NRG gets USD 300m from major owner; enters 4-year power contract

To dispel some confusion in the market, FirstEnergy Corp. and NRG Energy Inc. decided to clarify the terms of a transitional power purchase agreement both parties announced last week.

The long-term power contract is in place through 2005 and is part of NRG's planned acquisition of four primarily coal-fueled, generating plants in Ohio, from FirstEnergy subsidiaries.

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