Mirant Secures Power Contract With PG&E

ATLANTA, Aug. 1  /PRNewswire-FirstCall/ -- Mirant Corporation (NYSE:MIR) announced today that it has signed two contracts with Pacific Gas and Electric Company (PG&E) to provide electricity from its natural gas-fired Pittsburg and Contra Costa power plants located near San Francisco, California.

PG&E has contracted for approximately 2,000 megawatts of capacity for varying terms ranging from one year up to about four years beginning in 2007. The longer-term transaction will be submitted to the California Public Utilities Commission (CPUC) for its review and approval.  Mirant intends to withdraw immediately the notice of intent to shut down Pittsburg Unit 7 and Contra Costa Unit 6 that it had submitted to the CPUC and the California Independent System Operator on May 4, 2006.

With continuing strong growth in electric demand and the possibility of additional heat waves, these contracts provide an important reliable electric supply for California consumers.

"We are pleased that we were able to reach an agreement with PG&E that will allow us to keep Pittsburg 7 and Contra Costa 6 available to provide much needed and reliable power to the people of California," said Robert M. Edgell, Mirant's executive vice president and head of its United States business.

Mirant is a competitive energy company that produces and sells electricity in the United States, the Caribbean, and the Philippines. Mirant owns or leases approximately 17,300 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 http://www.mirant.com/.

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DATASOURCE: Mirant



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