Issue of March 6, 2007
NRG earnings move higher
NRG Energy, Inc. (NYSE: NRG), based in West Windsor, reported net income from continuing operations for the 12 months ended Dec. 31, 2006 of $555 million, or $3.63 per common share, compared to income of $72 million, or $0.61 per common share for last year. The significant year-on-year improvement primarily results from the Feb. 2, 2006 acquisition of Texas Genco LLC, now known as NRG Texas, and mark-to-market gains in 2006 versus losses in 2005.
NRG net income for 2006 was unfavorably impacted by $112 million in after-tax refinancing expenses incurred as part of the NRG Texas acquisition, partially offset by $44 million in after-tax, one-time gains related to the resolution of disputes and litigation. For the fourth quarter 2006, NRG incurred a net loss fromcontinuing operations of $33 million compared to quarterly income of $76 million for the fourth quarter 2005. This was largely due to the $85 million after-tax charge on the net settlement of hedges and resetting certain legacy Texas hedges to market, and $22 million in after-tax mark-to-market losses in the fourth quarter 2006 compared to $53 million in after-tax gains in the fourth quarter of 2005.
"2006 was a financial success for us in a challenging commodity pricing environment, primarily due to the successful acquisition and integration of NRG Texas and West Coast Power and to our success in maintaining operational focus across the company," stated David Crane, NRG president and chief cxecutive officer, in a news release.
NRG also announced the payment of dividends to preferred stockholders. NRG declared a $10 per share cash dividend on its 4 percent convertible perpetual preferred stock issued in Dec. 2004; and a $3.59375 per share cash dividend on its 5.75 percent mandatory convertible preferred stock issued on Feb. 2, 2006. NRG Energy, Inc. owns and operates power-generating facilities, primarily in Texas and the Northeast, South Central and West regions of the United States.
KSS to design Kean University institute
Kean University in Union has commissioned Princeton-based KSS Architects to design the school’s new Human Rights Institute. The Human Rights Institute will be sited in a three-story, 12,000-square-foot addition to the north façade of the university’s Nancy Thompson Library.
Upon completion, the Institute will feature a large, first-floor gallery for traveling exhibits, lectures and conferences. The second floor will incorporate a lobby/reception area, administration, two seminar rooms and a media collection of the Holocaust Center. The library’s third floor will be expanded to provide additional study areas designed with large expanses of windows that provide a dramatic view of Kean’s campus.
Thomas Edison offers energy utility technology BS
The Energy Providers Coalition for Education in Greenwood Village, Colo. has partnered with Thomas Edison State College to offer what the parties say is the nation’s first online Bachelor of Science in Applied Science and Technology degree in Energy Utility Technology to new and incumbent workers nationwide to help the energy industry meet labor shortages expected over the next several years.
Industry forecasts indicate that approximately half the energy industry workforce will likely retire within the next 15 years. This, combined with predicted increased national demand for electricity has many energy providers anticipating critical workforce shortages in the energy industry, according to TESC, based in Trenton.
"We are excited to deliver this degree program at a time when workforce development is so critical to the industry," said Marcus Tillery, dean of the School of Applied Science and Technology at TESC. "By aligning with EPCE, we are able to work directly with the majority of the country’s electric utility industry, thereby maximizing the value of our programs. The college designed this program based directly on utility job requirements and will work closely with EPCE’s industry membership in the development of our partnership," Mr. Tillery said.
TESC also announced that it has launched a new online paralegal certificate program, focusing on the use of technology in the legal profession.
1st Constitution acquires Sun branch
Cranbury-based 1st Constitution Bank has acquired all of the deposit liabilities and related assets of the Hightstown branch banking office of Sun National Bank. The office is now a 1st Constitution Bank retail branch banking office. The acquisition adds approximately $20 million in new deposits to 1st Constitution, which has around $400 million in total assets and operates 11 branches in Central New Jersey.
Restaurant helps out autism cause
Last month Salt Creek Grille presented a $43,960 check to the NJ Center for Outreach & Services for the Autism Community (COSAC) at the restaurant’s Princeton Forrestal Village location in Plainsboro. The restaurant will be holding its annual wine and martini tasting fund raiser on March 19, which will also benefit COSAC, a nonprofit agency providing information and advocacy, services, family and professional education, and consultation to New Jersey’s autism community. Nationally, 1 in every 152 children is affected by an autism spectrum disorder (ASD); in New Jersey, 1 in every 94 children has an ASD.

