Deane S. Price appointed president of NewEnergy Associates

ATLANTA, June 28, 2004 — NewEnergy Associates, a Siemens Company and a wholly owned subsidiary of Siemens Westinghouse Power Corporation, is pleased to announce the appointment of Deane S. Price as president.

“I am pleased that Deane has accepted this challenging role, and believe that we could not have made a stronger choice for NewEnergy,” stated former President Jesse H. Davis, II who requested to step down and assume the role of Executive Vice President, Strategic Relations. Davis continues, “For some time I have wanted to focus on expanding NewEnergy’s relationships with key business partners and strategic clients, and now that will be possible.” Both Ms. Price and Davis are founding principals of NewEnergy Associates. Ms. Price has previously held the positions of Chief Financial Officer and Chief Operating Officer for NewEnergy Associates.

“One of my key goals has been to maintain and build a strong management team at NewEnergy and within our larger Siemens business group. With this transition, we have taken an important step in our succession management, while at the same time keeping our world-class leadership team intact – really the best of both worlds,” stated Ralph Genesi, CEO of NewEnergy Associates, and General Manager, Siemens Power IT Solutions. Genesi continues, “Jesse has made significant contributions as President and we look forward to his continued contribution in his new role.”

“NewEnergy has pulled together a suite of offerings like no one else in the industry and has gained tremendous momentum in the marketplace. We are poised for the next strategic step in our growth plan,” said Ms. Price, adding, “I look forward to continuing to work with Ralph, Jesse, and the rest of the outstanding NewEnergy team in my new role.”

About NewEnergy Associates

NewEnergy Associates is a wholly owned subsidiary of Siemens Westinghouse Power Corporation and part of Siemens Power IT Solutions, a business unit of the global Siemens business area Power Generation (PG). Siemens has established itself as the leading provider of true end-to-end energy IT and consulting for decision support and energy operations, from the Plant Operator to the Corporate Officer. NewEnergy Associates has been specializing in the development and support of integrated business applications in excess of 25 years, with clients worldwide in electric and natural gas utilities, energy trading and retailing, power generation and project development, transmission, as well as state and national governments.

In fiscal 2003, which ended September 30, 2003, Siemens PG posted sales amounting to EUR 7 billion and received new orders totaling EUR 7.3 billion. Earnings before interest and taxes (Group Profit) amounted to EUR 1.171 billion. On September 30, 2003, Siemens PG had a work force of approximately 30,300 around the world.

Learn more about NewEnergy Associates at www.newenergyassoc.com

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