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HYDRA-CO REACHES FINANCIAL AGREEMENT FOR $262 MILLION LAKEWOOD COGENERATION FACILITY

 HYDRA-CO REACHES FINANCIAL AGREEMENT FOR
 $262 MILLION LAKEWOOD COGENERATION FACILITY
 SYRACUSE, N.Y., Nov. 10 /PRNewswire/ -- HYDRA-CO Enterprises Inc. announced today that it has reached financial agreements with a group of lenders to fund construction of the $262 million, 237 megawatt Lakewood Cogeneration, L.P. facility located in Lakewood, N.J.
 Lakewood Cogeneration, L.P. is a limited partnership whose general partners consist of subsidiaries of HYDRA-CO Enterprises Inc., Syracuse, N.Y., a wholly-owned subsidiary of Niagara Mohawk Power Corporation, and Consolidated Natural Gas Company, Pittsburgh. Limited partners in the Lakewood project are HYDRA-CO Enterprises Inc., CNG Energy Company, and TPC Lakewood, a wholly-owned subsidiary of Tomen Power Corporation. HYDRA-CO also will serve as the managing general partner for the project.
 Funding for the facility has been provided by Mellon Bank, N.A., as Agent; ABN-AMRO Bank, N.V.; the Industrial Bank of Japan; The Sanwa Bank Limited; Westpac Banking Corporation; Shawmut Bank, N.A.; and John Hancock Mutual Life Insurance Company.
 The facility will be a fully dispatchable, natural gas fueled cogeneration plant that will provide electricity on demand to Jersey Central Power & Light, a unit of General Public Utilities Corporation. Steam will be provided to the American Eagle Distillation Corporation and other commercial and industrial customers located within the Lakewood Industrial Park where the facility is located.
 Natural gas will be delivered through the New Jersey Natural Gas Company system, a unit of New Jersey Resources Corporation, and will be sourced by CNG Trading Company, a Consolidated subsidiary.
 At dedication ceremonies held in Lakewood, Barbara McConnell, New Jersey Commerce & Economic Development Commissioner, stated that the commitment made by developers of independent power facilities will help companies in New Jersey "compete, grow and create jobs." McConnell said that cogeneration provides for a "clean, efficient, and economical source of power ... It is the best way to meet our increasing energy needs, while keeping costs low and supplies abundant." McConnell added that cooperative efforts of state and local governments, business and labor, as well as advocacy groups is needed "to help us strengthen the environment for business while protecting the environment in which we live."
 "We are pleased to have a key role in benefitting the host community of Lakewood, while at the same time growing the economic value of the project for investors and partners," said Marty Buckley, vice president of Corporate Development for HYDRA-CO.
 The Lakewood Cogeneration facility is expected to be commercially operational in late summer of 1994.
 Engineering, procurement and construction services are provided under contract with CRS Sirrine Engineers, Inc. of Greenville, S.C.
 Lakewood Cogeneration is HYDRA-CO's 24th project; HYDRA-CO's current portfolio consists of 23 projects providing environmentally compatible cogeneration and alternate energy in New York and six other states, totalling 580 megawatts of power. These projects include gas- and coal- fired cogeneration, biomass, hydroelectric and windpower. HYDRA-CO was founded in 1981.
 -0- 11/10/92
 /CONTACT: Martin A. Buckley of HYDRA-CO Enterprises Inc./Lakewood Cogeneration, L.P., 315-471-2881, or Richard Toth of Sage Marcom Inc., 315-478-6612, for HYDRA-CO/ CO: HYDRA-CO ST: New York IN: UTI SU:


BM -- CL009 -- 9440 11/10/92 16:30 EST
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Date:Nov 10, 1992
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