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O'BRIEN ENVIRONMENTAL ENERGY SIGNS TWO POWER PURCHASE CONTRACTS WITH PUBLIC SERVICE ELECTRIC & GAS

 O'BRIEN ENVIRONMENTAL ENERGY SIGNS TWO POWER PURCHASE CONTRACTS
 WITH PUBLIC SERVICE ELECTRIC & GAS
 PHILADELPHIA, April 14 /PRNewswire/ -- Leading energy project developer O'Brien Environmental Energy (AMEX: OBS), announced today that it has signed two 15-year power purchase contracts with Public Service Electric and Gas Co. (PSE&G), a New Jersey utility.
 One contract with PSE&G is for 10 megawatts to be generated from a methane gas fueled power station O'Brien will construct at the Edgeboro Landfill in Edgeboro, N.J. Construction of this project will begin in July 1992 with operations scheduled to begin in December 1993.
 The second PSE&G contract is for five megawatts from a project to be located in Edison, N.J. Fueled by methane gas which will be extracted from the ILR Landfill, the project also will begin construction in July 1992, with operations scheduled to commence in December 1993.
 "These two projects are expected to produce combined annual gross revenues of about $5.7 million, based on the approximately six cent per KWH agreement with PSE&G," Bruce Levy, O'Brien vice president, said. "Due to the significant size of the projects and the associated production tax credit value of about $1.4 million annually, we have funded the well fields and collection systems to be completed by December of this year. We expect to secure non-recourse financing to fund the two projects together," he said.
 -0- 4/14/92
 /CONTACT: Hal LeVay of Porter, LeVay & Rose, Inc., 212-564-4700, for O'Brien Environmental Energy/
 (OBS) CO: O'Brien Environmental Energy; Public Service Electric and Gas Co. ST: Pennsylvania, New Jersey IN: UTI SU: CON


AH-TS -- NY047 -- 8283 04/14/92 12:27 EDT
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Publication:PR Newswire
Date:Apr 14, 1992
Words:276
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