Transition of Texas customers begins
PURCHASE, N.Y., June 14, 2002 — NewPower Holdings Inc., parent of The New Power Company, recently announced that it has received approval of a number of first day motions by the United States Bankruptcy Court for the Northern District of Georgia.
The first day approved orders allow NewPower to conduct business as usual relative to its customers, suppliers, transmission and distribution companies, and employees and to maintain its existing cash management systems. In addition, the court approved the transition of all NewPower’s Texas customers to Reliant Energy Retail Services LLC and TXU Energy Retail Company LP.
H. Eugene Lockhart said, ” We are pleased with the court’s approval of our motions. The prompt approval of the transition agreements related to our Texas customers will enable the switching process to begin and provide customers with a seamless transition to their new supplier. Furthermore, these approvals permit the use of funds to pay suppliers for post-petition deliveries of commodity, which is essential for the certainty of continued service. “
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.