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Reliant Energy said on Friday it will sell its electricity marketing assets of its retail subsidiaries in the Northeast to Hess [HES Loading... ()] by the end of the year.
These subsidiaries, Reliant Energy Solutions East and Reliant Energy Solutions Northeast, provide electricity and related services to commercial and industrial customers in Delaware, Maryland, New Jersey, New York, Pennsylvania and the District of Columbia.
The company said the contracts included in the transaction represent a total load of about 5.8 million megawatt hours. The terms of the deal were not disclosed.
In October, as the credit crisis spread, Reliant announced it was exploring "strategic alternatives," a term typically used by companies considering a sale, either whole or partial. A week earlier, the company was forced to raise $1 billion in new capital and cut its retail profit expectations by $300 million to $350 million for the year, partly due to damage from Hurricaine Ike.
Shares of Reliant [RRI Loading... ()] fell about 6 percent Friday. The company's stock has ranged between $2.77 and $28.74 over the past 52 weeks.
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