Auction Results. The results of each Auction shall be disclosed to each Participating Fund on ReFlow’s website.
Auction Results. Texas Genco conducted its initial state mandated auctions and contractually mandated auctions from September 2001 through January 2003. Thirty-one companies, including Reliant Resources, registered and qualified to participate in these auctions. As a result, Texas Genco sold 91% of its available capacity for 2002 and has sold 74% of its available capacity for 2003. Texas Genco's available capacity equals its total net generating capacity less capacity withheld as operating reserves and capacity that is subject to planned outages. The 3,400 MW of capacity that we have "mothballed" as described below under "-- Competition" is included in our available capacity only for the months of June through September 2003. Reliant Resources purchased 63% of Texas Genco's available 2002 capacity and, through January 2003, has purchased 58% of Texas Genco's available 2003 capacity. Texas Genco intends to hold auctions to sell its remaining available capacity for 2003 in March and July 2003. To date, the market-based prices established in Texas Genco's capacity auctions have provided returns on its facilities substantially below historical regulated returns. Higher gas prices in the latter part of 2002 and early 2003 have positively influenced the prices established in its recent capacity auctions. Generally, higher gas prices increase the capacity prices for its base-load entitlements since prospective purchasers face higher-cost and more volatile-priced gas-fired generation alternatives. TEXAS GENCO OPTION Reliant Resources has an option that may be exercised between January 10, 2004 and January 24, 2004 to purchase all of the approximately 81% of the outstanding shares of Texas Genco common stock that we currently own. The per share exercise price under the Texas Genco Option will equal the average daily closing price of Texas Genco common stock on The New York Stock Exchange over the 30 consecutive trading days out of the last 120 trading days ending January 9, 2004 which result in the highest average closing price. In addition, a control premium, up to a maximum of 10%, will be added to the price to the extent a control premium is included in the valuation determination made by the Texas Utility Commission relating to the market value of Texas Genco. If the option closing has not occurred within sixteen months of the option exercise, rights under the option agreement will terminate. The exercise price formula is based upon the generation asset valuation methodology in...
Auction Results. The results of each Auction shall be provided to each Participating Fund through the means specified in the
Auction Results. Upon approval by the participating states of the auction outcome and upon payment in full by successful bidders to the respective participating states, each state shall transfer the corresponding CO2 allowances to each successful bidder’s 2 This value is 80 percent of ICF International’s modeled 2009 allowance price of $2.32, as represented in 2009 dollars. 3 The current market price of a RGGI allowance is defined as the volume-weighted average of transaction prices reported to the Participating States or their agents, and taking into account prices as reported publicly through reputable sources, including prices known from previous auctions. applicable account in the CO2 allowance tracking system. States will retain full regulatory authority for transferring allowances from their respective state accounts to winning bidders, contingent on approval of auction results and financial settlement. Within a reasonable period of time following each auction, the participating states shall publish on the RGGI auction website the auction clearing price and the total amount of allowances sold in such auction.
