COASTAL TO ACQUIRE RENSSELAER COGENERATION FACILITY
HOUSTON, March 15 /PRNewswire/ -- The Coastal Corporation (NYSE: CGP) today announced that Fulton Cogeneration Associates, L.P. (Fulton), a limited partnership wholly owned by subsidiaries of Coastal, has acquired the 79.6-megawatt Rensselaer cogeneration facility near Albany, N.Y.
Fulton acquired the Rensselaer facility and pertinent contracts, agreements and permits from LG&E Westmoreland Rensselaer, a California general partnership in which LG&E Industrial Sales Corporation and Westmoreland- Rensselaer, L.P. are general partners.
The Rensselaer facility is a combined-cycle power generation facility on a site leased from the Albany Port District Commission. The facility is primarily fueled by natural gas, but is capable of utilizing No. 2 fuel oil, and provides steam to an adjacent BASF Corporation manufacturing facility. Fulton will manage the facility; Coastal Technology, Inc., a Coastal subsidiary, will operate the facility.
Fulton also took assignment of LG&E Westmoreland Rensselaer's interest in agreements with Niagara Mohawk Power Company (NiMo) entered into in connection with a NiMo Master Restructuring Settlement of June 30, 1998. The facility also provides steam to an adjacent BASF Corporation plant.
The Coastal Corporation, through its subsidiaries, has several independent power projects worldwide. In North America, Coastal has interests in other power generation operations and facilities in Hartford, Conn.; Midland, Mich.; and Westville, N.J.
The Coastal Corporation is a Houston-based energy holding company with consolidated assets of nearly $12 billion and subsidiary operations in natural gas transmission, storage, gathering and processing and marketing; petroleum refining, marketing and distribution; chemicals; oil and gas exploration and production; power production; and coal. Coastal's address on the World Wide Web is www.coastalcorp.com. SOURCE The Coastal Corporation
-0- 03/15/99 /CONTACT: Joe Martucci of The Coastal Corporation, 313-496-5079/
/Web site: http://www.coastalcorp.com/ (CGP) CO: Coastal Corporation; Fulton Cogeneration Associates, L.P; LG&E
Westmoreland Rensselaer; LG&E Industrial Sales Corporation; Westmoreland-
Rensselaer, L.P.; Coastal Technology, Inc. ST: Texas, New York, California IN: OIL UTI SU: