Mirant
Encyclopedia
Mirant Corporation, an Atlanta
-based energy company, produces and sells electricity
in the United States
. The company was spun off from its former parent, Southern Company
, on April 2, 2001. The company was merged into GenOn Energy in 2010.
Mirant operates 13 plants in the states of California, Georgia, Maine, Maryland, Massachusetts, Michigan, New York, and Virginia and has the capacity to generate approximately 10,300 MW of electricity.
Mirant's Morgantown Generating Station
, located near the unincorporated town of Morgantown, Maryland
, was ranked as the best coal-fired plant in terms of heat-rate efficiency in the United States in Electric Power & Light magazine's 2004 survey of power plants.
The Dickerson Generating Station
, located near Dickerson, Maryland
, and other Mirant Mid-Atlantic sites are Wildlife Habitat Council (WHC) certified and have received national recognition for their contributions to wildlife habitat conservation. Efforts include providing artificial nesting structures and planting native trees, shrubs, and aquatic plants.
In 2004, Mirant's Canal generating plant (Sandwich, Massachusetts
) became the first power plant in Massachusetts to reduce emissions as part of a new state effort to achieve the nation's toughest air emission standards for steam-electric plants.
The Potrero Generating Station
in San Francisco is among the oldest electrical power facilities in California and located at the site of the first power station run by the company that eventually became Pacific Gas and Electric.
.
The Mirant bankruptcy proceedings were unusual in that the court agreed to the appointment of a committee of equity holders. The usual reasoning is that if there is any positive equity in a company, the company should not be in Chapter 11—and if there isn't, there is no reason for a committee of people without such an interest. But the judge did find it sufficiently likely in Mirant that there would be equity interest after re-organization to create such a committee.
In January 2006, Mirant emerged from bankruptcy and the company was relisted to the New York Stock Exchange
under the symbol MIR. The equity holders from the pre-bankruptcy Mirant did retain a portion of the equity of the re-organized entity.
Prior to the bankruptcy filing, Mirant had attempted to expand the Potrero plant, but neighborhood and community activists fought the proposal for five years and on March 2, 2006, the California Public Utilities Commission
announced its rejection of Mirant's expansion plans. The plant was scheduled to be shut down sometime in 2007 in preparation for constructing a more modern replacement, but subsequently plans were scaled back and now call for the existing plant to simply be upgraded.
In 2007, Mirant sold some gas-fired generating plants and its overseas power plants in the Philippines and in the Caribbean.
identified Mirant as the 63rd-largest corporate producer of air pollution
in the United States, based on 2002 data, with roughly 19 million pounds of toxic chemicals released annually into the air. Major pollutants indicated by the study include sulfuric acid
, hydrochloric acid
, and chromium
compounds.
activists, students, farmers, and religious officials held a protest against the coal-fired Dickerson Power Plant in Montgomery County, Maryland. During the protest, six people were arrested for trespassing on private property. The protestors called on the plant's owner, the Mirant Corporation, to stop opposing state and federal legislation against power plant pollution.
Region of New York State, has failed to pay its property taxes over the last several years, claiming over-assessments by the Towns of Stony Point
and Haverstraw
New York, as well as the North Rockland School District. Under the terms of bankruptcy, Mirant held payment in excess of $180 million due this last several years while a settlement could be reached. This case, which has caused local residents to themselves file bankruptcy, cost the average taxpayer over $2000 in increased property taxes.
The higher than average assessments paid to the local municipalities were part of a strategy used by the Consolidated Edison
and Orange and Rockland Utilities
, whose plants Mirant assumed after deregulation, to site their plants in the Hudson River Valley Area.
Following proceedings in state court, a settlement was reached between Mirant and the towns in December 2006, with taxes based on lower assessed values of the two power plants.
. The merger, which was completed on December 3, 2010, resulted in a company known as GenOn Energy.
(UWUA) recently succeeded in enforcing an arbitration
award in the United States District Court for the District of Massachusetts
. The court determined that Mirant did not have just cause to discharge two workers for viewing pornographic materials on a computer. Federal Judge Douglas P. Woodlock denied Mirant’s motion to vacate the award, and the union’s motion for judgment was granted.
