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GenOn Energy Holdings

GenOn Energy Holdings,[1] formerly Mirant Corporation, was a subsidiary of GenOn Energy, and is now a part of NRG Energy.

The company was spun off from its former parent, Southern Company, on April 2, 2001.[2] The company was merged into GenOn Energy on 3 December 2010.[3] The company then became part of NRG Energy in December 2012.[4]

Mirant operated 13 plants in the states of California, Georgia, Maine, Maryland, Massachusetts, Michigan, New York, and Virginia and has the capacity to generate approximately 10,300 MW of electricity.

History edit

Southern beginnings and spinoff edit

Mirant began its corporate existence in 1981 as Southern Electric International (SEI), a small consulting division of Southern Company that provided engineering and technical services to industrial companies, domestic and international utilities. With the Energy Policy Act of 1992 deregulation arrived in the US electric power sector, and SEI ventured into global markets with the acquisition of a 50% stake in Freeport Power, a Bahamian utility. In the years to come, other acquisitions followed, notably the acquisition of a British distribution utility - South Western Electricity Board later renamed SWEB (now known as Western Power Distribution); a controlling interest in Hong Kong based Consolidated Electric Power Asia (CEPA), a stake in a German utility BEWAG, controlling interest in Empresa Electrica del Norte Grande, S. A. (EDELNOR) in Chile, and a hydroelectric generating facility in Argentina known as Hydroelectrica Alicura; giving it worldwide business interests in the Caribbean, Asian, South American and European energy markets. On the domestic front the company forged a joint venture in 1999 with Houston-based Vastar Energy to create Southern Company Energy Marketing, an electricity and gas trading company. That same year the company also acquired power generation facilities in New England (Canal station, Martha's Vineyard Diesels, Kendall Station), New York (Lovett and Bowline stations), California (Pittsburg, Potrero and Contra Costa stations). That same year SEI was renamed Southern Energy, in keeping with the broader theme of the products and markets that it pursued. Soon afterwards, its biggest domestic acquisition to date came in December 2000 with the purchase of the Morgantown, Chalk Point, Dickerson and Potomac River power generating assets from Potomac Electric Power Company (PEPCO). After an initial public offering of Southern Energy common stock in the fall of 2000, parent Southern Company completely spun off its interests in Southern Energy in April 2001 and a new publicly listed entity named Mirant Corporation began trading on the New York Stock exchange with the ticker symbol MIR. Between 2000 and 2003, the company continued its expansion in the U.S. markets with the acquisition or greenfield development of various gas-fired power plants in markets like Nevada, Texas, Wisconsin, Indiana, Arkansas, Louisiana, Georgia and Florida.

2003 bankruptcy edit

Following the disruption to the independent power industry precipitated by the bankruptcy of Enron, on July 14, 2003, after months of attempting to restructure its debt, the company sought Chapter 11 bankruptcy protection.

The Mirant bankruptcy proceedings were unusual in that the court agreed to the appointment of a committee of equity holders. The usual reasoning is that if there is any positive equity in a company, the company should not be in Chapter 11—and if there isn't, there is no reason for a committee of people without such an interest. But the judge did find it sufficiently likely in Mirant that there would be equity interest after re-organization to create such a committee.

 
Mirant's Morgantown Generating Station and the Governor Harry W. Nice Memorial Bridge

In January 2006, Mirant emerged from bankruptcy and the company was relisted to the New York Stock Exchange under the symbol MIR. The equity holders from the pre-bankruptcy Mirant did retain a portion of the equity of the re-organized entity.

Prior to the bankruptcy filing, Mirant had attempted to expand the Potrero plant, but neighborhood and community activists fought the proposal for five years and on March 2, 2006, the California Public Utilities Commission announced its rejection of Mirant's expansion plans. The plant was scheduled to be shut down sometime in 2007 in preparation for constructing a more modern replacement,[5] but subsequently plans were scaled back and now call for the existing plant to simply be upgraded.[6]

In 2007, Mirant sold some gas-fired generating plants and its overseas power plants in the Philippines and in the Caribbean.[7]

2010 Merger edit

On Sunday, April 11, 2010 Mirant announced it was merging with RRI Energy, a company formerly known as Reliant Energy. The merger, which was completed on December 3, 2010, resulted in a company known as GenOn Energy.[8]

Operations edit

 
Unit 3 of Mirant's Potrero Generating Station in San Francisco.
  • Mirant's Morgantown Generating Station, located near the unincorporated town of Morgantown, Maryland, was ranked as the best coal-fired plant in terms of heat-rate efficiency in the United States in Electric Power & Light magazine's 2004 survey of power plants.
  • The Dickerson Generating Station, located near Dickerson, Maryland, and other Mirant Mid-Atlantic sites are Wildlife Habitat Council (WHC) certified and have received national recognition for their contributions to wildlife habitat conservation. Efforts include providing artificial nesting structures and planting native trees, shrubs, and aquatic plants.
  • In 2004, Mirant's Canal generating plant (Sandwich, Massachusetts) became the first power plant in Massachusetts to reduce emissions as part of a new state effort to achieve the nation's toughest air emission standards for steam-electric plants.
  • The Potrero Generating Station in San Francisco is among the oldest electrical power facilities in California and located at the site of the first power station run by the company that eventually became Pacific Gas and Electric. It is now shut down.

