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Sithe Energies Plans To Increase Generating Capacity At Independence Station Power Plant In Scriba, New York.

NEW YORK--(BUSINESS WIRE)--July 23, 1998--

Phase II Expansion Calls For 750 MW Of Additional Capacity;

Sithe Plans to Spend $400 Million, Creating 800 Construction Jobs

Sithe Energies, Inc., one of the country's largest independent power producers, today announced plans to build 750 megawatts (MW) of merchant generating capacity at its 1,040 MW Independence Station in Scriba, New York. Sithe said it is in the process of filing a pre-application request with the New York State Public Service Commission. Independence Station, already the country's largest non-utility affiliated cogeneration plant, entered commercial operation in November 1994.

Sithe noted that the infrastructure to accommodate this low cost Phase II expansion is already in place and said it expects to spend approximately $400 million over the next three years to build the facility. Approximately 800 construction jobs will be created during the construction of this additional capacity.

Noting therecent record demand for electricity in New England and New York and the electricity shortages in the Midwest, William Kriegel, Chairman and Chief Executive Officer of Sithe, said: "America as a whole has underinvested in new and much-needed generating capacity over the last two decades, largely because of the artificial barriers that existed in the old regulated environment, and uncertainties over the disposition of existing nuclear capacity and the transition to a deregulated marketplace. Today, the pendulum has shifted. State-of-the-art, environmentally friendly plants such as Independence Station, the planned new 750 MW expansion there, and the plants we intend to build in and around Boston are clearly models for the future of electricity generation in this country and will help meet the increased demand for generation."

Continued Kriegel: "Our decision to expand at Independence reflects the enormous progress on deregulation made over the last two years in New York State, as well as the exceptional partnership we have developed over the last eight years with the people and community of Oswego County. The new capacity in upstate New York is good news for that economy, its businesses and consumers, as well as the electricity market in general."

Independence Station has been recognized around the world for its state-of-the-art engineering and staffing efficiencies. The cleanest power plant built in New York, Independence earned an endorsement from the Sierra Club, praising the plant for improving air quality. In 1995, Power magazine honored Independence Station with an award for achieving ultra-low Nox emission with its advanced gas turbine technology. Independence continues to set industry records for reliability and availability.

New York-based Sithe Energies owns and operates 38 power plants worldwide with current aggregate capacity of more than 4700 MW. In North America, Sithe owns and operates power plants in Massachusetts, New York, California, Pennsylvania, Idaho, New Jersey, North Carolina, Colorado and Ontario, Canada. Earlier this year, Sithe purchased Boston Edison's non-nuclear power plants, representing an aggregate of 2,000 MW of capacity. At the same time, Sithe announced plans to expand capacity at several former Boston Edison plants by a total of 2,800 MW, investing $1 billion over the next three years.

Overseas, Sithe's extensive global portfolio of projects under operation, construction or development includes plants with a generating capacity of almost 6,000 MW in China, Australia, Thailand, India, Pakistan, the Philippines, Brazil, Colombia, Tunisia and Argentina. Founded in 1984, Sithe Energies is owned 60 percent by Vivendi, France's largest service company, 29 percent by Marubeni Corporation, a major Japanese trading company and 11 percent by management.

 CONTACT: Gina Fedele
 Sithe Energies, Inc.
 Fred Bratman/Tina Johnson
 Sard Verbinnen & Co.

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Publication:Business Wire
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Geographic Code:1USA
Date:Jul 23, 1998
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