PSEG GLOBAL, PANDA ENERGY ANNOUNCE THIRD 1000 MW MERCHANT POWER PLANT IN TEXAS
ODESSA, Texas, April 14 /PRNewswire/ -- Texas Independent Energy, a 50-50 joint venture of PSEG Global of New Jersey and Panda Energy International of Dallas, will announce today at a press conference in Odessa, Texas plans to design, build and operate a third merchant power plant in Ector county, Texas. The project, the third in Texas for the group, represents a total investment by Texas Independent Energy of approximately $300 million.
Gas turbines and other equipment are already ordered and this plant will be ready for construction by December 1999. Commercial operation is expected by the summer of 2001. The project will feed into the Electric Reliability Council of Texas (ERCOT) grid for sale to any of its members, which include Texas Utilities and West Texas Utilities, along with numerous other utilities and co-ops across the state.
The joint venture recently announced two similar merchant plants in Archer County near Wichita Falls and in Guadalupe County just outside San Antonio. The natural gas fired combined cycle plants will provide significant economic benefits in construction, operations and maintenance.
Ralph Killian, Executive Vice President of Panda and a member of the management committee for Texas Independent Energy, noted that the plants' adva nced technology typically require one-third less fuel and water for operation than conventional power plants.
"With 3,000 MW of state-of-the-art technology on line by 2001, Texas Independent Energy will have the most efficient generation fleet in ERCOT," said Jeffrey Moore, Regional Vice President-US Market for PSEG Global's North and South American subsidiary.
PSEG Global develops, owns and operates private power and distribution facilities with at least 26 projects in Argentina, Brazil, China, India, the U.S. and Venezuela. The company has assets of approximately $1 billion. PSEG Americas, the company's North and South American subsidiary is headquartered in Miami supported by offices in New Jersey; Sao Paulo; Caracas and Buenos Aires. Assets in this region include Rio Grande Energia, an electric distribution company in southern Brazil; Kalaeloa, a 180 MW plant in Hawaii; and a gas-fired plant in Venezuela. PSEG Global is a subsidiary of Public Service Enterprise Group (NYSE: PEG).
Panda Energy International, a long established privately held company
headquartered in Dallas, is a recognized visionary in the development
of merchant power plants. In addition to the Guadalupe and Archer
County projects and a Paris, Texas facility initiated earlier, it
operates plants in North Carolina and Maryland and has additional
projects under construction overseas in China and Nepal. Panda also
announced plans last week for a $400 million generating plant near El
Dorado, Arkansas.
SOURCE Public Service Electric and Gas Company
-0- 04/14/99 /CONTACT: Janice Carter of Panda Energy International, 972-980-7159; or Julian Read or Ben Flusche of Read-Poland Associates, 512-472-4122; or Paul Rosengren of PSEG Global, 973-430-5911/
/Web site: http://www.pseg.com/ (PEG)
CO: Public Service Electric and Gas Company ST: New Jersey, Texas
IN: OIL SU: