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BULLETIN: NRG Energy Cancels Acquisition of Remaining Conectiv Generating Assets
Standard & Poors, April 2002
Abstract
Standard & Poor's today noted that NRG Energy Inc. cancelled its pending acquisition of 794 MW of generating capacity in New Jersey and Pennsylvania owned by Conectiv. NRG cited an increase in the operating cost and a change in the energy market dynamics as the reasons for the cancellation. NRG has also been rationalizing its capital expenditures in light of a constraint on capital and first-quarter losses. Standard & Poor's does not consider this cancellation a serious setback for Conectiv. Conectiv plans to remarket the assets in the fall of 2002 and complete the transaction by the spring of 2003. The cancellation will not affect the current securitization of $440 million of stranded costs. The delay should not affect Conectiv's...
Companies mentioned in this report are: NRG Energy Inc.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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