History
In 2002, Texas deregulated the electricity market and Reliant then competed against other energy companies like Direct Energy and TXU Energy. At this time, Reliant Energy also separated into two publicly traded companies: Reliant Resources, Inc. and CenterPoint Energy, Inc. (NYSE: CNP).
CenterPoint Energy was created when Reliant Energy merged with an indirect subsidiary of CenterPoint Energy, Inc. As a result of the merger, Reliant Energy shareholders received one share of CenterPoint common stock in exchange for each share of RRI common stock they held before the merger. A regulated utility, CenterPoint Energy became one of the largest U.S. energy delivery companies, serving 4.7 million metered customers. In late 2002, CenterPoint distributed the stock of Reliant Resources, Inc. to CenterPoint shareholders. This spin-off created Reliant Resources with a strategy to provide competitive wholesale and retail energy service under the Reliant Energy brand. Its businesses included power generation and retail energy services in Texas newly deregulated electricity market. On the wholesale side, Reliant owned, had an interest in, or leased 37 operating power generation facilities serving five regions of the United States.
In January 2007, the Texas electricity market became fully deregulated, and Reliant began to offer an array of products, flexible service options, and pricing arrangements to a variety of customers. At this time, Reliant was the second largest mass market electricity provider in the state of Texas, with an annual revenue of $10.9 billion and more than 3,500 employees. In February 2007, Reliant Energy announced plans for Mark Jacobs, current chief financial operator, to succeed Joel Staff as chief executive officer and for Brian Landrum to become chief operating officer.
On May 1, 2009, Reliant Energy's retail electricity business was purchased by NRG Energy. The retail group retained the name Reliant Energy and the surviving wholesale business was renamed RRI Energy, Inc.
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“All things are moral. That soul, which within us is a sentiment, outside of us is a law. We feel its inspiration; out there in history we can see its fatal strength.”
—Ralph Waldo Emerson (1803–1882)
“Every generation rewrites the past. In easy times history is more or less of an ornamental art, but in times of danger we are driven to the written record by a pressing need to find answers to the riddles of today.... In times of change and danger when there is a quicksand of fear under men’s reasoning, a sense of continuity with generations gone before can stretch like a lifeline across the scary present and get us past that idiot delusion of the exceptional Now that blocks good thinking.”
—John Dos Passos (1896–1970)
“In history as in human life, regret does not bring back a lost moment and a thousand years will not recover something lost in a single hour.”
—Stefan Zweig (18811942)