Atlanta, Georgia
Atlanta is the capital and most populous city in the U.S. state of Georgia. According to the 2010 census, Atlanta's population is 420,003. Atlanta is the cultural and economic center of the Atlanta metropolitan area, which is home to 5,268,860 people and is the ninth largest metropolitan area in...
-based energy company, produces and sells electricity
Electricity
Electricity is a general term encompassing a variety of phenomena resulting from the presence and flow of electric charge. These include many easily recognizable phenomena, such as lightning, static electricity, and the flow of electrical current in an electrical wire...
in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. The company was spun off from its former parent, Southern Company
Southern Company
Southern Company is a public utility holding company of primarily electric utilities in the southern United States. It is headquartered in Atlanta, Georgia with executive offices also located in Birmingham, Alabama. The company is currently the 16th largest utility company in the world and the...
, on April 2, 2001. The company was merged into GenOn Energy in 2010.
Mirant operates 13 plants in the states of California, Georgia, Maine, Maryland, Massachusetts, Michigan, New York, and Virginia and has the capacity to generate approximately 10,300 MW of electricity.
History
Mirant began its corporate existence in 1981 as Southern Electric International (SEI), a small consulting division of Southern Company that provided engineering and technical services to industrial companies, domestic and international utilities. With the Energy Policy Act of 1992 deregulation arrived in the US electric power sector, and SEI ventured into global markets with the acquisition of a 50% stake in Freeport Power, a Bahamian utility. In the years to come, other acquisitions followed, notably the acquisition of a British distribution utility - South Western Electricity Board later renamed SWEB; a controlling interest in Hong Kong based Consolidated Electric Power of Asia (CEPA), a stake in a German utility BEWAG; giving it worldwide business interests in the Caribbean, Asian and European energy markets. On the domestic front the company forged a joint venture in 1999 with Houston based Vastar Energy to create Southern Company Energy Marketing, an electricity and gas trading company. That same year the company also acquired power generation facilities in New England (Canal station, Martha's Vineyard Diesels, Kendall Station), New York (Lovett and Bowline stations), California (Pittsburg, Potrero and Contra Costa stations). That same year SEI was renamed Southern Energy, in keeping with the broader theme of the products and markets that it pursued. Soon afterwards, its biggest domestic acquisition till date came in December 2000 with the purchase of the Morgantown, Chalk Point, Dickerson and Potomac River power generating assets from Potomac Electric Power Company (PEPCO). In April 2001, parent Southern Company completely spun of its interests in Southern Energy and a new publicly listed entity named Mirant Corporation began trading on the New York Stock exchange with the ticker symbol MIR. Between 2000 and 2003, the company continued its expansion in the U.S. markets with the acquisition or greenfield development of various gas fired power plants in markets like Nevada, Texas, Wisconsin, Indiana, Arkansas, Louisiana, Georgia and Florida.Operations
Morgantown Generating Station
The Morgantown Generating Station is a 1,477 MW electric generating plant owned by GenOn , located in the unincorporated town of Newburg, Maryland, near Morgantown, on the Potomac River...
, located near the unincorporated town of Morgantown, Maryland
Morgantown, Maryland
Morgantown is an unincorporated community in Charles County, Maryland. It lies south of the Governor Harry W. Nice Memorial Bridge on the Potomac River at Lower Cedar Point. It is known for the Mirant Morgantown Generating Station smokestacks. In 2007, a controversial coal barge loading facility...
, was ranked as the best coal-fired plant in terms of heat-rate efficiency in the United States in Electric Power & Light magazine's 2004 survey of power plants.
The Dickerson Generating Station
Dickerson Generating Station
The Dickerson Generating Station is a 853 MW electric generating plant owned by GenOn , located approximately two miles west of Dickerson, Maryland.-Description:...
, located near Dickerson, Maryland
Dickerson, Maryland
Dickerson is an unincorporated area in Montgomery County, Maryland. It is located on Maryland Route 28, between Sugarloaf Mountain and the Potomac River. It is a community situated near the town of Poolesville, Maryland. Dickerson is .-History of Dickerson:...
