NRG Energy, Inc. Completes Sale of Its Ownership Interest in MIBRAG
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PRINCETON, N.J.--(Business Wire)-- NRG Energy, Inc. (NYSE: NRG) completed the sale of its 50% ownership interest in mining company Mibrag B.V. to a consortium of Severočeské doly Chomutov, the largest brown coal mining company in the Czech Republic and member of the CEZ Group, and J&T Group, a Czech Republic-based investment company. Mibrag B.V.`s principal holding is Mitteldeutsche Braunkohlengesellschaft mbH (MIBRAG), an integrated coal mining and power generating business located in central Germany. Total proceeds received, including purchase price adjustments and transaction expenses, for NRG`s 50% interest was approximately $260 million. Cash taxes in 2009 associated with the planned repatriation of the proceeds are expected to be minimal. NRG continues to maintain its 41.9% interest in Schkopau, a 900 megawatt coal-fueled power station located near Halle, Germany, which obtains its fuel supply under a long-term contract from MIBRAG`s Profen mine. About NRG NRG Energy, Inc., a Fortune 500 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 more than 1.7 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 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. Forward-looking statements above include the expected timing of the MIBRAG transaction. 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 NRG`s actual results to differ materially from those contemplated in the forward-looking statements above include, among others, closing conditions, regulatory approvals and applicable foreign exchange rates. 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 not be construed as exhaustive. For more information regarding risks and uncertainties that may affect NRG`s future results, review NRG's filings with the Securities and Exchange Commission at www.sec.gov. NRG Energy, Inc. Media: Meredith Moore, 609-524-4522 Lori Neuman, 609-524-4525 David Knox, 713-795-6106 or Investors: Nahla Azmy, 609-524-4526 David Klein, 609-524-4527 Erin Gilli, 609-524-4528 Copyright Business Wire 2009
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