Controversy edit

Environmental record edit

Researchers at the University of Massachusetts Amherst identified Mirant as the 63rd-largest corporate producer of Air pollution in the United States, based on 2002 data, with roughly 19 million pounds of toxic chemicals released annually into the air.[9] Major pollutants indicated by the study include sulfuric acid, hydrochloric acid, and chromium compounds.[10]

Chesapeake Climate Action Network blockade of Dickerson Power Plant edit

On November 10, 2004, a group of Chesapeake Climate Action Network activists, students, farmers, and religious officials held a protest against the coal-fired Dickerson Power Plant in Montgomery County, Maryland. During the protest, six people were arrested for trespassing on private property. The protestors called on the plant's owner, the Mirant Corporation, to stop opposing state and federal legislation against power plant pollution.[11]

Tax issues edit

Mirant, which owns and operates two power plants in the Hudson Valley Region of New York State, failed to pay its property taxes in a dispute with tax authorities, claiming over-assessments by the Towns of Stony Point and Haverstraw New York, as well as the North Rockland School District. Under the terms of bankruptcy, Mirant held payment in excess of $180 million due this last several years while a settlement could be reached. This case, which has caused local residents to themselves file bankruptcy, cost the average taxpayer over $2000 in increased property taxes.[citation needed]

The higher than average assessments paid to the local municipalities were part of a strategy used by the Consolidated Edison and Orange and Rockland Utilities, whose plants Mirant assumed after deregulation, to site their plants in the Hudson River Valley Area.

Following proceedings in state court, a settlement was reached between Mirant and the towns in December 2006, with taxes based on lower assessed values of the two power plants.[12]

Federal Court Cases edit

Local 369 of the Utility Workers Union of America (UWUA) recently succeeded in enforcing an arbitration award in the United States District Court for the District of Massachusetts. The court determined that Mirant did not have just cause to discharge two workers for viewing pornographic materials on a computer. Federal Judge Douglas P. Woodlock denied Mirant’s motion to vacate the award, and the union’s motion for judgment was granted.[13]

References edit

  1. ^ "GenOn formation 8-K filing". SEC. Retrieved 2012-06-15.
  2. ^ . Southern Company. Archived from the original on 2007-10-14. Retrieved 2007-10-06.
  3. ^ de la Merced, Michael J. (2010-04-12). "Merger of Energy Producers To Form $3 Billion Company". New York Times.
  4. ^ . Archived from the original on 2012-07-23.
  5. ^ Goodyear, Charlie (March 3, 2006). "PG&E to shutter Hunters Point power plant early -- possibly next month". San Francisco Chronicle. Retrieved 2008-10-17.
  6. ^ Knight, Heather (July 23, 2008). "Potrero power plant plan dropped by city PUC". San Francisco Chronicle. Retrieved 2008-10-17.
  7. ^ . Archived from the original on 2009-07-30. Retrieved 2007-12-23.
  8. ^ (PDF) (Press release). GenOn Energy. Dec 3, 2010. Archived from the original (PDF) on 2011-08-07. Retrieved 2011-04-29.
  9. ^ Political Economy Research Institute Toxic 100 (Study released May 11, 2006) October 1, 2011, at the Wayback Machine retrieved 17 Aug 2007
  10. ^ . Archived from the original on 2007-09-27. Retrieved 2007-08-18.
  11. ^ Demonstrators Decry Mirant Corporation for Ignoring Public Health and Global Warming 2009-07-29 at the Wayback Machine, Chesapeake Climate Action Network press release, November 10, 2004.
  12. ^ (PDF). Archived from the original (PDF) on 2007-08-22. Retrieved 2008-01-12.
  13. ^ U.S. District Court for the District of Massachusetts. Mirant Canal, LLC v. Local Union 369, Utility Workers Union of America. 2011-07-17 at the Wayback Machine Civil Action No. 09-12216-DPW. Decided 2009-11-29.

