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Elliott Management Must Disclose NRG Energy Derivatives

By Tyson Slocum

Today in Federal Energy Regulatory Commission Dockets EC23-112 and ER10-2265-021 et al, we demand Paul Singer’s Elliott Management:

  • Publicly disclose a detailed, narrative description of all derivative contracts it used to acquire NRG Energy’s “economic interest”, including public identification of the names of its counterparties. Elliott Management must also provide, under protective order, copies of the actual derivative contracts. These disclosures are essential to determine whether the derivative contracts resulted in affiliation.
  • Prohibit Elliott Management from entering into cooperation agreements with public utilities that convey access to material, non-public information; and restrict the hedge fund’s ability to have power over naming seats of boards of directors, while it maintains affiliation with NRG Energy.
  • Require Elliott Management to clarify what role, if any, its executives will play on NRG Energy’s board of directors.
  • Resolve Elliott Management’s claim in the 203 application that it doesn’t control day to day management of Peabody, as it appears to be contradicted by the fact that two of Elliott’s executives serve on Peabody’s board of directors.
  • Set for hearing the harm to competition of Peabody’s coal supply contracts with certain NRG Energy generation units.

Read the full, seven-page filing here: NRGElliottM