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Intergen and Adison Spa Announces SIDI KRIR 3&4 Commercial Operations

Boston, MA - February 6, 2002 InterGen and Edison SpA announced that Sidi Krir 3&4, a 685-megawatt, natural gas-fired power facility, has achieved commercial operations and is dispatching into the Egyptian power grid. As Egypt's first build, own, operate and transfer (BOOT) project, Sidi Krir 3&4 is an important milestone for the Egyptian power industry and a sign of Egypt's growing commitment to the private sector. Located near Alexandria, the facility is one of the largest private power stations in the Middle East.InterGen has a 61 percent ownership stake in Sidi Krir 3&4 and Edison SpA, is a 39 percent shareholder.

"The Sidi Krir BOOT is a tribute to the strong cooperation between the Egyptian electricity authorities and the project owners—truly a team effort. To bring this plant on line and meet its ambitious completion schedule is a great achievement for which we are all proud," noted Carlos Riva, President and CEO of InterGen.

The Egyptian Electricity Authority issued the award for Sidi Krir 3&4 in February of 1998 from a group of nine shortlisted bidders. Fuel for the complex is being supplied by GASCO, the natural gas supply affiliate of the Egyptian General Petroleum Company. Engineering, procurement and construction services for the facility were provided by Bechtel Power Corporation and affiliated companies, working with several Egyptian contractors to achieve outstanding levels of productivity for Egypt and the region.

The Sidi Krir 3&4 complex is the first project initiated by the government pursuant to the modification of Law 100. Passed in June of 1996, this law allows the private sector to build, own, operate and transfer electric power generation and other infrastructure projects. Demand for electricity in Egypt has grown over 6.5% per year for the past ten years and is forecast to continue to grow by the same rate for the next five years.

InterGen is a global power generation firm. The company is operating or building a total of 20 power stations worldwide representing 15,975 MW. It also has projects in advanced development representing an additional 1,960 MW, and more than 4,700 MW in early stage development. The company has projects operating, under construction and/or in advanced development in the United States, the United Kingdom, the Philippines, Colombia, Mexico, China, Egypt, Turkey, Brazil, Australia and the Netherlands. InterGen is a Shell-Bechtel venture.

Edison is Italy's leading private energy company, active in production, transportation and marketing of both electric power and natural gas. With a workforce of 2,500, Edison in 2001 had a turnover of about 3 billion euro. Edison has an installed capacity of about 6,000 MW in Italy and hydrocarbon reserves in excess of 83 billion cubic meters, located mainly abroad.