July 16, 2008
LS Power Announces Creation of Dedicated Renewable Business Unit
SAN JOSE, Calif., July 16 /PRNewswire/ -- LS Power Group ("LS Power"), a privately owned power industry developer, investor and manager, announced today the creation of a dedicated business unit which will pursue the development, acquisition, and ownership of renewable energy projects. Mike Segal, Chairman and Chief Executive Officer of LS Power stated, "We have received significant feedback from our load-serving customers and they are interested in renewable electricity solutions. While most renewable resources still require state or federal incentives to be competitive with traditional forms of generation, as the technologies evolve, they are becoming increasingly cost effective. These customer and technological dynamics, when coupled with the political determination to increase renewable resource utilization, is an attractive backdrop for creating a scalable renewable business."
The renewable business has been staffed to pursue the development of wind, solar photovoltaic and solar thermal renewable resources. As part of this initiative, LS Power is: securing and permitting suitable generation sites; developing renewable energy related transmission projects; pursuing acquisitions; developing and commercializing new renewable technology solutions; and investing in renewable technology and equipment companies.
LS Power has assembled a team of professionals with a proven track record to lead its renewable business unit. John King will head LS Power's renewable energy initiative. Functional responsibilities have been aligned under the following experienced power sector professionals:
* Scott Healy -- wind power; * Howard Taylor -- solar thermal; * Joe Gorberg -- solar photovoltaic; and * Eric Crawford -- renewable project development. Biographies:
John King, Executive Vice President. Mr. King joined LS Power in 2005 and has thirteen years experience in the independent power business. Since joining LS Power, Mr. King has had responsibility for LS Power's Western business activities. Prior to joining LS Power, Mr. King was a Senior Vice President of Calpine Corporation. From 1995 to 2005, he held various positions with Calpine, including roles as head of International Business, and in charge of business development in the Western U.S.
Scott Healy, Senior Vice President. Mr. Healy has over 17 years experience in power generation development and finance, including the successful development or financing of over 4,500 MW of gas fired generation projects and over 2,000 MW of wind generation projects. Prior to LS Power, Mr. Healy held senior management roles at Kenetech, Calpine, Enron, PPM Energy, Orion Energy and Orion Energy Group.
Howard Taylor, Vice President. Mr. Taylor has more than 20 years in the power generation and utility infrastructure development businesses, responsible for the development, financing or construction of more 6,000 MW of fossil fuel projects, significant water and wastewater projects, and water and fuel transportation projects, both within the U.S. and internationally. Prior to joining LS Power, Mr. Taylor held management roles at General Electric, Calpine Corporation, and Nalco, leading various development efforts.
Joseph Gorberg, Vice President. Mr. Gorberg joined LS Power in 2006 and is responsible for renewable and fossil generation origination and energy management/trading in the Western U.S., and most recently, managing LS Power's solar PV business activity. Mr. Gorberg has over 22 years experience in the energy and petroleum industry. Prior to LS Power, Mr. Gorberg managed Calpine Corporation's western term risk management and trading and national retail portfolios.
Eric Crawford, Vice President. Mr. Crawford joined LS Power in 1997. Mr. Crawford has extensive experience in leading development activities for large-scale electric generation projects, including power plant siting, conceptual design, permitting, regulatory approvals, public relations, government relations, contract negotiations and project management.
About LS Power
LS Power is a fully integrated development, investment and asset management group with a proven track record of successful development activities, operations management and commercial execution. For information on the LS Power Group, please go to http://www.lspower.com/ .
LS Power Group
CONTACT: John King of LS Power Group, +1-408-572-1300,[email protected]
Web site: http://www.lspower.com/