NRG completes sale of its share in Collinsville Power Station

MINNEAPOLIS, Minn., Aug. 28, 2002 — NRG Energy Inc. recently announced it has completed the sale of its 50 percent interest in the 192 MW Collinsville Power Station in Australia to a subsidiary of Transfield Services Limited.

Transfield Services is now the 100 percent owner and operator of the 35-year old coal-fired power station, located approximately 80 kilometers west of Bowen on Queensland’s coast.

“This sale represents the continuing success of our business plan to strengthen NRG’s balance sheet through the divestiture of assets in our international portfolio,” said Richard C. Kelly, president and chief operating officer of NRG. “I believe this transaction offers significant benefits to Transfield Services, in becoming 100 percent owner and sole operator, as well as providing NRG additional cash liquidity.”

Jay M. Carpenter, managing director & CEO of NRG Asia-Pacific said, “Collinsville was a good investment for NRG and we have enjoyed our relationship with both our partner, Transfield Services and with Enertrade, the trader of our energy into the National Electricity Market (NEM).”

NRG Energy, a wholly owned and unregulated subsidiary of Xcel Energy, develops and operates power generating facilities. NRG’s operations include competitive energy production and cogeneration facilities, thermal energy production and energy resource recovery facilities.

Xcel Energy is a major U.S. electricity and natural gas company with regulated operations in 12 Western and Midwestern states. The company provides a comprehensive portfolio of energy-related products and services to 3.2 million electricity customers and 1.7 million natural gas customers through its regulated operating companies. In terms of customers, it is the fourth-largest combination natural gas and electricity company in the U.S. Company headquarters are located in Minneapolis.

Source: NRG Energy, Inc.


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