Reorganized Optim companies file with Texas commission as power generators

Two companies that are the reorganized holders of two gas-fired power plants in Texas that used to belong to bankrupt Optim Energy LLC on Oct. 2 filed registration statements with the Public Utility Commission of Texas as power generators.

One filing was from Optim Energy Cedar Bayou 4 LLC. Said its filing as the reason for this new registration: “On August 21, 2015, the upstream ownership of the registered company was reorganized in accordance with the plan of reorganization approved by the United States Bankruptcy Court for the District of Delaware in Case 14-10262-BLS.”

The company in that bankruptcy case at first tried to sell these two gas-fired plants, and did last year sell its coal-fired plant in Texas. But it didn’t get good enough offers for the gas plants, so some elements of the company were reoganized around these plants, which have been launched under a debt-for-quity swap with creditors as stand-alone companies. 

The filings describe the companies’ parent as OE Holdings LLC, which has an ultimate upstream 100% owner of Cascade Investment LLC, an investment and asset management company. The companies describe their businesses as: “Sale of electric energy, capacity and ancillary services at wholesale in ERCOT.”

Optim Energy Cedar Bayou 4’s plant, located in Harris County, is the 564-MW natural gas-fired Altura Cogen Power Station.

The other, largely identical filing, was from Optim Energy Altura Cogen LLC, covering the 275-MW gas-fired Cedar Bayou Unit #4 in Chambers County.

The listed company contact in both cases is: Nick Rahn, Chief Executive Officer, 8403 Colesville Road, Suite 915, Silver Spring, MD 20910, nrahn@cpv.com, Phone:(301) 628-4214, Fax: (240) 723-2339.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.