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MAGMA POWER CO. ACQUIRES MISSION ENERGY'S INTEREST IN PHILIPPINE GEOTHERMAL POWER PLANT PROJECT

 SAN DIEGO, Nov. 4 /PRNewswire/ -- Magma Power Co. (NASDAQ: MGMA) announced today that it has acquired Mission Energy's interest in the 231 MW (216 MW net) geothermal power plant that Magma will build and operate on the Philippine island of Leyte under an existing energy conversion agreement with the Philippine National Oil Co.-Energy Development Corp. (PNOC).
 Commenting on the announcement, Paul M. Pankratz, Magma's chairman and chief executive officer, stated, "Magma Power is highly enthusiastic about the Leyte project and the opportunity to assist the Philippines in the development of its strategic geothermal resource. This is a very attractive development opportunity, and as a result of our acquisition of Mission's interest in the project, Magma will now receive substantially more revenue and earnings from the plant."
 According to the agreement with PNOC, Magma will build the plant under a "build, operate, and transfer" (BOT) contract and will operate the plant utilizing steam supplied by PNOC. The power plant will be built in two phases, with the first phase consisting of 77 MW (72 MW net) scheduled for start-up in July 1996 and the second phase adding an additional 154 MW (144 MW net) for start-up in July 1997.
 Magma operates seven geothermal power plants in Southern California on geothermal leaseholds and fee interests held by the company and holds additional geothermal leasehold and fee interests in other parts of California and Nevada.
 -0- 11/4/93
 /CONTACT: Magma Power Investor Relations, 619-622-7800/
 (MGMA)


CO: Magma Power Co.; Mission Energy; Philippine National Oil Co.-Energy
 Development Corp. ST: California IN: OIL SU: TNM


JL-LS -- SD005 -- 1036 11/04/93 21:04 EST
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Publication:PR Newswire
Date:Nov 4, 1993
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