Pittsburgh Public Schools Selects NORESCO, A Division of Equitable Resources, To Implement $10 Million Energy-Savings Program

NORESCO Plan Enables the City School District to Fund Infrastructure

Improvements in 48 Schools at No Cost to Taxpayers, Using Energy Savings

And Innovative Financing Backed by the Federal Government

Nov 15, 2001, 00:00 ET from NORESCO

    PITTSBURGH, Nov. 15 /PRNewswire/ -- The Pittsburgh Public Schools has
 selected NORESCO, a leading energy services company and wholly-owned
 subsidiary of Pittsburgh-based Equitable Resources (NYSE:   EQT), to implement
 about $10 million worth of energy-efficiency and building infrastructure
 projects in 48 of its schools.  An estimated $914,000 annual savings in
 reduced energy and operating expenses will pay for the improvements over a
 10-year period, after which the total energy-cost savings will accrue for
 additional investments within the school system.
     "This is a guaranteed energy-savings project," said Superintendent John W.
 Thompson, Ph.D. in announcing the program.  "Using the energy-cost savings and
 an innovative funding mechanism to pay for the project allows our district to
 improve the learning environment and upgrade our facilities by leveraging
 operating budget resources.
     "It's not every day that you can arrange $10 million worth of capital
 improvements without raising taxes and be able to create energy-saving,
 high-performance buildings and improve the educational environment at the same
 time!" he emphasized.
     According to Randy Clark, Director of Development for NORESCO, "We are
 very pleased to be able to expand our existing relationship with the
 Pittsburgh Public Schools to save additional energy, and to make significant
 facility infrastructure improvements resulting in better quality lighting,
 improved comfort and more reliable systems.  Our proven experience
 implementing highly effective energy savings technologies in the school
 district provides us with a sound basis to guarantee the predicted energy
     The Pittsburgh Public Schools will finance the project primarily using a
 federally-sponsored financing program allowing qualifying schools to finance
 the equipping and/or renovating of school facilities on an interest-free basis
 through the allocation of tax credits to the lender.  The balance of the
 project will be funded by the school district using the excess energy savings
 generated by the project.
     Construction, which is scheduled to begin in mid-fall, includes the
 implementation of new and retrofitted energy-efficient lighting, a
 comprehensive computerized energy management system, a waste heat recovery
 system, variable frequency drives and water-saving improvements.
     "The renovations we are making are essential to providing the type of
 learning environment that our students need in order to excel," said John
 Walluk, director of facilities for the school district.  "Economically
 financing the improvements from energy savings is a primary example of the way
 we are working in partnership with the corporate community and the federal
 government on innovative funding methods to provide a learning environment
 that will better support student achievement."
     NORESCO's Mid-Atlantic regional office is located in Pittsburgh's
 Allegheny Center.  Headquartered in Westborough, MA, NORESCO has local offices
 in the Northeast, Southeast and West Coast and is accredited by the National
 Association of Energy Service Companies.  The company has extensive experience
 in implementing comprehensive, customized energy solutions and infrastructure
 development and operations strategies in more than 20,000 buildings
     NORESCO is the nation's most experienced energy service company providing
 comprehensive and proven energy-efficiency solutions and infrastructure
 development and operations strategies to a wide range of customers.  A
 recognized industry leader, installing and operating over $1.4 billion of
 proven energy solutions in diverse markets across the nation, NORESCO has
 built on-site energy facilities generating more than 300 megawatts of power.
 NORESCO has further helped customers improve energy efficiency, saving over
 31 billion-kilowatt hours of electricity and 71 trillion Btus of fuel.
     NORESCO, LLC is a wholly-owned subsidiary of Equitable Resources providing
 energy management services for projects across the United States and in
 selected international markets.  Pittsburgh-based Equitable Resources is an
 integrated energy company with emphasis on Appalachian area natural gas
 supply, natural gas transmission and distribution, and leading edge energy
 management services for customers throughout the United States.
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