Catamount Energy Invests in England Generation Project.RUTLAND, Vt.--(BUSINESS WIRE)--Feb. 23, 1998--Catamount Energy Corp., the independent power subsidiary of Central Vermont Public Service Corp. (NYSE NYSE See: New York Stock Exchange :CV), has negotiated an exclusive agreement to purchase a 50-percent interest in a 98 MW natural gas-fired power station under construction in Fort Dunlop Fort Dunlop (grid reference SP129902), is the common name of the original tyre factory and head office of Dunlop Tyres in the Erdington district of Birmingham, England. It was established in 1917 and by 1954, the entire factory area employed 10,000 workers. , Birmingham, England. Catamount's partner in the project is Rolls-Royce Power Ventures, Ltd. ("RRPV RRPV Rate Reward Performance Variable "), a subsidiary of Rolls-Royce plc Rolls-Royce PLC British manufacturer of aircraft engines and propulsion and power systems and, for much of the 20th century, a maker of luxury automobiles. Charles S. and currently the sole owner of Heartlands Power Limited. Heartlands Power Limited purchased the site from Midlands Electricity in 1996 and has assumed responsibility for design, construction, operation, and maintenance of the plant that is scheduled to begin generating electricity in mid-1998. The station will include two Rolls-Royce Trent aeroderivative turbines, generating a maximum of 98 megawatts. The Trent is based on Rolls-Royce's Trent 800 jet engine, which powers the latest generation of passenger aircraft. The turbines will use Rolls-Royce's low-emissions combustor com·bus·tor n. A combustion chamber and its igniters, injectors, and other related apparatus in a jet engine or gas turbine. A name generally assigned to the combination of flame holder or stabilizer, igniter, combustion chamber, and technology to keep environmental impacts to a minimum. The open-cycle Trent has a response time measured in minutes, giving a high degree of operating flexibility. Electric power marketing to the England and Wales England and Wales are both constituent countries of the United Kingdom, that together share a single legal system: English law. Legislatively, England and Wales are treated as a single unit (see State (law)) for the conflict of laws. power grid and fuel supply for the plant will be the responsibility of a Regional Electric Company ("REC"). Financing for the project will be arranged by RRPV and Catamount catamount: see puma. prior to commercial operation. Catamount will consummate its investment in Heartlands once certain milestones are achieved. "The Heartlands project draws on Catamount's growing expertise in the development, construction, and operation of independent power projects in the 10 to 100 MW range," said Catamount and CV President and Chief Executive Officer Robert H. Young Robert H. Young (March 4 1929 - October 9 1950) was a soldier in the U.S. Army during the Korean War. He was posthumously awarded the Medal of Honor for his actions on October 9, 1950. Medal of Honor citation Rank and organization: Private First Class, U.S. . "It is a project that unites the combined technical capability of Catamount and Rolls-Royce with the marketing experience of a leading English REC. We will witness first hand the daily workings of a deregulated and competitive power pool and be able to apply what we learn at Heartlands to the soon-to-be deregulated power market in the United States and New England." This will be Catamount's second venture in England. In 1996, the company purchased an interest in what will be Europe's largest biomass generating station in Thetford, England, once commercial operation is achieved in the second half of 1998. With the addition of the Heartlands project, Catamount will hold ownership interests in six generating plants in the United States and two in Europe that have a combined generating capacity of approximately 300 megawatts. CONTACT: Catamount Energy Corporation William R. Behling, 802/747-5598 e-mail: bbehlin@catenergy.com |
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