Mirant Files Notice to Shut Down Pittsburg 7 and Contra Costa 6 Units in California
05 May 2006 - 8:23AM
PR Newswire (US)
ATLANTA, May 4 /PRNewswire-FirstCall/ -- Mirant (NYSE:MIR) today
filed a 90-day notice of its intent to shut down the Pittsburg 7
and Contra Costa 6 units located near San Francisco, California.
The notice was filed with the California Public Utilities
Commission (CPUC) and the California Independent System Operator
(CAISO) in accordance with California law and agreements governing
operations with the CAISO. Despite efforts over the last several
months, Mirant has been unable to successfully negotiate contracts
or secure reliability compensation for these units, without which
operating the units is not economical. "Mirant will continue to
work with all parties in an attempt to reach agreements that will
allow us to continue operating Pittsburg 7 and Contra Costa 6,"
said Rob Hayes, President, Mirant California. "We will continue to
do everything we can to achieve this result. If we're not
successful in our negotiations, it's our intent to shut down these
units at the end of the 90- day period," continued Hayes. Hayes
further stated, "Mirant intends to continue operations of the
remainder of its California fleet and to continue with efforts to
permit the new Contra Costa 8 unit." The Contra Cost 8 unit is
contemplated to be transferred to PG&E pursuant to Mirant's
previous settlement of California matters. Mirant is a competitive
energy company that produces and sells electricity in the United
States, the Caribbean, and the Philippines. Mirant owns or leases
approximately 17,500 megawatts of electric generating capacity
globally. The company operates an asset management and energy
marketing organization from its headquarters in Atlanta. For more
information, please visit http://www.mirant.com/. Some of the
statements included herein involve forward-looking information.
Mirant cautions that these statements involve known and unknown
risks and that there can be no assurance that such results will
occur. There are various important factors that could cause actual
results to differ materially from those indicated in the
forward-looking statements, such as, but not limited to,
legislative and regulatory initiatives regarding deregulation,
regulation or restructuring of the electric utility industry;
changes in state, federal and other regulations (including rate
regulations); changes in, or changes in the application of,
environmental and other laws and regulations to which Mirant and
its subsidiaries and affiliates are or could become subject; the
failure of Mirant's assets to perform as expected; Mirant's pursuit
of potential business strategies, including the disposition or
utilization of assets; changes in market conditions, including
developments in energy and commodity supply, demand, volume and
pricing or the extent and timing of the entry of additional
competition in the markets of Mirant's subsidiaries and affiliates;
environmental regulations that restrict Mirant's ability to operate
its business and other factors discussed in Mirant's Form 10-K for
the year ended December 31, 2005. Stockholder inquiries: 678 579
7777 DATASOURCE: Mirant CONTACT: Media, Corry Leigh,
+1-678-579-3111, or , or Investors, Mary Ann Arico,
+1-678-579-7553, or , or Sarah Stashak, +1-678-579-6940, or , or
Stockholder inquiries, +1-678-579-7777, all of Mirant Web site:
http://www.mirant.com/
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