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Southern Energy buys Vastar stake in energy marketing operation

ATLANTA, Sept. 11, 2000 — Southern Energy Inc. has completed the $250 million purchase of Vastar Resources Inc.’s 40 percent interest in Southern Company Energy Marketing, making the company wholly owned by Southern Energy.

Southern Energy and Vastar will continue with a 10-year natural gas purchase and sale agreement established when the two formed Southern Company Energy Marketing in August 1997.

Southern Company unit Southern Energy Inc. — with operations in 12 countries on five continents — develops, builds, owns and operates power production and delivery facilities and provides a broad range of services to utilities and industrial companies around the world. Its Southern Company Energy Marketing unit provides energy marketing, risk management and financial services and other energy-related commodities, products and services to customers in the United States and Canada.

Southern Company, the largest producer of electricity in the United States, is also the parent firm of Alabama Power, Georgia Power, Gulf Power, Mississippi Power and Savannah Electric.