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September 1, 2000
Edison Mission Energy, an Edison International company, today announced that it has completed the acquisition of Citizens Power, the power marketer formerly a subsidiary of Peabody Group. To implement the acquisition, Citizens Power has been merged into an existing EME subsidiary, Edison Mission Marketing & Trading, Inc. (EMMT). Mark Maisto, the head of Citizens Power, will continue as president of EMMT. EMMT will be based in Boston and will operate from the premises previously occupied by Citizens Power.
The completion of this acquisition significantly augments Edison Mission Energy’s risk management and power marketing capabilities, an area the company has been strengthening in recent years to better participate in the increasingly complex and competitive U.S. power markets. “EMMT allows us to maximize our merchant plant investment and to optimize our future development efforts,” said Alan J. Fohrer, president and chief executive officer of Edison Mission Energy.
Citizens Power was the ninth largest power marketer in the United States in 1999, trading 92.3 million megawatt hours. The company is also a leader in risk management services and third-party power contract restructuring transactions.
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