El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Corporation Acquires Interests in Clean Coal Technology Plants
HOUSTON, TEXAS, July 12, 2001—El Paso Corporation (NYSE:EPG) announced that on June 29, 2001, its wholly
owned subsidiary, Golden Power Acquisition, L.L.C., purchased Ahlstrom
Development Corporation, an American subsidiary of A. Ahlstrom Corporation of
Finland. This transaction gives El Paso an equity interest in five coal-fired
power plants located in California and Pennsylvania.
All five plants use circulating fluidized bed boiler technology, developed by
Ahlstrom, for burning coal in an environmentally friendly way. The total
production capacity of the projects being purchased is 420 megawatts, of which
El Paso's net interest is 123 megawatts.
The facilities, which include the Colver, Gilberton and Panther Creek plants
located in Pennsylvania, and the ACE and Mount Poso plants located in
California, are all under long-term power purchase agreements.
"This acquisition marks El Paso's entrance into clean coal
technology," said Clark C. Smith, president of El Paso Merchant North
America. "These facilities will continue to provide firm power to their
respective markets while being sensitive to the environment."
El Paso Corporation is committed to meeting energy needs throughout North
America and the world with operations that span the energy value chain from
wellhead to electron. The company is focused on speeding the development of new
technologies, such as clean coal and liquefied natural gas, to address critical
energy shortages across the globe. Visit El Paso at www.elpaso.com.
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 company has 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 company makes these statements and projections in good faith, neither the company nor its management can guarantee that the anticipated future results will be achieved. Reference should be made to the company's (and its affiliates') Securities and Exchange Commission filings for additional important factors that may affect actual results.