Printer Friendly

AES AND SONAT FORM JOINT VENTURE FOR NATURAL GAS-FUELED INDEPENDENT POWER PROJECTS

 AES AND SONAT FORM JOINT VENTURE FOR NATURAL
 GAS-FUELED INDEPENDENT POWER PROJECTS
 BIRMINGHAM, Ala., June 22 /PRNewswire/ -- The AES Corporation (NASDAQ: AESC) and Sonat Inc. (NYSE: SNT) today announced that they have agreed to form a 50-50 joint venture to develop, own and operate natural gas-fueled independent power projects in North America and Mexico.
 The venture, to be called AES/Sonat Power, will be headquartered in Arlington, Va. AES will have lead responsibility for project siting, permitting, power purchase contract negotiations, and plant development. Sonat will have lead responsibility for obtaining the gas supply for these projects and for arranging for gas transportation to the plant locations.
 Roger Sant, AES's chairman, stated that: "Over the past 10 years we have emphasized a least-cost power supply strategy which has produced a relatively high proportion of coal in our current mix of projects. More recently, we have recognized the need to diversify our fuel mix to include more natural gas. Our utility customers and their regulatory commissions have, in some cases, understandably shown a preference for lower cost gas-fueled projects. The AES/Sonat venture will move quickly to meet these changing market opportunities."
 Ron Kuehn, Sonat's chairman, said, "Our natural gas industry views the electric generation market as the most exciting source of demand growth for the next decade. AES and Sonat bring complementary people, skills and resources to create a strong competitive presence in project development."
 Walter (Chip) Schroeder of AES has been named to be AES/Sonat Power president and chief executive officer, and Miranda Ferrell of Sonat has been named to be executive vice president of the joint venture.
 AES is a major developer and operator of independent power facilities, with more than 2,000 megawatts of capacity in operation or under construction. Sonat is a worldwide energy company involved in natural gas transmission and marketing, oil and gas exploration and production, and offshore drilling.
 AES, headquartered in Arlington, had sales and earnings in 1991 of $333 million and $43 million, respectively. Sonat is headquartered in Birmingham, Ala., with 1991 sales of $1.4 billion and net income of $66 million.
 -0- 6/22/92 R
 /CONTACT: Thomas W. Barker, Jr. of Sonat, 205-325-3586, or Walter Schroeder of The AES Corporation, 703-522-1315/
 (AESC SNT) CO: The AES Corporation; Sonat Inc. ST: Virginia, Alabama IN: OIL SU: JVN


EA-BR -- AT014R -- 2853 06/23/92 12:34 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 23, 1992
Words:397
Previous Article:PFIZER-BRITISH SCIENTIFIC COLLABORATION PUBLISHES KEY HYPERTENSION FINDINGS
Next Article:INTEGRATED CIRCUIT SYSTEMS ELECTS RUDOLF GASSNER TO BOARD
Topics:


Related Articles
SONAT OFFSHORE DRILLING INC. IS SUCCESSFUL BIDDER ON MEXICO TURNKEY CONTRACTS
TRANSCO, DESTEC COMPLETE HARTWELL COGENERATION PROJECT FINANCING
DUKE ENERGY CORP. AND J. MAKOWSKI COMPANY JOIN FORCES
Williams Establishes a Major Presence In California's Newly Competitive Wholesale Electricity Market
Williams Announces Agreement for Pennsylvania Power Project.
Williams Announces Agreement for Pennsylvania Power Project.
Texas Independent Energy Awards Duke/Fluor Daniel Design/Construction of A One Gigawatt Power Plant in Texas.
CMS Energy Announces Closing of $220 Million Project Financing On Neyveli Independent Power Project in India.
QATAR - AES Leads IWPP.
New plant to boost Jordan's energy sector.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters