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FINAL CONTRACTS SIGNED FOR COGENERATION PROJECT IN UNITED KINGDOM

 FINAL CONTRACTS SIGNED FOR COGENERATION PROJECT IN UNITED KINGDOM
 IRVINE, Calif., April 16 /PRNewswire/ -- Mission Energy Co., a subsidiary of SCEcorp (NYSE: SCE), announced today that construction will begin this fall on a $240 million gas-fired cogeneration power plant at a chemicals facility near Derby, England, following the signing of final contracts in London.
 SCEcorp is also the holding company for Southern California Edison, one of the largest electric utilities in the United States.
 Derwent Cogeneration Ltd., the company which will own the power station, is a joint venture between Southern Electric Power Generation Ltd. (49.5 percent), Mission Energy Co. (UK) Ltd. (33 percent), and Courtaulds Chemicals (Holdings) Ltd. (17.5 percent).
 The project is being financed by debt on a non-recourse basis, according to Stephen Barrett, chairman of Derwent Cogeneration Ltd. "We are excited about the opportunity to develop this highly efficient and environmentally sound cogeneration project," Barrett said.
 The cogeneration plant, located at the Courtaulds Chemicals Spondon facility, will provide up to 214 megawatts of electrical capacity to the national electric utility and an average of 390,000 pounds per hour of steam to Courtaulds.
 Courtaulds will purchase steam from the cogeneration plant for use at its manufacturing facilities, and the local electric utility will purchase base load power and peaking capacity under a long-term contract. Derwent will purchase natural gas, the plant's primary fuel, under a 15-year interruptible supply contract with British Gas plc.
 The cogeneration plant will be interconnected to a 132-kilovolt distribution network at the existing Spondon substation, which is adjacent to the site. The local utility will complete the connection to their network and the National Grid Co. (NGC) will complete minor modifications to certain parts of their network to enable them to receive the power.
 The plant will be constructed by Ebasco (UK) Limited on a fixed- price, turnkey basis, with General Electric providing the turbines. Mission Energy Services Ltd., a wholly owned subsidiary of Mission Energy, will manage the construction, administration, operation and maintenance of the plant. The plant is expected to be completed in the spring of 1993.
 Financing for the project has been arranged through five banks: Barclays Bank, Credit Lyonnais, Long Term Credit Bank of Japan, the Swiss Bank Corp. and the Union Bank of Switzerland.
 -0- 4/16/92
 /CONTACT: Bob Edgell of Mission Energy, 714-752-5588/
 (SCE) CO: Mission Energy Co.; SCEcorp; Derwent Cogeneration Ltd. ST: California IN: UTI OIL SU: CON


JL -- LA031 -- 9409 04/16/92 15:03 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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