Mirant enters long-term power contracts with Nevada Power Co.



ATLANTA, Jan. 28, 2003 -- Mirant on Tuesday announced that it entered into three long-term power contracts with Nevada Power Co. under which Mirant will provide 325 megawatts of capacity and electricity to Nevada Power Co. The contracts are subject to the approval of the Public Utilities Commission of Nevada.

"This agreement with Nevada Power is significant because it signals progress toward stabilizing a key western power market," said Anne Cleary, vice president for Mirant's West assets. "Mirant's contracts demonstrate that parties are still entering long-term power purchase agreements, which reflect the value of flexible and reliable physical power. Mirant will continue to focus on well-functioning, regional markets where we have a critical mass of assets, people and customers."

"These long-term contracts are part of our plan to ensure future price stability while providing safe and reliable service to our customers in southern Nevada," said Pat Shalmy, president of Nevada Power.

Mirant's new power plant, located north of Las Vegas in the Apex Industrial Park, will generate most of the power to be provided under the contracts. Mirant's plant is a 533 MW, natural gas-fired plant that is scheduled to begin commercial operation in April 2003.

The contracts extend to April 2008. Specific terms of Mirant's contracts with Nevada Power Co. were not disclosed.

More information is at www.mirant.com.

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