HOUSTON, Jan. 19 /PRNewswire-FirstCall/ -- El Paso Corporation (NYSE: EP) announced today that it closed the previously announced sale of its 50-percent ownership interest in EMA-Power to an affiliate of the Dunaferr Corporation for approximately $39 million.

EMA-Power, located near Budapest, Hungary, is a power-generation complex that sells electricity, turbo air, steam, and softened water to the adjacent Dunaferr steel mill. The project has a total energy capacity of approximately 667 megawatts. El Paso acquired its interest in the complex in 1996.

This transaction concludes the sale of El Paso's European power assets and supports the company's debt-reduction program.

El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. The company owns North America's largest natural gas pipeline system and one of North America's largest independent natural gas producers. For more information, visit http://www.elpaso.com .

Cautionary Statement Regarding Forward-Looking Statements

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, including, without limitation, the ability to implement and achieve our objectives in the 2006 plan; inability to realize anticipated synergies and cost savings associated with restructurings and divestitures on a timely basis; the uncertainties associated with governmental regulation; competition; and other factors described in the company's (and its affiliates') Securities and Exchange Commission filings. While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. The company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the company, whether as a result of new information, future events, or otherwise.

SOURCE El Paso Corporation
01/19/2006

CONTACT: investor and public relations, Bruce L. Connery, Vice President, 1-713-420-5855, or fax, 1-713-420-4417, or media relations, Richard Wheatley, Manager, 1-713-420-6828, or fax, 1-713-420-6341, both of El Paso Corporation

6077 01/19/2006 10:30 EST http://www.prnewswire.com