PG&E Corporation Signs Contracts To Secure 50 Generating Turbines Representing 15,900 Megawatts Of Electricity


Bethesda, Md.-- PG&E Corporation’s (NYSE: PCG) National Energy Group today announced the execution of contracts to secure 50 turbines representing a development portfolio of approximately 16,000 megawatts of electric power. The contracts include four 7FA and nineteen 7FB turbines from GE Power Systems, as well as twenty-one Mitsubishi MHI 501G turbines and six Siemens Westinghouse SW 501G turbines.

The turbines will be deployed nationally to support the company’s greenfield development projects. Most of the turbines will be funded through a creative off-balance sheet financing arranged by Société Générale. The financing provides for the turbine purchases and related project costs without any near-term cash outlays from PG&E Corporation.

“These purchase agreements indicate our dedication to our overall growth strategy,” said Thomas G. Boren president and chief executive officer of PG&E National Energy Group. “With a substantial turbine procurement program, our commitments to satisfying regional energy needs and meeting our development goals are well underway.”

The contracts mark PG&E National Energy Group’s largest turbine commitment to date and diversifies its turbine portfolio. Delivery of the turbines is scheduled through 2004.

“We are greatly diversifying our marketing and generation presence across the country,” said Boren. “As we strengthen our foothold nationally with projects to meet critical market needs, we achieve a three-way win: value for our shareholders, confidence for our customers, and reliability for consumers,” he added.

PG&E Corporation with 1999 revenues of nearly $21 billion and operations in 21 states, markets energy services and products throughout North America through its National Energy Group. The Corporation has ownership and management interests in 30 operating electric power generating plants in 10 states, providing it with a generation portfolio of more than 7,000 megawatts and more than 10,000 megawatts in new power plant development and construction currently underway. It also has one of the largest energy trading and risk management programs in North America.


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