, and other Mirant Mid-Atlantic sites are Wildlife Habitat Council (WHC) certified and have received national recognition for their contributions to wildlife habitat conservation. Efforts include providing artificial nesting structures and planting native trees, shrubs, and aquatic plants.
In 2004, Mirant's Canal generating plant (Sandwich, Massachusetts
Sandwich, Massachusetts
Sandwich is a town in Barnstable County, Massachusetts, United States. The population was 20,675 at the 2010 census. The Town Hall is located right next to the Dexter Grist Mill, in the historic district of town....
) became the first power plant in Massachusetts to reduce emissions as part of a new state effort to achieve the nation's toughest air emission standards for steam-electric plants.
The Potrero Generating Station
Potrero Generating Station
The Potrero Generating Station is a natural gas and diesel burning electricity generating station owned by Mirant and located on a site in Potrero Point, San Francisco, California. The plant's primary power source is a 206 MW, natural gas burning steam turbine providing baseload power and...
in San Francisco is among the oldest electrical power facilities in California and located at the site of the first power station run by the company that eventually became Pacific Gas and Electric.
2003 bankruptcy
On July 14, 2003, after months of attempting to restructure its debt, the company sought Chapter 11 bankruptcy protectionChapter 11, Title 11, United States Code
Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to every business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most...
.
The Mirant bankruptcy proceedings were unusual in that the court agreed to the appointment of a committee of equity holders. The usual reasoning is that if there is any positive equity in a company, the company should not be in Chapter 11—and if there isn't, there is no reason for a committee of people without such an interest. But the judge did find it sufficiently likely in Mirant that there would be equity interest after re-organization to create such a committee.
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
under the symbol MIR. The equity holders from the pre-bankruptcy Mirant did retain a portion of the equity of the re-organized entity.
Prior to the bankruptcy filing, Mirant had attempted to expand the Potrero plant, but neighborhood and community activists fought the proposal for five years and on March 2, 2006, the California Public Utilities Commission
California Public Utilities Commission
The California Public Utilities Commission is a regulatory agency which regulates privately owned public utilities in the state of California, including electric power, telecommunications, natural gas and water companies...
announced its rejection of Mirant's expansion plans. The plant was scheduled to be shut down sometime in 2007 in preparation for constructing a more modern replacement, but subsequently plans were scaled back and now call for the existing plant to simply be upgraded.
In 2007, Mirant sold some gas-fired generating plants and its overseas power plants in the Philippines and in the Caribbean.
Environmental record
Researchers at the University of Massachusetts AmherstUniversity of Massachusetts Amherst
The University of Massachusetts Amherst is a public research and land-grant university in Amherst, Massachusetts, United States and the flagship of the University of Massachusetts system...
identified Mirant as the 63rd-largest corporate producer of air pollution
Air pollution
Air pollution is the introduction of chemicals, particulate matter, or biological materials that cause harm or discomfort to humans or other living organisms, or cause damage to the natural environment or built environment, into the atmosphere....
in the United States, based on 2002 data, with roughly 19 million pounds of toxic chemicals released annually into the air. Major pollutants indicated by the study include sulfuric acid
Sulfuric acid
Sulfuric acid is a strong mineral acid with the molecular formula . Its historical name is oil of vitriol. Pure sulfuric acid is a highly corrosive, colorless, viscous liquid. The salts of sulfuric acid are called sulfates...
, hydrochloric acid
Hydrochloric acid
Hydrochloric acid is a solution of hydrogen chloride in water, that is a highly corrosive, strong mineral acid with many industrial uses. It is found naturally in gastric acid....
, and chromium
Chromium
Chromium is a chemical element which has the symbol Cr and atomic number 24. It is the first element in Group 6. It is a steely-gray, lustrous, hard metal that takes a high polish and has a high melting point. It is also odorless, tasteless, and malleable...
compounds.
