Bechtel further into Power

Nov 22, 1996 01:00 AM

PG&E Enterprises and Bechtel Enterprises have reached an agreement which calls for Bechtel Enterprises to acquire PG&E Enterprises' interest in International Generating Company (InterGen). InterGen, a leading global power generation company, was formed in early 1995 by the two organisations to develop, finance, own, and operate electric power plants outside the US and Canada. PG&E Enterprises is a wholly-owned subsidiary of Pacific Gas and Electric Company managing PG&E's businesses other than gas transmission and California utility operations. Bechtel Enterprises is the development, financing, and ownership affiliate of Bechtel Group. InterGen's primary strategy is to pursue power generation projects in many countries around the globe. PG&E's international strategy is to focus on a smaller set of countries where it will participate in multiple energy businesses with a focus on end-use energy customers. Power generation projects will continue to be an element of PG&E's overall investment mix, but mainly in places where we have broader participation in the energy business. Since its inception, InterGen has been building a strong portfolio of power generation projects and prospects. Three projects totalling more than 2,100 MW of electricity are under construction; three projects totalling nearly 1,400 MW are under contract and in the final stages of financial closing; five projects totalling nearly 3,900 MW have been awarded and are in contract negotiations; and an additional 27 project prospects totalling nearly 10,000 MW are in various stages of development throughout the world. InterGen is also pursuing related fuel supply projects.

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