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Panda, PSEG Team for Texas Projects

Issue 6 and Volume 103.

Dallas-based Panda Energy International Inc. and PSEG Americas have announced a joint venture to develop and operate electric generation plants in Texas. The new venture, to be known as Texas Independent Energy, kicks off with the 1,000 MW combined-cycle, gas-fired plant in Guadalupe County that Panda initiated last year. Construction is scheduled to begin this summer with completion planned early in 2001.

The three plants will be built by Duke/Fluor Daniel. The Texas market is scheduled to open in 2002, and the first of the three plants should be complete early in 2001.

Panda has been busy with other plant announcements that are unaffected by the joint venture, including a $400 million plant to be sited near El Dorado, Ark., and a $200 million merchant plant to be sited near Coweta, Okla.