PURCHASE, N.Y., June 25, 2002 — NewPower Holdings Inc., parent of The New Power Company, announced that the transition of its Texas customers to Reliant Energy Retail Services and TXU Energy Retail Company LP is proceeding on schedule.
The company also announced that more than one-half of its approximately 80,000 customers in Texas have been submitted to ERCOT for switching.
On June 11, 2002, NewPower announced that it had filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Georgia, Case Number 02-10835. On June 12, 2002, the United States Bankruptcy Court approved a number of first day motions, which included the transition of all NewPower’s Texas customers to Reliant and TXU.
H. Eugene Lockhart, Chairman and Chief Executive Officer of NewPower said, “We are pleased that the transition of our Texas customers is proceeding smoothly and that these customers will continue to have the benefit of competitive prices and reliable service with their new electricity provider.”
About NewPower Holdings, Inc.
NewPower Holdings, Inc. through The New Power Company, 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.