Joint Venture Completes Acquisition of Fossil Generation Portion of Texas Genco

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Researched by Industrialinfo.com (Industrial Information Resources Incorporated; Houston, Texas). GC Power Acquisitions LLC, an equal parts joint venture between affiliates of the private investment firms The Blackstone Group (New York, New York), Hellman & Friedman LLC (San Francisco, California), Kohllberg, Kravis Roberts & Company LLC (New York, New York), and Texas Pacific Group (Fort Worth, Texas), has acquired 13,286-megawatts (MW) of fossil fuel power generation capacity at eleven power stations from Texas Genco Holdings Incorporated (Houston Texas), a subsidiary of CenterPoint Energy Incorporated (NYSE:CNP) (Houston, Texas). These eleven power stations have 60 generating units and will operate as Texas Genco LLC (Houston, Texas). The company is also acquiring a portion of the South Texas Nuclear Power Plant.

Click on the image at right to view the Texas Genco Power Plants Map.

Final approval from the Nuclear Regulatory Commission (NRC) for the completion of the acquisition of Texas Genco's 30.8% portion of the South Texas Nuclear Power Plant is expected in the first quarter of 2005.

Texas Genco Holdings, prior to the GC Power acquisition, had signed an agreement to acquire an additional 12.6% of the South Texas Nuclear Power Plant from American Electric Power (NYSE:AEP)(Columbus, Ohio). If the NRC approves that deal, Texas Genco LLC would own 43.4% of the 2,708 MW nuclear plant. This would add an additional 1,175 MW to Texas Genco's power generation portfolio, bringing total generating capacity up to 14,461 MW.

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