Reliant Energy to consider alternatives

By Lisa Kerner

Charlotte, N.C., Oct. 6 - The board of directors of Reliant Energy, Inc. formed a special committee to review strategic alternatives to enhance stockholder value.

Members of the committee include Evan J. Silverstein, Steven L. Miller, Joel V. Staff and William L. Transier. Silverstein is the committee's chair. Staff also agreed to become executive chairman of the board, a Reliant Energy news release said. He was previously non-executive chairman.

"Reliant Energy has two valuable businesses - a great retail customer franchise and an attractive portfolio of wholesale generation assets," president and chief executive officer Mark Jacobs said in the release.

"The transactions we announced last week to terminate our credit-enhanced retail structure with Merrill Lynch, the associated capital raise of $1 billion and other actions we are taking provide us adequate liquidity to support the business."

Morgan Stanley and Goldman, Sachs & Co. are Reliant Energy's financial advisers.

Reliant Energy in a Houston-based independent power producer. The company provides service to approximately 1.8 million retail electricity customers primarily in Texas, including residential and small business customers.

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