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ATLANTA, Ga., June 11, 2002 -- Mirant and ECONnergy Energy Company Inc. recently announced a five-year power and gas supply agreement with projected revenues for Mirant of approximately $1.5 billion.
Under the agreement, Mirant will be the preferred provider of wholesale gas and electricity to ECONnergy, which has more than 250,000 retail customers in the Northeastern United States.
"Our strong operational presence in the Northeast, coupled with our leading position in power and gas marketing, enables us to deliver reliable, best-cost energy to ECONnergy," said Randy Harrison, senior vice president, Mirant. "As more consumers choose ECONnergy as their energy supplier of choice, Mirant's risk management position is expected to improve by providing more products and services to ECONnergy's growing, stable customer base."
"As competitive markets opened in the Northeast, Mirant was one of the first wholesale power marketers to see and act on opportunities to serve companies like ECONnergy," said Saul Horowitz, co-founder and CEO, ECONnergy. "This long-term agreement enables ECONnergy to guarantee delivery of competitively priced energy to our customers and allows Mirant to better manage risks through a dedicated customer base." Mirant expects to deliver approximately 12 million megawatt hours of electricity and 220 billion cubic feet of natural gas to ECONnergy, over the term of the agreement.
"We continue to see opportunities to innovate in this market," Harrison added.
Mirant acknowledged that the agreement with ECONnergy supports the company's previously provided guidance given for earnings per diluted share. Based in Rockland County, New York, ECONnergy is a leading energy service company providing electric and natural gas supply to residential and business customers through the Northeast. A privately held company supplying energy for over five years, ECONnergy seeks to capitalize on the opportunities created by the ongoing deregulation of the utility industry in the United States. www.econnergy.com
Mirant is a global competitive energy company. Mirant delivers value by integrating an extensive portfolio of power and natural gas assets with marketing and risk management expertise. The company has facilities in North America, Asia, the Caribbean and Europe. Visit Mirant at www.mirant.com.
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