Elwood Energy, Exelon Generation Sign Long-Term PPA

Apr 20, 2001, 01:00 ET from Peoples Energy Corporation

    CHICAGO, April 20 /PRNewswire Interactive News Release/ -- Elwood Energy,
 LLC, a joint venture between subsidiaries of Peoples Energy Corporation
 (NYSE:   PGL) and Dominion (NYSE:   D), today announced a multi-year power
 purchase agreement with Exelon Generation Company, LLC, for the remaining
 150-megawatt output of Elwood's phase II expansion of its gas-fired, peaking
 facility.  This agreement supplements existing power sales arrangements
 between Elwood Energy and Commonwealth Edison Company, which transferred its
 interests to Exelon Generation Company, LLC.
     Exelon Generation also entered into an agreement to purchase 750 megawatts
 of generation from Elwood for the period of 2005 until 2012.
     "We have successfully contracted all of the capacity for the phase II
 expansion, which is scheduled to come online in June," said Thomas Patrick,
 president and chief operating officer of Peoples Energy.  "This arrangement
 helps to ensure the continued growth of Elwood."
     "With this agreement, Dominion Energy has taken another critical step
 forward in its plan to become a leading energy provider in the Midwest,
 Northeast and Mid-Atlantic regions of the United States, home to 40 percent of
 the nation's demand for energy," said Thomas F. Farrell, chief executive
 officer of Dominion Energy.  "Our facility at Elwood is an increasingly
 important anchor for Dominion in this area of the nation."
     "We are excited about adding this product into our portfolio of reliable
 resources in this region and look forward to our continuing relationship with
 Elwood," said Ian McLean, president, Exelon Power Team, the wholesale
 marketing division of Exelon Corporation (NYSE:   EXC).
     When the expanded facility becomes operational this summer, it will more
 than double the capacity of Elwood's existing 600-megawatt merchant facility,
 bringing the site's total capacity to 1,350 MW.  Elwood began operation in the
 summer of 1999.  The facility, which is located 60 miles southwest of Chicago
 in Elwood, Illinois, will expand to nine natural gas-fired turbines from four
 turbines.  Construction of the expanded project commenced in October 2000 and
 is entering final testing in the next several weeks.
     The facility is adjacent to multiple interstate natural gas pipelines that
 provide access to competitively priced gas supplies from all major gas
 producing regions of the United States.  The facility is also close to a high
 capacity ComEd transmission corridor that provides access to the wholesale
 electric market.
     Dominion, headquartered in Richmond, Va., is one of the nation's largest
 producers of energy, with production capability of 2.7 trillion British
 Thermal Units of energy per day.  Dominion has a power generation portfolio of
 more than 21,000 megawatts, which is expected to grow to more than 28,000
 megawatts by 2005.  Dominion is also one of the largest independent oil and
 natural gas exploration and production companies in North America, with
 2.8 trillion cubic feet of equivalent reserves.  The company has 7,600 miles
 of interstate natural gas pipeline with more than 650 billion cubic feet of
 annual natural gas throughput. Dominion also serves 3.8 million retail natural
 gas and electric customers.  ( http://www.dom.com ).
 
     Exelon Corporation is one of the nation's largest electric utilities with
 approximately five million customers and more than $15 billion in annual
 revenues.  The company has one of the industry's largest portfolios of
 electricity generation capacity, with a nationwide reach and strong positions
 in the Midwest and Mid-Atlantic.  Exelon distributes electricity and gas to
 approximately five million customers in Illinois and Pennsylvania.  The
 company also has holdings in such competitive businesses as energy,
 infrastructure services and energy services.  Exelon is headquartered in
 Chicago and trades on the NYSE under the ticker EXC.
 
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SOURCE Peoples Energy Corporation
    CHICAGO, April 20 /PRNewswire Interactive News Release/ -- Elwood Energy,
 LLC, a joint venture between subsidiaries of Peoples Energy Corporation
 (NYSE:   PGL) and Dominion (NYSE:   D), today announced a multi-year power
 purchase agreement with Exelon Generation Company, LLC, for the remaining
 150-megawatt output of Elwood's phase II expansion of its gas-fired, peaking
 facility.  This agreement supplements existing power sales arrangements
 between Elwood Energy and Commonwealth Edison Company, which transferred its
 interests to Exelon Generation Company, LLC.
     Exelon Generation also entered into an agreement to purchase 750 megawatts
 of generation from Elwood for the period of 2005 until 2012.
     "We have successfully contracted all of the capacity for the phase II
 expansion, which is scheduled to come online in June," said Thomas Patrick,
 president and chief operating officer of Peoples Energy.  "This arrangement
 helps to ensure the continued growth of Elwood."
     "With this agreement, Dominion Energy has taken another critical step
 forward in its plan to become a leading energy provider in the Midwest,
 Northeast and Mid-Atlantic regions of the United States, home to 40 percent of
 the nation's demand for energy," said Thomas F. Farrell, chief executive
 officer of Dominion Energy.  "Our facility at Elwood is an increasingly
 important anchor for Dominion in this area of the nation."
     "We are excited about adding this product into our portfolio of reliable
 resources in this region and look forward to our continuing relationship with
 Elwood," said Ian McLean, president, Exelon Power Team, the wholesale
 marketing division of Exelon Corporation (NYSE:   EXC).
     When the expanded facility becomes operational this summer, it will more
 than double the capacity of Elwood's existing 600-megawatt merchant facility,
 bringing the site's total capacity to 1,350 MW.  Elwood began operation in the
 summer of 1999.  The facility, which is located 60 miles southwest of Chicago
 in Elwood, Illinois, will expand to nine natural gas-fired turbines from four
 turbines.  Construction of the expanded project commenced in October 2000 and
 is entering final testing in the next several weeks.
     The facility is adjacent to multiple interstate natural gas pipelines that
 provide access to competitively priced gas supplies from all major gas
 producing regions of the United States.  The facility is also close to a high
 capacity ComEd transmission corridor that provides access to the wholesale
 electric market.
     Dominion, headquartered in Richmond, Va., is one of the nation's largest
 producers of energy, with production capability of 2.7 trillion British
 Thermal Units of energy per day.  Dominion has a power generation portfolio of
 more than 21,000 megawatts, which is expected to grow to more than 28,000
 megawatts by 2005.  Dominion is also one of the largest independent oil and
 natural gas exploration and production companies in North America, with
 2.8 trillion cubic feet of equivalent reserves.  The company has 7,600 miles
 of interstate natural gas pipeline with more than 650 billion cubic feet of
 annual natural gas throughput. Dominion also serves 3.8 million retail natural
 gas and electric customers.  ( http://www.dom.com ).
 
     Exelon Corporation is one of the nation's largest electric utilities with
 approximately five million customers and more than $15 billion in annual
 revenues.  The company has one of the industry's largest portfolios of
 electricity generation capacity, with a nationwide reach and strong positions
 in the Midwest and Mid-Atlantic.  Exelon distributes electricity and gas to
 approximately five million customers in Illinois and Pennsylvania.  The
 company also has holdings in such competitive businesses as energy,
 infrastructure services and energy services.  Exelon is headquartered in
 Chicago and trades on the NYSE under the ticker EXC.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X88684087
 
 SOURCE  Peoples Energy Corporation