DALLAS, March 13, 2003 — Texas Independent Energy, LP and BP Energy Company announced the signing of two three-year agreements involving natural gas supply and energy marketing services for Texas Independent Energy’s two 1,000 MW generating plants.
The generating plants are the Guadalupe Power plant located near New Braunfels, TX and the Odessa Power plant located in Odessa, TX.
Under the agreements BP Energy will supply natural gas to both plants, which together can consume as much as 330 million cubic feet of natural gas each day. BP will also coordinate marketing the power output from the plants. Texas Independent Energy will continue to operate both state-of-the-art plants, which are environmentally clean and very efficient.
Texas Independent Energy Vice President Byron Gannaway said, “We are extremely pleased by our new relationship with BP Energy. These are important contracts for the Guadalupe and Odessa plants as they combine BP Energy’s access to supplies of clean-burning natural gas and commercial expertise with Guadalupe’s and Odessa’s state of the art, very low emissions, high efficiency combined cycle power plants. In combination with Texas Independent Energy’s substantial knowledge of the ERCOT (Electric Reliability Council of Texas) market, the contracts with BP Energy enable the two companies to effectively bring energy products to the market.”
BP Energy President Tim Bullock said, “Power generation is a significant growth segment of the North American natural gas market and BP Energy believes that it is in a distinctive position to market to this customer segment. This relationship is a logical extension of BP Energy’s wholesale natural gas and electricity, marketing and services business.”
The Guadalupe facility has been in full operation since January 2001 and the Odessa facility has been in full operation since August 2001. Both participate in the de-regulated electricity market in Texas. Guadalupe and Odessa are owned by subsidiaries of Texas Independent Energy, LP, a joint venture of PSEG Global Inc., Panda Energy International, Inc., and a subsidiary of TECO Power Services.
BP Energy is a wholly owned subsidiary of BP Corporation North America, which is engaged in the wholesale natural gas and electricity commodity and services business in North America.
PSEG Global develops, owns and operates electric generation and distribution facilities and engages in power production and distribution in selected U.S. and international markets. PSEG Global is a direct subsidiary of PSEG Energy Holdings and an indirect subsidiary of PSEG (NYSE: PEG – News).
Headquartered in Dallas, Texas, Panda Energy International, Inc., is a privately held non-regulated electric generation company whose primary focus is the development, ownership and operation of state-of-the-art, environmentally clean, low-cost power plants. The company owns and operates plants in Roanoke Rapids, North Carolina, Brandywine, Maryland and Nepal, and it has ownership in four 1,000-megawatt plants it developed in Guadalupe County, Paris and Odessa, Texas, and Oneta, Oklahoma. Panda has developed 9,000 megawatts that are either in advanced construction or in commercial operation. Panda also has 10,000 megawatts of electric generating capacity currently in advanced development. For more information, visit online: www.pandaenergy.com.