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Bechtel to Provide Engineering and Technical Services to TVA for Restart of Browns Ferry Unit 1

Fredrick, MD - October 2, 2002 Bechtel Power Corporation today announced that it has signed an agreement with the Tennessee Valley Authority (TVA) to provide engineering and technical services for the Browns Ferry Nuclear Plant, Unit 1 Restart, effective October 1, 2002. Bechtel's contract will run through 2007, when commercial operation of Unit 1 is expected to resume. After completing detailed engineering and technical services, Bechtel will provide onsite engineering and technical support for construction, system testing, and start-up activities.

"TVA's decision to restart Unit 1 is an important development in the resurgence of nuclear power in the United States," said J. Scott Ogilvie, president of Bechtel's global power business unit. "The TVA Board clearly has made the right decision in terms of providing the citizens of the Tennessee Valley the lowest cost power option while protecting the environment from a clean air perspective. We are very pleased to continue our long-term relationship with TVA."

Bechtel Power worked with TVA on the restart of Browns Ferry Units 2 and 3 in the 1990s. "These units have been performing exceptionally well - they are leaders in the industry, and we see that happening again with Unit 1," said Ogilvie.

Bechtel Power has designed and built more nuclear power plants and has been involved in more plant restarts than any other engineering and construction company in the world. Bechtel is also under contract with TVA to replace steam generators at TVA's Sequoyah Nuclear Plant in March 2003.

Tennessee Valley Authority is the largest public power producer in the United States, and its power system is self-financed. TVA provides power to large industries and 158 power distributors that serve 8.3 million customers in seven southeastern states. On the Internet, please visit Tennessee Valley Authority athttp://www.tva.com.

Bechtel Power Corporation is part of privately owned Bechtel Group, Inc., one of the largest engineering, construction, and technical services companies in the world. Bechtel currently is executing nearly 1,000 projects in more than 60 countries. Bechtel employs 50,000 people worldwide. For more information on Bechtel, please visit http://www.bechtel.com on the Internet.