Coal

Mirant begins commercial operations at Florida power plant

NEW PORT RICHEY, Fla., March 11, 2002 — Mirant announced Monday that it has begun commercial operation of a natural gas-fired power plant in Pasco County.

“Florida, which in recent years has been growing nearly twice as fast as the rest of the country, is an attractive state for power plant development,” said Richard Pershing, executive vice president, North America. “Mirant is excited to be entering the growing Florida market with this facility, and we are particularly happy about the fact that it was completed one month ahead of schedule.”

The “simple cycle” power plant, which uses three combustion turbines, is located 30 miles north of Tampa. Previously listed as having 460 megawatts of capacity, the plant recently tested to have 474 megawatts of “net dependable” capacity, a term for the amount of reliable electric generating ability. Mirant is providing power from this plant under a long-term wholesale power purchase agreement.

Mirant’s completion of the power plant is part of its plan to bring online 5,700 megawatts of new generation capacity in 2002-2003 under a reduced development and capital spending program.

Mirant bought the unfinished power plant from El Paso Corporation in October, at the time also acquiring an operating 640-megawatt natural gas- fired power plant in Thomaston, Ga.

Mirant is a global competitive-energy company. Mirant integrates an extensive portfolio of power and natural gas assets with marketing and risk management expertise. Mirant has facilities in North America, the Caribbean, Europe and Asia, and operates one of the world’s largest energy commodity trading organizations from its headquarters in Atlanta. Visit the company at www.mirant.com .