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MAGMA POWER CO. SELECTED BY PHILIPPINES NATIONAL OIL CO. TO BUILD AND OPERATE 70 MEGAWATT GEOTHERMAL POWER PLANT

 SAN DIEGO, April 14 /PRNewswire/ -- Magma Power Co. (NASDAQ: MGMA) today announced that it has been selected by the Philippines National Oil Co. (PNOC) to build and operate a 70 MW geothermal power plant on the Philippines island of Leyte under a to-be-negotiated "build, operate and transfer" (BOT) contract.
 The proposed BOT contract is for a period of 15 years. Under the proposed contract, Magma will build an electric generating plant on a PNOC-owned and developed geothermal resource and convert steam supplied to the plant by PNOC into electrical power. The power generated will be distributed by underwater cable to the island of Cebu. At the end of the 15-year period, ownehe project.
 The 70 MW plant is expected to be operational by mid-1996. A second phase of the Leyte project calls for development of up to 450 MW of additional geothermal generating capacity by 1997. Magma Power also plans to pursue the rights to negotiate a contract with the PNOC for all or part of that additional capacity.
 Magma Power Co's Chairman and Chief Executive Officer Paul M. Pankratz commented, "Magma Power is honored and pleased to have been selected by the PNOC to negotiate this significant new geothermal contract. The Philippines is a nation rich in geothermal resources with a strong demand for new generating capacity. Magma, with its technological and operational expertise in building and running geothermal power plants, looks forward to supporting the Philippines in meeting its growing energy needs.
 "This represents Magma's first project outside the United States," added Pankratz, "and positions the company well to pursue additional offshore projects throughout the Pacific Rim, including future projects in the Philippines and Indonesia. Of considerable interest to Magma Power is the second phase of the Leyte project, which we will be pursuing actively with the PNOC."
 Magma Power Co., a San Diego-based firm, holds geothermal leaseholds in California and Nevada, and manages the operation of geothermal power plants in which it owns a significant interest. Magma Power also receives royalties, management service fees, interest and rental income from the plants and properties and earns substantial investment income.
 -0- 4/14/93
 /CONTACT: Investor relations of Magma Power, 619-622-7800/
 (MGMA)


CO: Magma Power Co.; Philippines National Oil Co. ST: California IN: OIL UTI SU: CON

LS-JL -- SD002 -- 5513 04/14/93 08:05 EDT
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Date:Apr 14, 1993
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