Everything about Reliant Energy totally explained
Reliant Energy, Inc. (NYSE: RRI), based in
Houston,
Texas, is a non-utility, retail and wholesale
electricity provider.
In Texas, reliant services nearly 1.9 million retail electricity customers including residential, small business, commercial, industrial, governmental and institutional customers. Reliant also serves commercial, industrial, governmental and institutional customers in the
Pennsylvania,
New Jersey and
Maryland (PJM) market and is one of the largest independent power producers in the
United States with approximately 16,000 megawatts of power generation.
History
In 2002, Texas
deregulated the electricity market and Reliant now competes against other energy companies like
Direct Energy,
Stream Energy,
Gexa Energy,
Cirro Energy, and
StarTexPower. At this time, Reliant Energy also separated into two publicly traded companies: Reliant Resources, Inc. and
CenterPoint Energy, Inc. (NYSE: CNP).
CenterPoint was created when Reliant Energy merged with an indirect subsidiary of CenterPoint Energy, Inc. As a result of the merger, Reliant Energy shareholders received one share of CenterPoint common stock in exchange for each share of RRI common stock they held before the merger. A regulated utility, CenterPoint Energy became one of the largest U.S. energy delivery companies, serving 4.7 million metered customers. In late 2002, CenterPoint distributed the stock of Reliant Resources, Inc. to CenterPoint shareholders. This spinoff created Reliant Resources with a strategy to provide competitive wholesale and retail energy service under the Reliant Energy brand. Its businesses included power generation and retail energy services in Texas’ newly deregulated electricity market. On the wholesale side, Reliant owned, had an interest in, or leased 37 operating power generation facilities serving five regions of the United States.
In January 2007, the Texas electricity market became fully deregulated, and Reliant began to offer an array of products, flexible service options, and pricing arrangements to a variety of customers. At this time, Reliant was the second largest mass market electricity provider in the state of Texas, with an annual revenue of $10.9 billion and more than 3,500 employees. In February 2007, Reliant Energy announced plans for Mark Jacobs, current chief financial operator, to succeed Joel Staff as chief executive officer and for Brian Landrum to become chief operating officer.
California energy crisis
In March of 2004, a grand jury returned a six-count indictment against Reliant Energy Services, Inc. and four of its officers--Jackie Thomas, a former vice president of Reliant's Power Trading Division; Reggie Howard, a former director of Reliant's West Power Trading Division; Lisa Flowers, a term trader for Reliant's West Power Trading Division; and Kevin Frankeny, Reliant's manager of western operations--for their alleged role in the
California electricity crisis. All of the defendants are residents of Texas.
The defendants were charged with conspiracy to commit wire fraud and commodities manipulation and wire fraud, as well as manipulation and attempted manipulation of the price of a commodity in interstate commerce. The indictments were filed on
April 8,
2004. On Aug. 15, 2005, Reliant announced that it had reached a $445 million settlement with the states of California, Oregon and Washington, resolving civil litigation claims against the company related to the sale of electricity in the
California electricity crisis of 2000 and 2001. In March 2007, Reliant agreed to pay a $22.2 million penalty in addition to a $13.8 million credit provided in a previous settlement with the Federal Energy Regulatory Commission.
Environmental record
Researchers at the
University of Massachusetts Amherst have identified Reliant Energy as the 36th-largest corporate producer of
air pollution in the United States, with roughly 34 million pounds of toxic chemicals released into the air every year. Major pollutants indicated by the study include
sulfuric and
hydrochloric acid as well as
manganese,
chromium, and
nickel compounds.
In December 2007, the US state of New Jersey sued Reliant Energy, claiming that emissions from a Pennsylvania coal-fired power plant hurt the state's air quality. New Jersey claims emissions of smog and acid rain components sulfur dioxide and nitrogen oxides from Reliant's Portland Generating Station in Northampton County, Pennsylvania, drift into its territory. The lawsuit also claims that Reliant violated the federal
Clean Air Act by modifying and operating the plant without required pollution control equipment and construction permits.
Reliant Energy claims to have made efforts toward more environmentally safe practices through the use of of renewable resources such as
solar energy,
wind power,
landfill gas, and
coal refuse.
Naming rights
Reliant Energy has the naming rights to
Reliant Park campus, home to the
Reliant Astrodome,
Reliant Stadium,
Reliant Arena and
Reliant Center.
Further Information
Get more info on 'Reliant Energy'.
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