LS Power Closes Deal for Duke Assets

NEW YORK (May 4, 2006) – LS Power Group's ("LS Power") purchase of Duke Energy North America's power plants outside the Midwest closed today, adding approximately 6,300 megawatts of capacity to LS Power's electricity generation portfolio.

LS Power Equity Partners, a member of LS Power, paid approximately $1.6 billion for nine Duke Energy power plants located in the northeastern and western United States. The transaction, which received Federal Energy Regulatory Commission and Hart-Scott-Rodino approvals, brings LS Power's total portfolio of generation assets to approximately 8,300 megawatts.

"The completion of this transaction complements our existing assets and enhances LS Power's presence throughout the country," said Mike Segal, Chairman and CEO of LS Power.

LS Power has taken ownership of the following assets:

  • Arlington Valley (Maricopa County, Arizona) – 570 megawatts, natural gas-fired, combined-cycle facility
  • Griffith Energy Facility (Mohave County, Arizona) – 300 megawatts (reflects Duke Energy's 50 percent ownership), natural gas-fired, combined-cycle facility
  • South Bay (Chula Vista, California) – 700 megawatts, conventional steam facility
  • Morro Bay (Morro Bay, California) – 1,002 megawatts, conventional steam facility
  • Moss Landing 1 & 2 (Moss Landing, California) – 1,020 megawatts, natural gas-fired, combined-cycle facility
  • Moss Landing 6 & 7 (Moss Landing, California) – 1,509 megawatts, conventional steam facility
  • Oakland Power Plant (Oakland, California) – 165 megawatts, simple-cycle, fuel-oil facility
  • Maine Independence (Veazie, Maine) – 520 megawatts, combined-cycle facility
  • Bridgeport Energy (Bridgeport, Connecticut) – 490 megawatts, combined-cycle facility

LS Power's other power generation assets are located in Arkansas, Illinois and Pennsylvania. LS Power is also developing several power generation facilities – with a combined capacity of approximately 4,500 megawatts – in Nevada, Texas, Georgia and Iowa.

LS Power was founded in 1990 and is a fully integrated development, investment and asset management group of companies focused on the power industry. LS Power maintains offices in New Jersey, New York, Missouri, California, Florida and Massachusetts.

LS Power Group Contact
Darpan Kapadia
212-615-3456
dkapadia@lspower.com

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