And this partnership with EMMT highlights that we are on the right path.
EMMT is a part of Edison International, headquartered in Rosemead, Calif.
This restructuring of a bilateral power arrangement benefits all parties, including utility customers, and it illustrates how a combination of innovative solutions can be brought to these existing power purchase arrangements," said Paul Jacob, president of EMMT.
The Bio Energy transaction is the second such restructuring recently completed by EMMT with PSNH.
To further stabilize Homer City's liquidity, effective April 1, 2011, EMMT
assigned to Homer City the benefit of an arrangement that allows EMMT
to deliver power into the NYISO from Homer City.
Paul Jacob has been a crucial element in building EMMT
's trading and marketing capability, and he will help ensure the continued success of EMMT
, as well as its continued integration as a vital element in the business of our company.
Our well-run, low-cost facilities combined with the market knowledge, commercial skills and logistical expertise of EMMT should give us an exceptional competitive position.
EMMT will be based in Boston and will operate from the premises previously occupied by Citizens Power.
To assist HCG with a cash shortfall due to the forced outage, an EME subsidiary provided cash under a subordinated revolving loan agreement and EMMT
made advance payments against future deliveries of power.
This increase primarily reflects higher wholesale energy prices in Illinois, lower net interest expense, higher income from EMMT
, and the resolution of a prior-year tax issue.