El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Energy International Company Acquires Interest in Enfield Energy Centre Ltd.
Houston, Texas, December 28, 1998-EláPaso Energy
International Company, a business unit of EláPaso Energy Corporation (NYSE:EPG),
announced today that it has acquired a 25 percent interest in Enfield Energy Centre Ltd.
from NRG Energy, Inc. The 396-megawatt combined cycle gas turbine power plant is currently
under construction near London, England. EláPaso Energy International is partnered
with Indeck Energy Services, Inc. and NRG Energy, Inc. in the project, which is expected
to be operational by October 1999. Financial closing for the ú176 million project
occurred in December of 1997.
According to John D. Hushon, president of EláPaso Energy International, "This
project represents another step in our plans to develop a strategic presence in the United
Kingdom power market and builds off the success of our recently announced Fife power
project in Scotland. The Enfield power plant will be one of the most economical combined
cycle gas turbine power plants in the country, providing cost-effective power supplies to
prime locations north of London. We expect to continue our development efforts in this
important market area."
With over $10 billion in assets, EláPaso Energy Corporation provides energy
solutions through five business units: Tennessee Gas Pipeline Company, Elá Paso
Natural Gas Company, EláPaso Field Services Company, EláPaso Energy Marketing
Company, and EláPaso Energy International Company. The company owns the nation's
only integrated coast-to-coast natural gas pipeline system and has operations in
interstate natural gas transmission, gas gathering and processing, energy marketing, and
international infrastructure development.
This release includes forward-looking statements and projections, made in
reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. The companies have made every reasonable effort to ensure that the information and
assumptions on which these statements and projections are based are current, reasonable,
and complete. However, a variety of factors could cause actual results to differ
materially from the projections, anticipated results or other expectations expressed in
this release. While the companies make these statements and projections in good faith,
neither the companies nor their managements can guarantee that the anticipated future
results will be achieved. Reference should be made to the companies' (and their
affiliates') Securities and Exchange Commission filings for additional important
factors that may affect actual results.