Mirant completes purchase of facilities in Georgia, Florida

ATLANTA, Oct. 23, 2001 — Mirant today announced that it completed on Oct. 12 the acquisition of two power plants located in Georgia and Florida from El Paso Corporation.

"With this closing, Mirant successfully enters two markets that are key to our Southeast strategy," said David Rozier, chief executive officer of Mirant's southern U.S. operations. "Georgia and Florida both provide significant growth potential and we look forward to continued expansion in these states."

The execution of this contract between both parties was announced Aug. 8.

Mirant acquired from El Paso a 640-megawatt natural gas-fired power plant in Thomaston, Ga., and a 480-megawatt natural gas-fired plant in New Port Richey, Fla., north of Tampa. The Georgia plant uses four combustion turbines and has been operational since June 2000, while the Florida plant, using three combustion turbines, is scheduled to begin commercial operation in March 2002.

"This transaction complements our recent acquisition of power facilities in Pennsylvania and Florida and meets our objective of optimizing the value of El Paso's diverse power generation portfolio," said Clark C. Smith, president of El Paso Merchant Energy North America. "We will continue to pursue greenfield power development and acquisition opportunities in strategic locations across North America."

Mirant will provide power from both plants to customers under a variety of power purchase agreements, helping to meet substantial existing and future demand in both states.

El Paso Corporation is involved with meeting energy needs throughout North America and the world with operations that span the energy value chain from wellhead to electron. Visit El Paso at www.elpaso.com .

Mirant is one of the world's competitive energy providers. Headquartered in Atlanta, the company has integrated energy operations in North and South America, Europe and Asia. A provider of energy risk management and marketing of power, natural gas and other energy commodities, Mirant has one of the industry's largest energy commodity trading floors. For more information, visit http://www.mirant.com.

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