| 02/10/99 |
AES Ironwood will generate power to be sold to the Pennsylvania-New Jersey-Maryland markets. Construction on the natural gas-fired, combined cycle plant is scheduled to begin in the first quarter of 1999, with operations targeted to begin in the second quarter of 2001.
"The growing Pennsylvania-New Jersey-Maryland power market offers an important opportunity for Williams, " said Jerry Gollnick, president of Williams Energy Marketing and Trading Company. "Our marketing and risk management expertise, combined with Williams' strong existing energy delivery infrastructure, allows us to link and leverage these assets and skills, creating an exciting project for Williams."
This is Williams' second transaction with The AES Corporation. In May, 1998, the two companies signed an agreement under which Williams provides fuel to and markets 4000 megawatts (MW) of power output from three Southern California generating stations.
Gollnick said, "Williams is pleased to be participating in the Ironwood Project with AES. It is a world class generating company and Williams is a world class energy company. The Ironwood Project builds on Williams' successes in the California marketplace."
Financial terms in the Ironwood Project were not disclosed.
About Williams (NYSE:WMB)
Williams, through its subsidiaries, is the nation's largest -volume transporter of natural gas and provides a full range of traditional and leading-edge energy and communications services. Company information is available on the World Wide Web at www.williams.com.
About AES
AES is a leading global power company that currently owns or has interest in 90 power facilities totaling more than 27,000 MW in the United States, Canada, Australia, Brazil, Dominican Republic, Pakistan, the Netherlands, Hungary, Kazakhstan, Mexico, China and the United Kingdom. In addition to assets in excess of $10 billion, the company has more than $5 billion of projects in construction or late stages of development. The AES Corporation is dedicated to providing safe, clean, low-cost electricity worldwide in a socially responsible way.
Portions of this document may constitute "forward-looking statements" as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the "safe harbor" protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company's annual reports filed with the Securities and Exchange Commission.
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