Combined Cycle, Gas

LS Power closes deal for Duke assets

5 May 2006 — LS Power Group’s purchase of Duke Energy North America’s power plants outside the Midwest closed today, adding approximately 6,300 MW of capacity to LS Power’s electricity generation portfolio.

LS Power Equity Partners, a member of LS Power, paid approximately $1.6 billion for nine Duke Energy power plants located in the northeastern and western United States. The transaction, which received Federal Energy Regulatory Commission and Hart-Scott-Rodino approvals, brings LS Power’s total portfolio of generation assets to approximately 8,300 MW.

“The completion of this transaction complements our existing assets and enhances LS Power’s presence throughout the country,” said Mike Segal, Chairman and CEO of LS Power.

LS Power has taken ownership of the following assets:

• Arlington Valley (Maricopa County, Ariz.) – 570 MW, natural gas-fired, combined-cycle facility
• Griffith Energy Facility (Mohave County, Ariz.) – 300 MW (reflects Duke Energy’s 50 percent ownership), natural gas-fired, combined-cycle facility
• South Bay (Chula Vista, Calif.) – 700 MW, conventional steam facility
• Morro Bay (Morro Bay, Calif.) – 1,002 MW, conventional steam facility
• Moss Landing 1 & 2 (Moss Landing, Calif.) – 1,020 MW, natural gas-fired, combined-cycle facility
• Moss Landing 6 & 7 (Moss Landing, Calif.) – 1,509 MW, conventional steam facility
• Oakland Power Plant (Oakland, Calif.) – 165 MW, simple-cycle, fuel-oil facility
• Maine Independence (Veazie, Maine) – 520 MW, combined-cycle facility
• Bridgeport Energy (Bridgeport, Conn.) – 490 MW, combined-cycle facility

LS Power’s other power generation assets are located in Arkansas, Illinois and Pennsylvania. LS Power is also developing several power generation facilities – with a combined capacity of approximately 4,500 MW – in Nevada, Texas, Georgia and Iowa.