Midland Cogeneration Venture Limited Partnership Announces First Quarter Earnings

Apr 19, 2001, 01:00 ET from Midland Cogeneration Venture Limited Partnership

    MIDLAND, Mich., April 19 /PRNewswire/ -- The Midland Cogeneration Venture
 Limited Partnership ("MCV") today announced net income of $19.8 million for
 the first quarter of 2001.  This compares to earnings of $12.7 million for the
 first quarter of 2000.  Operating revenues for the first quarter of 2001 were
 $141.8 million compared to $156.1 million for the first quarter of 2000.
     The earnings increase for the first quarter of 2001 compared to 2000 was
 primarily due to lower interest expense on MCV's financing arrangements and to
 the positive economic impact of lower energy deliveries under the Power
 Purchase Agreement with Consumers Energy ("PPA").
     Energy delivered under the PPA decreased to 1.7 million megawatt hours
 (MWh) for the first quarter of 2001 (62.4% dispatch under the PPA) from
 2.4 million MWh for the first quarter of 2000 (88.2% dispatch under the PPA).
 During the first quarter of 2001 MCV burned 17.0 billion cubic feet (Bcf) of
 natural gas at an average cost of $2.59 per million British thermal units
 (MMBtu).  During the first quarter of 2000 MCV burned 23.2 Bcf of natural gas
 at an average cost of $2.64/MMBtu.
     MCV was formed in 1987 to construct, own, and operate a gas-fired,
 combined-cycle cogeneration facility in Midland, Michigan.  The plant is
 capable of producing approximately 1,500 megawatts of electricity and up to
 1.35 million pounds per hour of process steam for industrial use.
     MCV partners include CMS Midland, Inc., a subsidiary of CMS Energy
 Corporation; The Dow Chemical Company (limited partner); and El Paso Midland,
 Inc. and other affiliates of The El Paso Energy Corporation.
 
 

SOURCE Midland Cogeneration Venture Limited Partnership
    MIDLAND, Mich., April 19 /PRNewswire/ -- The Midland Cogeneration Venture
 Limited Partnership ("MCV") today announced net income of $19.8 million for
 the first quarter of 2001.  This compares to earnings of $12.7 million for the
 first quarter of 2000.  Operating revenues for the first quarter of 2001 were
 $141.8 million compared to $156.1 million for the first quarter of 2000.
     The earnings increase for the first quarter of 2001 compared to 2000 was
 primarily due to lower interest expense on MCV's financing arrangements and to
 the positive economic impact of lower energy deliveries under the Power
 Purchase Agreement with Consumers Energy ("PPA").
     Energy delivered under the PPA decreased to 1.7 million megawatt hours
 (MWh) for the first quarter of 2001 (62.4% dispatch under the PPA) from
 2.4 million MWh for the first quarter of 2000 (88.2% dispatch under the PPA).
 During the first quarter of 2001 MCV burned 17.0 billion cubic feet (Bcf) of
 natural gas at an average cost of $2.59 per million British thermal units
 (MMBtu).  During the first quarter of 2000 MCV burned 23.2 Bcf of natural gas
 at an average cost of $2.64/MMBtu.
     MCV was formed in 1987 to construct, own, and operate a gas-fired,
 combined-cycle cogeneration facility in Midland, Michigan.  The plant is
 capable of producing approximately 1,500 megawatts of electricity and up to
 1.35 million pounds per hour of process steam for industrial use.
     MCV partners include CMS Midland, Inc., a subsidiary of CMS Energy
 Corporation; The Dow Chemical Company (limited partner); and El Paso Midland,
 Inc. and other affiliates of The El Paso Energy Corporation.
 
 SOURCE  Midland Cogeneration Venture Limited Partnership