Contact Investigating Investment Opportunities
5 July 2002
Contact Energy Investigating Investment Opportunities
Contact Energy Ltd confirmed today that it is interested in bidding for certain of the Asia Pacific assets being offered for sale by the Minneapolis-based NRG Energy Inc. Most of the assets for sale are located in Australia.
Contact is pursuing the potential investment in its own right and it is not contemplated that there will be any co-investment by Contact’s major shareholder Edison Mission Energy (“EME”). A core team of senior Contact Energy staff has been assigned to the project, led by chief executive Steve Barrett.
In addition, EME has agreed to make available a number of individuals with expertise in specific areas, who will advise Contact under a consultancy arrangement. They will provide support in areas such as coal plant advice, Australian market advice and financial analysis.
If Contact is successful in its acquisition, it is anticipated that EME would provide ongoing technical services including expert advice on coal plant operations.