Viridian Note 00197: What's Nuon Green Mountain?

Bruce Sterling []

Key Concepts
Green Mountain Energy, Nuon, BP, Amsterdam, Austin, Sam Wyly, Dennis Kelly, Annemarie Goedmakers

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.

Source: PRNewswire, October 3, 02000

(((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

AMSTERDAM, the Netherlands and AUSTIN, Texas, Oct. 3

(((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."

Suzie Quinn of Green Mountain Energy Company, 512-691-6316, or; or Fransce Verdeuzeldonk of Nuon, +31-35-543-43-87, or
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