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Offshore Wind Projects Receive Boost from Massachusetts and Biden Administration

LCG, March 31, 2021--The Governor of Massachusetts signed legislation last Friday that authorizes the state to direct utilities to purchase an additional 2,400 MW of offshore wind energy by 2027.

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NV Energy's Greenlink Nevada Transmission Project Approved by PUCN

LCG, March 25, 2021--The Public Utilities Commission of Nevada (PUCN) on Monday approved proceeding with NV Energy's Greenlink Nevada transmission and renewable energy initiative. NV Energy's planned investment in Greenlink is over $2.5 billion.

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Industry News

Reliant Resources Chief Executive Departs

LCG, Apr. 14, 2003--The executive responsible for the transition of Reliant Energy into the era of deregulation and the direction of merchant developer and energy trading spin-off Reliant Resources, Steve Letbetter, has resigned from his positions as chief executive and chairman, the company announced late on Sunday.

Reliant Resources, in discussions with banks in March, managed to make a deal for $6.2 billion worth of financing, and stave off a possible bankruptcy filing. The deregulated company has experienced troubles connected with false reporting of energy trades, and has been the subject of investigations into its trading. While Reliant Resources takes steps to name a new chairman, board member Joel Staff will serve as chairman and chief executive for the duration of the search.

Reliant disclosed in 2002 that its revenues had been inflated by round-trip trades, and last year revised revenues for three years, for a total reduction of approximately $8 billion. Letbetter will receive a severance package, and called his experience with the company "an outstanding opportunity and a great experience" in a written statement.

Letbetter became the chief executive of Reliant Energy, itself the successor to Houston Lighting & Power Co., in June 1999, and later in the same year became chairman as well. The next year, Reliant Energy, now operating as CenterPoint Energy in regulated markets, created Reliant Resources within the company for merchant activities and trading. The complete separation of Reliant Resources from Reliant Energy parent took place in September 2002.
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