CRSS CAPITAL'S PROPOSAL TO BONNEVILLE POWER ADMINISTRATION SELECTED FOR NEGOTIATION
CRSS CAPITAL'S PROPOSAL TO BONNEVILLE POWER
ADMINISTRATION SELECTED FOR NEGOTIATION
HOUSTON, Dec. 16 /PRNewswire/ -- CRSS Capital, Inc., a majority owned subsidiary of CRSS Inc. (NYSE: CRX), announced today that its proposed 220 MW cogeneration proposal has been selected into the Negotiation Group in conjunction with Bonneville Power Administration's previously announced 300 MW capacity acquisition program. CRSS Capital expects to begin further negotiation in early 1992. The capacity acquisition program, developed to address the reduced power surplus which existed in the 1980s, is one of four actions set by BPA through a resource program issued in July 1990 to provide continued reliable wholesale power supplies in the Pacific Northwest.
CRSS Capital currently maintains a 100 percent interest in the proposed cogeneration facility. The project would be located in Chehalis, Wash. and sell steam to local industries in the Chehalis area. A precedent agreement has been executed with Northwest Pipeline for the construction of natural gas transportation facilities for the supply of natural gas to the proposed cogeneration project. CRS Sirrine Engineers, Inc. would provide engineering and construction services to the project. The project could be in commercial operation in late 1995.
James T. Stewart, CRSS Capital president and chief executive officer, added; "This selection of our proposed 220 MW combined cycle cogeneration facility, as part of Bonneville Power Administration's Negotiation Group, builds on the success of CRSS Capital's existing portfolio of five operating power and cogeneration facilities. CRSS Capital expects to see continued growth in our project portfolio from both independent energy projects as well as innovative project financings which we demonstrated with our James River chemical recovery project which is currently under construction."
Houston-based, CRSS Inc., through its subsidiaries, is one of the largest and most diversified design and construction services companies in the nation. CRSS Capital, Inc., an 81 percent owned subsidiary, currently has interests in projects with assets in excess of $660 million which produce more than 520 MW of power. CRSS has also expanded through its interest in NaTec Resources, Inc. into the acid rain pollution control market.
/CONTACT: Steve Pierce of CRSS, 713-552-2158/
(CRX) CO: CRSS Capital, Inc. ST: Texas, Washington IN: UTI SU: FC-OS -- NY038 -- 2511 12/16/91 12:17 EST