External links edit

genon, energy, holdings, formerly, mirant, corporation, subsidiary, genon, energy, part, energy, company, spun, from, former, parent, southern, company, april, 2001, company, merged, into, genon, energy, december, 2010, company, then, became, part, energy, dec. GenOn Energy Holdings 1 formerly Mirant Corporation was a subsidiary of GenOn Energy and is now a part of NRG Energy The company was spun off from its former parent Southern Company on April 2 2001 2 The company was merged into GenOn Energy on 3 December 2010 3 The company then became part of NRG Energy in December 2012 4 Mirant operated 13 plants in the states of California Georgia Maine Maryland Massachusetts Michigan New York and Virginia and has the capacity to generate approximately 10 300 MW of electricity Contents 1 History 1 1 Southern beginnings and spinoff 1 2 2003 bankruptcy 1 3 2010 Merger 2 Operations 3 Controversy 3 1 Environmental record 3 2 Chesapeake Climate Action Network blockade of Dickerson Power Plant 3 3 Tax issues 4 Federal Court Cases 5 References 6 External linksHistory editSouthern beginnings and spinoff edit Mirant began its corporate existence in 1981 as Southern Electric International SEI a small consulting division of Southern Company that provided engineering and technical services to industrial companies domestic and international utilities With the Energy Policy Act of 1992 deregulation arrived in the US electric power sector and SEI ventured into global markets with the acquisition of a 50 stake in Freeport Power a Bahamian utility In the years to come other acquisitions followed notably the acquisition of a British distribution utility South Western Electricity Board later renamed SWEB now known as Western Power Distribution a controlling interest in Hong Kong based Consolidated Electric Power Asia CEPA a stake in a German utility BEWAG controlling interest in Empresa Electrica del Norte Grande S A EDELNOR in Chile and a hydroelectric generating facility in Argentina known as Hydroelectrica Alicura giving it worldwide business interests in the Caribbean Asian South American and European energy markets On the domestic front the company forged a joint venture in 1999 with Houston based Vastar Energy to create Southern Company Energy Marketing an electricity and gas trading company That same year the company also acquired power generation facilities in New England Canal station Martha s Vineyard Diesels Kendall Station New York Lovett and Bowline stations California Pittsburg Potrero and Contra Costa stations That same year SEI was renamed Southern Energy in keeping with the broader theme of the products and markets that it pursued Soon afterwards its biggest domestic acquisition to date came in December 2000 with the purchase of the Morgantown Chalk Point Dickerson and Potomac River power generating assets from Potomac Electric Power Company PEPCO After an initial public offering of Southern Energy common stock in the fall of 2000 parent Southern Company completely spun off its interests in Southern Energy in April 2001 and a new publicly listed entity named Mirant Corporation began trading on the New York Stock exchange with the ticker symbol MIR Between 2000 and 2003 the company continued its expansion in the U S markets with the acquisition or greenfield development of various gas fired power plants in markets like Nevada Texas Wisconsin Indiana Arkansas Louisiana Georgia and Florida 2003 bankruptcy edit Following the disruption to the independent power industry precipitated by the bankruptcy of Enron on July 14 2003 after months of attempting to restructure its debt the company sought Chapter 11 bankruptcy protection The Mirant bankruptcy proceedings were unusual in that the court agreed to the appointment of a committee of equity holders The usual reasoning is that if there is any positive equity in a company the company should not be in Chapter 11 and if there isn t there is no reason for a committee of people without such an interest But the judge did find it sufficiently likely in Mirant that there would be equity interest after re organization to create such a committee nbsp Mirant s Morgantown Generating Station and the Governor Harry W Nice Memorial BridgeIn January 2006 Mirant emerged from bankruptcy and the company was relisted to the New York Stock Exchange under the symbol MIR The equity holders from the pre bankruptcy Mirant did retain a portion of the equity of the re organized entity Prior to the bankruptcy filing Mirant had attempted to expand the Potrero plant but neighborhood and community activists fought the proposal for five years and on March 2 2006 the California Public Utilities Commission announced its rejection of Mirant s expansion plans The plant was scheduled to be shut down sometime in 2007 in preparation for constructing a more modern replacement 5 but subsequently plans were scaled back and now call for the existing plant to simply be upgraded 6 In 2007 Mirant sold some gas fired generating plants and its overseas power plants in the Philippines and in the Caribbean 7 2010 Merger edit On Sunday April 11 2010 Mirant announced it was merging with RRI Energy a company formerly known as Reliant Energy The merger which was completed on December 3 2010 resulted in a company known as GenOn Energy 8 Operations edit nbsp Unit 3 of Mirant s Potrero Generating Station in