Cleco and Mirant Announce 20-Year Agreement for Output of Louisiana Plant

Apr 30, 2001, 01:00 ET from Cleco Corporation

    PERRYVILLE, La., April 30 /PRNewswire/ -- Perryville Energy Partners, LLC,
 a 50/50 joint venture between Cleco Corporation (NYSE:   CNL; PCX) and Mirant
 (NYSE:   MIR), announced the signing of a long-term power purchase agreement for
 its 700-megawatt facility, the Perryville Power Station.  The 20-year contract
 is with Mirant's risk management, trading and marketing organization.
     Under the terms of the contract, Mirant will supply the natural gas needed
 to fuel the plant and will own and market the plant's output.  The
 Cleco/Mirant partnership will operate and maintain the power plant.
     Cleco President and CEO David M. Eppler said, "This agreement allows the
 partnership to help meet the growing energy needs of Louisiana, and it fits
 Cleco's strategy of limiting our exposure to potentially volatile markets
 while we concentrate on one of our core strengths -- operating and maintaining
 power plants."
     "This deal is aligned with Mirant's integrated North American business
 strategy," said Richard Pershing, president and chief executive officer of
 Mirant Americas.  "We are able to optimize the plant's output by combining our
 expert risk management and energy marketing operation with our growing asset
 portfolio, enabling us to provide the north Louisiana region with an
 efficient, low-cost energy supply."
     Perryville Energy Partners owns the 700-megawatt plant currently under
 construction in Perryville, 12 miles north of Monroe, La.
     The estimated $340 million project is being built in phases.  The first
 phase, a 150-megawatt peaking unit, is expected to be operating in time to
 meet this summer's power demand.  The second phase, a 550-megawatt combined
 cycle unit, is set to begin commercial operation by the summer of 2002.
     Cleco Corporation is a regional energy services company headquartered in
 Pineville, La.  It operates a nonregulated midstream energy business that
 develops and operates power plants, and a regulated electric utility company
 that serves about 250,000 customers across Louisiana.
     Mirant is a global competitive energy company with a leading position in
 both power generation and energy risk management and marketing.  With an
 integrated business model, Mirant develops, constructs, owns and operates
 power plants and sells wholesale electricity, natural gas and other energy
 commodities.  Headquartered in Atlanta, with 8,000 employees worldwide, Mirant
 has extensive operations in North America, Europe, and Asia.  Mirant owns or
 controls more than 20,000 megawatts of electric generation capacity around the
 world, with another 9,000 megawatts under development.  Mirant also controls
 an extensive natural gas asset base in North America, including
 transportation, storage and access to approximately 3.7 billion cubic feet per
 day of gas production.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X41898340
 
 

SOURCE Cleco Corporation
    PERRYVILLE, La., April 30 /PRNewswire/ -- Perryville Energy Partners, LLC,
 a 50/50 joint venture between Cleco Corporation (NYSE:   CNL; PCX) and Mirant
 (NYSE:   MIR), announced the signing of a long-term power purchase agreement for
 its 700-megawatt facility, the Perryville Power Station.  The 20-year contract
 is with Mirant's risk management, trading and marketing organization.
     Under the terms of the contract, Mirant will supply the natural gas needed
 to fuel the plant and will own and market the plant's output.  The
 Cleco/Mirant partnership will operate and maintain the power plant.
     Cleco President and CEO David M. Eppler said, "This agreement allows the
 partnership to help meet the growing energy needs of Louisiana, and it fits
 Cleco's strategy of limiting our exposure to potentially volatile markets
 while we concentrate on one of our core strengths -- operating and maintaining
 power plants."
     "This deal is aligned with Mirant's integrated North American business
 strategy," said Richard Pershing, president and chief executive officer of
 Mirant Americas.  "We are able to optimize the plant's output by combining our
 expert risk management and energy marketing operation with our growing asset
 portfolio, enabling us to provide the north Louisiana region with an
 efficient, low-cost energy supply."
     Perryville Energy Partners owns the 700-megawatt plant currently under
 construction in Perryville, 12 miles north of Monroe, La.
     The estimated $340 million project is being built in phases.  The first
 phase, a 150-megawatt peaking unit, is expected to be operating in time to
 meet this summer's power demand.  The second phase, a 550-megawatt combined
 cycle unit, is set to begin commercial operation by the summer of 2002.
     Cleco Corporation is a regional energy services company headquartered in
 Pineville, La.  It operates a nonregulated midstream energy business that
 develops and operates power plants, and a regulated electric utility company
 that serves about 250,000 customers across Louisiana.
     Mirant is a global competitive energy company with a leading position in
 both power generation and energy risk management and marketing.  With an
 integrated business model, Mirant develops, constructs, owns and operates
 power plants and sells wholesale electricity, natural gas and other energy
 commodities.  Headquartered in Atlanta, with 8,000 employees worldwide, Mirant
 has extensive operations in North America, Europe, and Asia.  Mirant owns or
 controls more than 20,000 megawatts of electric generation capacity around the
 world, with another 9,000 megawatts under development.  Mirant also controls
 an extensive natural gas asset base in North America, including
 transportation, storage and access to approximately 3.7 billion cubic feet per
 day of gas production.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X41898340
 
 SOURCE  Cleco Corporation