Southern Co. signs asset purchase agreement to acquire NewPower’s Georgia Natural Gas business

Bidding procedures to be filed with bankruptcy court

PURCHASE, N.Y., June 20, 2002 — NewPower Holdings Inc., parent of The New Power Co., announced it has signed an asset purchase agreement with Southern Co. for the acquisition of NewPower’s natural gas customers in Georgia and certain related assets.

Southern Company has agreed to pay approximately $28 million or $131.00 for each customer contract. This amount includes the purchase of NewPower’s customer care and billing systems. In addition, Southern Company has agreed to pay approximately $32 million for NewPower’s Georgia natural gas inventory, accounts receivable and the right to use certain risk management systems. The transaction will be subject to Bankruptcy Court and regulatory approvals.

NewPower planned to file a motion Wednesday with the Bankruptcy Court requesting approval of its sales and bidding procedures in connection with its proposed asset sales. NewPower will file the Southern Company asset purchase agreement shortly, for the review and approval of the Bankruptcy Court under the proposed sales and bidding procedures.

On June 11, 2002, NewPower announced that it had filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U. S. Bankruptcy Court for the Northern District of Georgia, Case Number 02-10835.

About NewPower Holdings, Inc.
NewPower Holdings, Inc. through The New Power Co., is the first national provider of electricity and natural gas to residential and small commercial customers in the United States. The company offers consumers in restructured retail energy markets competitive energy prices, pricing choices, improved customer service and other innovative products, services and incentives.


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  • The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at Jennifer.Runyon@ClarionEvents.com.

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