Foster Wheeler awarded contract for gas turbine power plant project

HAMILTON, Bermuda, Jan. 8, 2002 — Foster Wheeler Ltd. today announced that its subsidiary, Foster Wheeler USA Corporation, has been awarded a $28 million engineering, procurement, construction contract by Bayswater Peaking Facility, LLC for a 54 MW natural gas-fired power-generation plant in Far Rockaway, Queens, New York City.

The Bayswater Clean Energy Center will incorporate two simple-cycle gas turbines connected to a single generator. This facility will operate during peak power-demand times, mostly on hot summer days, to help ensure power is available when it is needed most.

The plant will be designed to start up quickly from a remote start-up signal based on the electric power demand requirements in the New York City area.

In addition to building the facility, Foster Wheeler will also be responsible for its commissioning and testing. Work on this project has begun and start-up is expected in June 2002.

Bayswater Peaking Facility, LLC is a wholly owned project company of FPL Energy, LLC of Juno Beach, Florida.

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