New power projects boost PowerGen's international capacity 34%.LONDON--(BUSINESS WIRE)--May 22, 1997--PowerGen plc (NYSE NYSE See: New York Stock Exchange : PWG), the international power company, today announced that it has agreed terms to secure significant interests in two independent power projects (IPPs) planned in Indonesia and Thailand. The projects, which will cost pounds 1.27 billion, will have a total generating capacity of 1850 MW, and will further strengthen PowerGen's position as one of the world's leading IPP developers. Deryk King, PowerGen Group Managing Director, said: "PowerGen's international business is gathering pace. Within five years, the total output from international projects where we have significant interests will approach the same level as current generation from our UK plants." Both developments will be project financed. SERANG Se`rang´ n. 1. The boatswain of a Lascar or East Ondian crew. In Indonesia, PowerGen has agreed terms for a 40% stake in the pounds 398 million coal fired Serang power plant near Cilegon, West Java. PowerGen will project manage the 38-month plant construction program and will operate the 450MW station when it commissions in early 2001. Electricity from Serang will be sold to the state electricity company, PLN PLN In currencies, this is the abbreviation for the Polish Zloty. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. , under a 30-year contract. Partners in the project, PT Bukit Sunur Widjaya (40%) and Morrison Knudsen Corporation (5%), will develop a mining project to supply 50% of the coal for the plant. Sumitomo will own the remaining 15% and will act as EPC contractor. MAP TA PHUT Phut (fŭt), in the Bible, son of Ham and eponym of an African people. It may also be a region, possibly Punt or Libya, and is perhaps the same as Pul (2.) It also appears as Put. In Thailand, PowerGen has agreed terms with a consortium of partners to allow the formation of BLCP BLCP beach lighterage control point (US DoD) BLCP Battalion Logistics Control Point Power Limited. The consortium plans to develop the 1,400 MW Map Ta Phut coal fired power station as part of the Electricity Generating Authority of Thailand's (EGAT) IPP program. PowerGen has a 30% share in the #875 million project and the Group will operate and maintain the plant. Electricity from the plant will be sold to EGAT under a 25-year deal, the terms which have been today agreed. Partners in the project are Thai companies Banpu and Loxley, both with 30%. Mining company RTZ-CRA also holds 10% and will supply coal for the project. PowerGen currently has four operational plants in Australia, Germany and Hungary and will begin operating India's first privately owned power project later this year. Two further power stations are also under construction in Indonesia and Portugal. When these commission in 1998, PowerGen will have 5,455 MW of plant operating outside the UK. PowerGen's ADR ADR - Astra Digital Radio , equivalent to four ordinary shares, trades on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol PWG. PowerGen's ordinary shares trade on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. and prices may be accessed on Bloomberg under the symbol PWG LN, on the Reuter Equities 2000 Service under PWGN.L and on Quotron under PWGPU.EU. CONTACT: Caitriana Mackenzie PowerGen plc 011-441-71-826-2758 - or - Jeff Zelkowitz 212-889-4350 |
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