Reliant Energy completes sale of Brazilian interests

HOUSTON, Dec. 7, 2000 (PRNewswire) — Reliant Energy (NYSE: REI), announced today that it has completed the sale of its interest in Light Servicos de Eletricidade S.A. (Light) to The AES Corporation and EDF International S.A. for $430 million.

An AES subsidiary purchased approximately 30% of Reliant Energy's shares in Light, while EDF purchased the remainder. Light and its subsidiary, Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A., together serve approximately 7.4 million customers in Rio de Janeiro and Sao Paulo, Brazil.

Reliant Energy held its shares in Light through subsidiaries that acquired an interest of approximately 11.7 percent as part of a consortium, which included AES and EDF. The consortium purchased a majority ownership in Light when the Brazilian government privatized the company through an auction in May 1996. In April 1998, Light purchased 75 percent of the common stock of Metropolitana.

The Light investment represented Reliant Energy's entire interest in Brazil. The sale is part of the company's plan, announced in December 1999, to divest its Latin American investments, which are primarily regulated energy delivery businesses, in order to focus on its competitive energy services businesses in the U.S. and Western Europe.

In the past two months, Reliant Energy completed the sale of its interests in El Salvador and in two electric distribution companies in Colombia.

The sale of Reliant Energy's remaining investment in Colombia is expected to close by the end of the year, completing the divestiture of the vast majority of the company's Latin American investments.

Reliant Energy, based in Houston, Texas, is an international energy services and energy delivery company with $20 billion in annual revenue and assets totaling more than $28 billion.

Reliant Energy has a wholesale energy trading and marketing business that ranks among the top five in the U.S. in combined electricity and natural gas volumes and has a presence in most of the major power regions in the U.S. Reliant Energy also has power generation and wholesale trading and marketing operations in Western Europe.

The company has more than 27,000 megawatts of power generation in operation in the U.S. and Western Europe and has announced acquisitions and development projects that will add another 4,000 megawatts. Reliant Energy has marketing and distribution operations serving nearly 4 million electricity and natural gas customers in the U.S., interests in power distribution operations in Latin America, and a telecommunications business serving the Houston area.

For more information about Reliant Energy, visit the company's web site at www.reliantenergy.com.

Sponsored by FLSmidth

Related Articles

Profiling Geothermal Energy in North America

North America holds diverse geologic conditions, economic and political contexts, and geothermal experiences.

Energy Reform Package to Increase Competition And Private Sector Opportunities in the Mexican Power Industry

In April, Mexican President Enrique Pena Nieto proposed a legislative reform package that was approved by the Mexican Congress, overhauling the nation's energy industries.

Follow Power Engineering on Twitter
Latest News

Invenergy’s Grand Ridge Energy Storage Project enters commercial operation

Invenergy announced the start of commercial operations of its 31.5-MW Grand Ridge Energy Stor...

Invenergy announces commercial operation of Nelson Energy Center in Illinois

Invenergy Clean Power announced the start of commercial operation of its 600-MW Nelson Energy...

Eos Energy Storage secures $23M for grid-scale batteries

Eos Energy Storage announced a final closing of a $23 million Round C equity financing, suppo...

Wisconsin governor: Obama power plant rule 'unworkable'

Wisconsin Gov. Scott Walker, a Republican eyeing a presidential run in 2016, says President B...

Kansas governor signs deal on renewable energy mandates

Kansas Gov. Sam Brownback has signed a compromise between the wind energy industry and critic...

NRC may increase oversight of Pilgrim nuclear power plant

The U.S. Nuclear Regulatory Commission (NRC) may increase oversight at the Pilgrim nuclear po...

SunEdison brings 14MW of solar power to Long Island

SunEdison (NYSE: SUNE) has signed agreements with five municipal entities on Long Island to b...

New Mexico regulators delay decision on power plant

New Mexico regulators on Wednesday gave Public Service Co. of New Mexico more time to ink agr...

Power Engineering Current Issue

12/01/2014
Volume 118, Issue 12
1412pe-cover1
Products Showcase
Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Power Industry Wire News

UGE International Reports 2015 First Quarter Financial Results

UGE International Reports 2015 First Quarter Financial Results

AutoGrid Systems Is Short-Listed for the 2015 Red Herring Top 100 North America Award

AutoGrid Systems Is Short-Listed for the 2015 Red Herring Top 100 North America Award

2015 Bakken Conference Announces Pre-Conference Agenda With Special Presentation: "Bakken Workforce Update"

2015 Bakken Conference Announces Pre-Conference Agenda With Special Presentation: "Bakk...

MCW Energy Group to Present Its Corporate Story at LD Micro Conference in Los Angeles, Wednesday, June 3rd, 2015

MCW Energy Group to Present Its Corporate Story at LD Micro Conference in Los Angeles, ...

Orbital Tracking Corp. Appoints Lieutenant Commander Hector J. Delgado to Board of Directors

Orbital Tracking Corp. Appoints Lieutenant Commander Hector J. Delgado to Board of Dire...

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>