Mirant announces development of power plant in North Carolina

ATLANTA, Aug. 27, 2001 — Mirant today announced plans to develop a 1,200-megawatt natural gas-fired power plant in Gastonia, N.C., Mirant’s first in the state.

Construction of the power facility is scheduled to begin early in 2002 with commercial operation scheduled for summer 2004.

“North Carolina’s energy needs continue to grow, and this site was specifically chosen because of its location in the rapidly developing Gastonia-Charlotte region and the I-85 corridor,” said David Rozier, chief executive officer of Mirant’s southern U.S. operations. “Mirant will use its marketing and risk management capabilities to manage the fuel going into the plant and the electricity coming out of it.”

Mirant is working closely with the Gaston County Economic Development Commission in selecting the power plant site and developing the project. To move forward, the project still requires regulatory approvals.

The 1,200 megawatts of power to be produced at the Gastonia plant will keep Mirant on target to own or control 35,000 megawatts in North America by 2005. This facility, located outside of Charlotte, is consistent with Mirant’s strategy of locating power plants near major load centers across North America.

Mirant develops, constructs, owns and operates power plants and sells wholesale electricity, natural gas and other energy commodities. Headquartered in Atlanta, with 10,000 employees worldwide, Mirant has extensive operations in North America, Europe and Asia. Mirant owns or controls more than 21,500 megawatts of electric generating capacity around the world, with another 7,900 megawatts of announced development. In North America, Mirant controls an extensive natural gas asset base, including transportation, storage and access to approximately 3.8 billion cubic feet per day of natural gas production

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