Viridian Note 00197: What's Nuon Green Mountain?Bruce Sterling [bruces@well.com]
Attention Conservation Notice: Renewable Energy industry gossip. Of local interest if you are in Austin or Amsterdam. Links: Viridian photos from Renewable Energy Roundup in Fredericksburg. They are all on one web-page and they will take a while to load. They're worth it. http://www.well.com/conf/mirrorshades/viridian/roundup.html
(((I've never met Texan Sam Wyly, but he must be a rather strange guy. Wyly is the Dallas zillionaire who founded Green Mountain Energy, and is probably the world's best known Republican Green. Now, just as energy policy is becoming a major issue for his favorite candidate George W. Bush, Sam Wyly has left his own Texan renewable energy company to the Dutch and the British. Go figure.))) "Nuon International to Invest Up to $53.5 Million In Green Mountain Energy Company "Largest Dutch Utility's Investment and Business Alliance Will Support Green Mountain Energy Company's Marketing of Competitively Priced Cleaner Energy in Deregulated U.S. Markets
(((Wow, it's the Amsterdam-Austin Axis. I love Amsterdam.
I can only hope I see a lot more of this stuff.)))
"Green Mountain Energy Company, a leading provider of
cleaner energy, today announced it has entered into an
agreement under which Nuon, the largest utility company in
the Netherlands, will invest up to $53.5 million to fund
Green Mountain Energy Company's continued growth in the
U.S.
"The Nuon investment, combined with a recent
investment from BP, will support Green Mountain Energy
Company's marketing of competitively priced energy from
solar, wind, hydro and other cleaner and renewable
sources. The Company currently serves households and
businesses with Green Mountain Energy(SM) products in
California, Pennsylvania and New Jersey, and plans to
enter the Connecticut market next.
"'We are pleased to forge this strategic financial and
business partnership with Nuon, one of the world energy
industry's leading proponents and marketers of green
electricity,' said Dennis Kelly, Chief Executive Officer
of Green Mountain Energy Company. 'Nuon has joined
another global energy leader, BP, in recognizing the
tremendous opportunity for Green Mountain Energy Company
to change the way power is made in the United States. At
the same time we are reconstituting our board and taking
steps to enhance our financial foundation and management
team in order to strengthen the Company's ability to grow
the Green Mountain Energy brand.' (((Uh-oh == don't like
the sound of that last one.)))
"Under the agreement, Nuon and Green Mountain Energy
Company also will establish a commercial relationship to
seek ways to develop new renewable energy generation
facilities and explore future opportunities for extending
the Green Mountain Energy brand to the European
residential energy market. (((!))) Nuon was advised on
this transaction by Morgan Stanley Dean Witter.
"Dr. Annemarie Goedmakers, Director of Nuon's
International and Renewable Energy Group, said, 'We made
this investment because Green Mountain Energy Company
shares our commitment to make renewable energy a major
growth market in the United States. Moreover, Green
Mountain Energy Company's strong brand and growing U.S.
presence make it the perfect partner for Nuon as we expand
our capacity to generate renewable energy in the world's
major markets. As one of Europe's leading providers of
green energy, we are excited about this alliance with the
green energy leader in the U.S. and look forward to
helping Green Mountain Energy show homeowners and
businesses how their energy choices can make a
difference.'
"Green Mountain Energy Company also announced changes
to its corporate board of directors. Nuon and BP will
each appoint one board co-chair to succeed the current
board chairman, Sam Wyly, who will remain an investor in
the Company by contributing his shares to Ranger Capital
Group, a Wyly family related investment manager.
"Sam Wyly said, 'I'm delighted to leave the chair at
Green Mountain Energy Company in the good hands of Nuon
and BP == two global energy leaders which are committed to
changing the way electricity is made. With vigorous new
leadership and strong financials Green Mountain Energy
Company is poised to capture a significant portion of the
$200 billion deregulated electricity market in the U.S.
At the same time, the Company and its range of strategic
partners will move forward with a greatly enhanced
commitment to growing the U.S. market for renewable
energy. My own energies will be focused on Ranger Capital
Group, a confederation of equity hedge fund managers
serving endowments and wealthy families.' (((Nice work if
you can get it, I guess. Is he recusing himself? Maybe
he's going to register to vote in Wyoming.)))
"Earlier this year, Green Mountain Energy Company appointed Paul Thomas, formerly the head of BP's Gas and Power business in North America, as its President and Chief Operating Officer. Mr. Thomas reports to CEO Dennis Kelly at the Company's new corporate headquarters in Austin, Texas."
O=c=O O=c=O O=c=O O=c=O O=c=O O=c=O DON'T MISS THAT ADORABLE SPONGEPHONE O=c=O O=c=O O=c=O O=c=O O=c=O O=c=O |
