Reliant Energy considering seeking buyer

Reliant Energy, which supplies electricity to nearly 2 million customers in Texas and the Mid-Atlantic region, served notice that it may be shopping for a buyer Monday as a credit crises that has reshaped Wall Street continued to spread. The company announced last week that it was forced to raise $1 billion in new capital under less favorable conditions after it failed to meet standards outlined in an arrangement with Merrill Lynch & Co. The announcement caught investors off guard and its shares lost half their value. Shares fell another 6 percent in a broad market sell-off Monday on signs that the U.S. economic crises was spreading overseas. As the U.S. economy soured, Reliant was slammed by Hurricane Ike last month and will likely have to spend millions to repair damages. Some analysts believe Reliant may only want to rid... [read full story]