NRG names former KeySpan executive to its expanded board of directors

By Lisa Kerner

Charlotte, N.C., April 27 - NRG Energy, Inc. announced the appointment of Gerald Luterman to its board of directors.

Luterman is the former executive vice president and chief financial officer of KeySpan Corp., a U.S. gas distribution and integrated energy company that merged with National Grid in 2007.

In March, NRG asked Exelon Corp. to withdraw its proposal to expand NRG's board to 19 members in order to reduce the risk of unintentionally accelerating NRG's $8 billion of existing debt.

Exelon has not yet taken steps to comply with the request, NRG said in a news release.

To date NRG said it has added two new independent directors to its board, expanding it to 14 from 12 members.

As previously noted, Exelon has also proposed electing four of its nominees to replace four of NRG's incumbent board members up for re-election.

In October, Exelon, a Chicago-based electric company, proposed acquiring NRG at a fixed exchange ratio of 0.485 of a share of Exelon common stock for each share of NRG common stock.

Exelon said it brought the offer directly to NRG shareholders on Nov. 12 after the Princeton, N.J.-based power generation company twice rejected the offer.

The exchange offer was extended to 5 p.m. ET on June 26 from Feb. 25 to allow Exelon time to obtain regulatory approvals and to solicit proxies for the election of NRG directors.

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