Nov. 10, 2004: Chesapeake Climate Action Network blockade of Dickerson Power Plant
On November 10, 2004, a group of Chesapeake Climate Action NetworkChesapeake Climate Action Network
The Chesapeake Climate Action Network was officially launched on July 1, 2002 with a seed grant from the Rockefeller Brothers Fund. Chesapeake Climate Action Network is a registered 5013 organization located in Takoma Park, Maryland....
activists, students, farmers, and religious officials held a protest against the coal-fired Dickerson Power Plant in Montgomery County, Maryland. During the protest, six people were arrested for trespassing on private property. The protestors called on the plant's owner, the Mirant Corporation, to stop opposing state and federal legislation against power plant pollution.
Tax issues
Mirant, which owns and operates two power plants in the Hudson ValleyHudson Valley
The Hudson Valley comprises the valley of the Hudson River and its adjacent communities in New York State, United States, from northern Westchester County northward to the cities of Albany and Troy.-History:...
Region of New York State, has failed to pay its property taxes over the last several years, claiming over-assessments by the Towns of Stony Point
Stony Point, New York
Stony Point is a triangle-shaped town in Rockland County, United States. Rockland County is part of the New York Metropolitan Area. The town is located north of the town of Haverstraw, east and south of Orange County, New York, and west of the Hudson River and Westchester County. The population...
and Haverstraw
Haverstraw (town), New York
Haverstraw is a town in Rockland County, New York, United States located north of the Town of Clarkstown and the Town of Ramapo; east of Orange County, New York; south of the Town of Stony Point and west of the Hudson River. The town runs from the west to the east border of the county in its...
New York, as well as the North Rockland School District. Under the terms of bankruptcy, Mirant held payment in excess of $180 million due this last several years while a settlement could be reached. This case, which has caused local residents to themselves file bankruptcy, cost the average taxpayer over $2000 in increased property taxes.
The higher than average assessments paid to the local municipalities were part of a strategy used by the Consolidated Edison
Consolidated Edison
Consolidated Edison, Inc. is one of the largest investor-owned energy companies in the United States, with approximately $14 billion in annual revenues and $36 billion in assets...
and Orange and Rockland Utilities
Consolidated Edison
Consolidated Edison, Inc. is one of the largest investor-owned energy companies in the United States, with approximately $14 billion in annual revenues and $36 billion in assets...
, whose plants Mirant assumed after deregulation, to site their plants in the Hudson River Valley Area.
Following proceedings in state court, a settlement was reached between Mirant and the towns in December 2006, with taxes based on lower assessed values of the two power plants.
2010 Merger
On Sunday, April 11, 2010 Mirant announced it was merging with RRI Energy, a company formerly known as Reliant EnergyReliant Energy
RRI Energy, Inc. , based in Houston, Texas, United States, was an energy company that provided electricity to wholesale customers in the United States. The company was one of the largest independent power producers in the nation with more than 14,000 megawatts of power generation capacity across...
. The merger, which was completed on December 3, 2010, resulted in a company known as GenOn Energy.
Federal Court Cases
Local 369 of the Utility Workers Union of AmericaUtility Workers Union of America
The Utility Workers Union of America is a labor union in the United States. It has a membership of 50,000 and is affiliated with the AFL-CIO. The union has over 50,000 members working in the electric, gas, water, and nuclear industries across the United States. Represents Utilty Workers in...
(UWUA) recently succeeded in enforcing an arbitration
Arbitration
Arbitration, a form of alternative dispute resolution , is a legal technique for the resolution of disputes outside the courts, where the parties to a dispute refer it to one or more persons , by whose decision they agree to be bound...
award in the United States District Court for the District of Massachusetts
United States District Court for the District of Massachusetts
The United States District Court for the District of Massachusetts is the federal district court whose jurisdiction is the Commonwealth of Massachusetts, USA. The first court session was held in Boston in 1789. The second term was held in Salem in 1790 and until 1813 court session locations...
. The court determined that Mirant did not have just cause to discharge two workers for viewing pornographic materials on a computer. Federal Judge Douglas P. Woodlock denied Mirant’s motion to vacate the award, and the union’s motion for judgment was granted.