Reliant Energy completes sale of assets to Hess
Wednesday December 31, 2008, 2:47 pm EST
Reliant Energy completes sale of Northeastern electricity contracts to Hess
HOUSTON (AP) -- Energy provider Reliant Energy on Wednesday said it completed its previously announced sale of Northeastern electricity marketing assets of its retail subsidiaries to oil and gas company Hess Corp.
Reliant Energy announced this decision in November, just one month after it said, in the midst of the credit crisis, it was exploring "strategic alternatives," a term typically used by companies considering a sale, either whole or partial.
Before these announcements the company was forced to raise $1 billion in new capital and cut its retail profit expectations by $300 million to $350 million for the year, partly due to damage from Hurricaine Ike.
Shares of Reliant Energy rose 29 cents, or 5.3 percent, to $5.73 on Wednesday. The 52-week share price range is between $2.77 and $28.06.
Source: Associated Press
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