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  PRESS RELEASES |
DATELINE: September 23, 2004
Wharton County Power Partners and Fulcrum Power Services Announce Long Term Tolling Agreement with Mirant
HOUSTON, TX --(BUSINESS WIRE)- Houston based companies, Wharton County Power Partners LP (WCPP) and Fulcrum Power Services, announced today a two and a half year tolling agreement with Mirant.
Through this tolling agreement, WCPP will have the exclusive rights to the power generated from Mirant's 535-megawatt plant located in Bosque County, Texas. Fulcrum Power Services, WCPP's acting energy manager for this transaction, will be responsible for selling the power to retail customers and into the Texas wholesale power market.
"It is a win-win transaction for all parties involved," said Tim Delay, vice president of marketing, Mirant. "For Mirant, it locks in value and adds cash flow and earnings stability during the critical period of Chapter 11."
Financial details of the agreement will not be disclosed.
WCPP, a recent entrant into the merchant power business, is majority owned by Sowood Commodity Partners Fund LP ("Sowood"). Sowood transacts primarily in commodity-related private investments. Current holdings span the power, oil, gas, and metals industries. Sowood is managed by Sowood Capital Management LP, a new investment management company based in Boston, Massachusetts.
WCPP will focus on acquisition and operation of merchant generation, as well as origination of structured power transactions with generation owners, and wholesale and retail customers. WCPP is also the owner of the New Gulf power generation facility, an 80 MW peaking plant located in Boling, Texas, southwest of Houston.
Fulcrum Power, energy manager for WCPP, provides customer focused, cost effective energy services for the management of power generation and load obligations in the wholesale energy markets across the U.S. The company has extensive nationwide energy experience and is actively managing over 2,000 MW of generation and 1,500 MW of load. Fulcrum is a FERC licensed power marketer, a Level 4 Qualified Scheduling Entity in ERCOT, a qualified Scheduling Coordinator with the CAISO, and provides similar service in all other regional U.S. power markets. Fulcrum's nationwide services include commercial optimization, scheduling, real-time dispatch, load forecasting, supply procurement, fuel supply, position/risk management, asset management, forward hedging, settlements, and invoicing. In addition to power generators, Fulcrum provides services to new and incumbent retail electric providers and large commercial and industrial consumers. For more information on Fulcrum, visit the website at www.fulcrumpower.com.
Mirant is a competitive energy company that produces and sells electricity in United States, the Caribbean, and the Philippines. Mirant owns or controls more than 17,000 megawatts of electric generating capacity globally. The company operates an asset management and energy marketing organization from its headquarters in Atlanta. For more information, please visit www.mirant.com.
Contact: Gena Cook l Community Relations
TriEagle Energy l 877.933.2453
press@trieagleenergy.com
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