncertainties and assumptions and include expectations regarding NRG’s thermal business and other benefits of the acquisition and typically can be identified by the use of words such as “will,” “expect,” “estimate,” “anticipate,” “forecast,” “plan,” “believe” and similar terms. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, general economic conditions, hazards customary in the power industry, the volatility of energy and fuel prices, failure of customers to perform under contracts, construction delays, changes in government regulation of markets and of environmental emissions, the condition of capital markets generally, and our ability to access capital markets.
NRG undertakes no obligation to 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 NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this news release should be considered in connection with information regarding risks and uncertainties that may affect NRG’s future results included in NRG’s filings with the Securities and Exchange Commission at www.sec.gov.
