US Power Generating Company Announces Management Departures
Appoints Craig Hart CFO
New York, NY, January 23, 2013 - US Power Generating Company ("USPowerGen") announced that USPowerGen’s Co-Founder, Executive Vice President and Chief Financial Officer, Jeff Hunter as well as Senior Vice President of Finance, Wesley Kern, are departing from the Company in an amicable corporate restructuring designed to focus on daily operations and reduce its current cost structure. Mr. Hunter has been appointed to the Company’s Board of Directors, effective immediately. Mr. Kern will continue his involvement with the Company as an advisor.
Both Mr. Hunter and Mr. Kern played an integral role in the Company since its inception. With the completion of the recently announced refinancing of the credit facilities of USPowerGen’s subsidiary, Astoria Generating, the new $455 million credit facility provides USPowerGen with a solid capital structure and a significantly greater level of financial and operational flexibility. The Company is reorganizing with an emphasis on managing the existing day to day operations and continuing its development efforts to further enhance the equity value of the Company.
Craig Hart has been named Chief Financial Officer and Executive Vice President. Mr. Hart has served as Senior Vice President of Strategy and Corporate Development and has been with the company since its inception, playing a critical role in strategic market developments as well as asset sales and financings. Prior to joining USPowerGen, Mr. Hart was a Managing Consultant with the energy practice of PA Consulting Group. Mr. Hart has a BA from The Colorado College and an MES from Yale School of Forestry and an MBA from Yale School of Management.
“I would like to express my gratitude to both Jeff and Wes for their dedicated service and significant contributions during their tenure with USPowerGen,” said Mark Sudbey, Chief Executive Officer of USPowerGen. “Both have assisted in guiding the Company through several notable milestones, including the sale of the Boston Generating assets to Constellation Energy and the recent refinancing of Astoria Generating, which places our business on solid financial footing. I look forward to Jeff’s continued contributions to the Company as a member of our Board and Wes' ongoing contribution as a trusted advisor.”
Sudbey continued, “We are pleased that Craig will be taking on the role as Chief Financial Officer. He has proven to be a disciplined financial manager and we look forward to his continued leadership at USPowerGen.”
US Power Generating Company ("USPowerGen") owns and operates fifty-three generating units at three facilities with a total summer capacity of over 2,180 Megawatts (MW). USPowerGen subsidiary sells energy and capacity into the NYISO deregulated market. The company represents generation sufficient to serve approximately 20% of the overall load in New York.
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