NewPower is shutting down.

Sonny · Jun 16, 2002

This is a few days old, I didn't see anyone else post it.

Anyone else have NewPower? I did, they were pretty good, very cheap Decembers. Now I am being rolled over to TXU Energy - the Reliant Energy of Dallas. Oh Boy, my rates are going up!

http://biz.yahoo.com/rc/020611/utilities_newpower_texas_1.html

Reuters Company News
NewPower files for bankruptcy, pulls plug in Texas

NEW YORK, June 11 (Reuters) - NewPower Holdings (Other OTC:NWPW.PK - News), a struggling energy marketer founded by bankrupt Enron Corp. (Other OTC:ENRNQ.PK - News), on Tuesday filed for bankruptcy protection, one day after it dropped services to about 80,000 customers in Texas.

NewPower and its TNPC Holdings Inc. and The New Power Co. units filed petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Georgia.

NewPower, which once sought to become the first nationwide provider of electricity and natural gas to residential and small commercial customers in a deregulated energy market, in April already said it might liquidate its business due to a cash crunch.

"The company has been facing the substantial risk of not being able to continue to operate as an independent entity," the company said, adding that it is reviewing all strategic alternatives and talking with several parties about the sale of its assets.

NewPower late Monday said it signed agreements to transfer all its Texas customers to units of two of the state's largest utilities, Reliant Energy (NYSE:REI - News) and TXU Corp. (NYSE:TXU - News). NewPower will switch about 45,000 customers in north Texas to Reliant and about 35,000 customers in the Houston area to TXU, the Purchase, New York-based company said.

The Chapter 11 filing will enable potential buyers to acquire its assets free of liability and ensures NewPower will keep its business running during the sale approval process.

The company's stock, which was delisted from the New York Stock Exchange earlier this year, last traded on April 7, when it closed at 7 cents on the Pink Sheets.

--New York Power Desk, 646 223-6074, fax 646 223-6079, e-mail Eileen.Moustakis@reuters.com
Click to expand...

I just hope that all the other alternate energy providers don't go bust, if they do Reliant and TXU will find a way to raise their rates.

More articles on the demise of NewPower.

http://pei.pennnet.com/News/Display_News_Story.cfm?Section=WireNews&SubSection=HOME&NewsID=54436

http://www.chron.com/cs/CDA/story.hts/business/1455578

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NewPower is shutting down.

Sonny Member

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