Mirant partners with Avista on Northwest project; companies sign letter of intent on Coyote Springs facility

BOARDMAN, Ore., Oct. 24, 2001 – As part of its continuing expansion into the Pacific Northwest, Mirant announced today that it has signed a letter of intent to acquire a 50 percent interest in the 280 MW Coyote Springs 2 power project from Avista Corp.

The plant, currently under construction near Boardman, Ore., is scheduled to begin operating in mid-2002. Located 160 miles east of Portland, the combined cycle power plant would be interconnected to the Bonneville Power Administration’s transmission system and near the Stanfield natural gas hub.

The two companies will share equally in the costs of construction and operation of the plant and will jointly own the project. Mirant and Avista also will share equally in the marketing of the plant’s output. Pending regulatory approvals, the sale is expected to close during the fourth quarter.

“Partnering with Avista on this project further demonstrates Mirant’s commitment to the Pacific Northwest,” said Randy Harrison, chief executive officer of Mirant’s western U.S. operations. “Together with our Mint Farm project in Longview, Wash., Mirant is helping the entire region meet its energy needs.”

The Coyote Springs project is part of Mirant’s effort to have 35,000 megawatts of generation capacity in the United States by 2005.

Mirant is one of the world’s competitive energy providers. Headquartered in Atlanta, the company has integrated energy operations in North and South America, Europe and Asia. A leader in energy risk management and marketing of power, natural gas and other energy commodities, Mirant has one of the industry’s largest energy commodity trading floors. We see the opportunity to change the world with our energy. Come see how at www.mirant.com .

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