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MISSION ENERGY EXCLUSIVELY NEGOTIATING TO PURCHASE STAKE IN AUSTRALIAN POWER PLANT

 MISSION ENERGY EXCLUSIVELY NEGOTIATING TO
 PURCHASE STAKE IN AUSTRALIAN POWER PLANT
 IRVINE, Calif., April 6 /PRNewswire/ -- Mission Energy Co., a subsidiary of SCEcorp (NYSE: SCE), has been granted Preferred Bidder status to purchase 40 percent of the Loy Yang B power plant in Australia's state of Victoria. The State Electricity Commission of Victoria (SECV), the state owned and operated utility, is building the power plant to provide electricity to Victoria and the forthcoming national grid.
 "This is an important step into the expansion of SCEcorp into international markets," John Bryson, SCEcorp chairman of the board and chief executive officer, said. "We have put a lot of effort into this project, and we are very pleased to have been accepted."
 "The Loy Yang B project is an important part of the economy of Victoria," said Mission Energy President James Pignatelli. "Mission Energy is pleased to be able to contribute to the development of the area. Also, as operator of the power station, Mission Energy can bring a new approach to industrial relations," he said.
 The 1,000-megawatt Loy Yang B plant is being constructed adjacent to Loy Yang A, a 2,000-MW plant already in operation. The plants are fueled by low-grade brown coal obtained from a mine adjacent to the facilities. Mission Energy would operate the plant on a 30-year contract.
 Mission Energy will have exclusive rights for 30 days to negotiate an agreement with SECV on details of the purchase and related tariff and power purchase agreement. Mission has filed with the Securities and Exchange Commission for an exemption to the Public Utility Holding Company Act requirements as they relate to the purchase and operation of the Loy Yang B facility.
 -0- 4/6/92
 /CONTACT: Kevin Kelley of SCEcorp, 818-302-2255/
 (SCE) CO: Mission Energy Co.; SCEcorp ST: California IN: UTI OIL SU:


EH -- LA014 -- 5396 04/06/92 13:07 EDT
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Publication:PR Newswire
Date:Apr 6, 1992
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