San Francisco Mirant s Morgantown Generating Station located near the unincorporated town of Morgantown Maryland was ranked as the best coal fired plant in terms of heat rate efficiency in the United States in Electric Power amp Light magazine s 2004 survey of power plants The Dickerson Generating Station located near Dickerson Maryland and other Mirant Mid Atlantic sites are Wildlife Habitat Council WHC certified and have received national recognition for their contributions to wildlife habitat conservation Efforts include providing artificial nesting structures and planting native trees shrubs and aquatic plants In 2004 Mirant s Canal generating plant Sandwich Massachusetts became the first power plant in Massachusetts to reduce emissions as part of a new state effort to achieve the nation s toughest air emission standards for steam electric plants The Potrero Generating Station in San Francisco is among the oldest electrical power facilities in California and located at the site of the first power station run by the company that eventually became Pacific Gas and Electric It is now shut down Controversy editEnvironmental record edit Researchers at the University of Massachusetts Amherst identified Mirant as the 63rd largest corporate producer of Air pollution in the United States based on 2002 data with roughly 19 million pounds of toxic chemicals released annually into the air 9 Major pollutants indicated by the study include sulfuric acid hydrochloric acid and chromium compounds 10 Chesapeake Climate Action Network blockade of Dickerson Power Plant edit On November 10 2004 a group of Chesapeake Climate Action Network activists students farmers and religious officials held a protest against the coal fired Dickerson Power Plant in Montgomery County Maryland During the protest six people were arrested for trespassing on private property The protestors called on the plant s owner the Mirant Corporation to stop opposing state and federal legislation against power plant pollution 11 Tax issues edit Mirant which owns and operates two power plants in the Hudson Valley Region of New York State failed to pay its property taxes in a dispute with tax authorities claiming over assessments by the Towns of Stony Point and Haverstraw New York as well as the North Rockland School District Under the terms of bankruptcy Mirant held payment in excess of 180 million due this last several years while a settlement could be reached This case which has caused local residents to themselves file bankruptcy cost the average taxpayer over 2000 in increased property taxes citation needed The higher than average assessments paid to the local municipalities were part of a strategy used by the Consolidated Edison and Orange and Rockland Utilities whose plants Mirant assumed after deregulation to site their plants in the Hudson River Valley Area Following proceedings in state court a settlement was reached between Mirant and the towns in December 2006 with taxes based on lower assessed values of the two power plants 12 Federal Court Cases editLocal 369 of the Utility Workers Union of America UWUA recently succeeded in enforcing an arbitration award in the United States District Court for the District of Massachusetts The court determined that Mirant did not have just cause to discharge two workers for viewing pornographic materials on a computer Federal Judge Douglas P Woodlock denied Mirant s motion to vacate the award and the union s motion for judgment was granted 13 References edit GenOn formation 8 K filing SEC Retrieved 2012 06 15 Mirant Spin Off Southern Company Archived from the original on 2007 10 14 Retrieved 2007 10 06 de la Merced Michael J 2010 04 12 Merger of Energy Producers To Form 3 Billion Company New York Times NRG Energy to Buy GenOn for 1 7 Billion NYTimes com Archived from the original on 2012 07 23 Goodyear Charlie March 3 2006 PG amp E to shutter Hunters Point power plant early possibly next month San Francisco Chronicle Retrieved 2008 10 17 Knight Heather July 23 2008 Potrero power plant plan dropped by city PUC San Francisco Chronicle Retrieved 2008 10 17 Mirant website Our History Archived from the original on 2009 07 30 Retrieved 2007 12 23 Mirant and RRI Energy Complete Merger PDF Press release GenOn Energy Dec 3 2010 Archived from the original PDF on 2011 08 07 Retrieved 2011 04 29 Political Economy Research Institute Toxic 100 Study released May 11 2006 Archived October 1 2011 at the Wayback Machine retrieved 17 Aug 2007 Toxics Release Inventory courtesy rtknet org Archived from the original on 2007 09 27 Retrieved 2007 08 18 Demonstrators Decry Mirant Corporation for Ignoring Public Health and Global Warming Archived 2009 07 29 at the Wayback Machine Chesapeake Climate Action Network press release November 10 2004 2006 Mirant Annual Report PDF Archived from the original PDF on 2007 08 22 Retrieved 2008 01 12 U S District Court for the District of Massachusetts Mirant Canal LLC v Local Union 369 Utility Workers Union of America Archived 2011 07 17 at the Wayback Machine Civil Action No 09 12216 DPW Decided 2009 11 29 External links editMirant website Mirant RRI merger website Archived 2010 04 15 at the Wayback Machine Retrieved from https en wikipedia org w index php title GenOn Energy Holdings amp oldid 1178917651, wikipedia, wiki, book, books, library,

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