ATLANTA Southern Energy Inc. has completed the $250 million purchase of Vastar Resources Inc.s 40 percent interest in Southern Company Energy Marketing, making the company wholly owned by Southern Energy.
Southern Energy and Vastar will continue with a 10-year natural gas purchase and sale agreement established when the two formed Southern Company Energy Marketing in August 1997.
Southern Company unit Southern Energy Inc. with operations in 12 countries on five continents develops, builds, owns and operates power production and delivery facilities and provides a broad range of services to utilities and industrial companies around the world. Its Southern Company Energy Marketing unit provides energy marketing, risk management and financial services and other energy-related commodities, products and services to customers in the United States and Canada.
Southern Company (NYSE: SO), the largest producer of electricity in the United States, is also the parent firm of Alabama Power, Georgia Power, Gulf Power, Mississippi Power and Savannah Electric.
Caution regarding forward-looking statements:
The information presented above includes forward-looking statements, in addition to historical information. Southern Energy cautions that there can be no assurance that such indicative results will be realized and that there are various important factors that could cause actual results to differ materially from those indicated in the forward-looking statements, such as, but not limited to (i) changes in government regulations (including environmental regulations) and anticipated deregulation of the electric energy industry; (ii) additional competition in Southern Energys markets; (iii) potential business strategies, including acquisitions or dispositions of assets that Southern Energy may pursue; (iv) political, legal and economic conditions and developments in Southern Energys markets; (v) financial market conditions and the results of financing efforts; (vi) changes in commodity prices and interest rates; (vii) weather and other natural phenomena; (viii) the performance of Southern Energy projects and investments and the success of efforts to develop new opportunities; and (ix) other factors, whether discussed above or in reports filed by Southern Energy and Southern Company (and its subsidiaries) with the Securities and Exchange Commission.