HVAC Breaking News

Power Company Acquired For $2.9 Billion

October 1, 2001
/ Print / Reprints /
/ Text Size+
HOUSTON, TX — Reliant Resources, a unit of Reliant Energy headquartered here, has agreed to purchase Orion Power Holdings, Baltimore, MD, for $2.9 billion in cash. Orion is an electric power-generating company established in 1998 by former executives of Goldman Sachs, an investment banking and securities firm.

The acquisition will boost Reliant Resources’ power-generating capacity by 46%, adding 6,500 MW from Orion to its existing 14,100 MW. This is expected to provide an immediate increase in the company’s earnings per share.

Reliant is said to be paying a 40% premium over market value for Orion, and it will also assume $1.8 billion of debt.

Orion was created to acquire power plants in deregulated markets. Its plants are primarily in New York and the Midwest.

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

Recent Articles by Greg Mazurkiewicz

You must login or register in order to post a comment.



Image Galleries

2014 Energy Efficiency Forum

Highlights from the 25th annual Energy Efficiency Forum in Washington, D.C.


NEWSMakers: Mark Satterfield

Mark Satterfield, founder and CEO of Gentle Rain Marketing Inc. and author of “The One Week Marketing Plan” talks about his book and the importance of HVAC blogging. Posted on Sept. 19.

More Podcasts


NEWS 09-15-14 cover

2014 September 15

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

Venting R-22

The NEWS reported that a man received prison time for venting R-22. Should EPA step up enforcement?
View Results Poll Archive


2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research


Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


Magazine image
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.


facebook icontwitter iconyoutube iconLinkedIn i con