BATON ROUGE, La. & MINNEAPOLIS, Sep 27, 2001 (BUSINESS WIRE) -- The Shaw Group
Inc. (NYSE:SGR) and NRG Energy, Inc. (NYSE:NRG) today announced that they have
signed an agreement for constructing two gas-fired power plants to be located in
the South Central United States. Shaw has been given limited notice to proceed
on the two plants which together, total 1,520 megawatts (MW) of generating
capacity. Shaw will execute the engineering, procurement and construction
services for the projects.
J. M. Bernhard, Jr., Shaw's Chairman, President and Chief Executive Officer,
stated, "We are extremely pleased to extend our relationship with NRG, a leader
in the competitive energy industry. We recently completed the NRG Big Cajun 1
power plant 235 MW expansion under budget and ahead of schedule and this
achievement has not gone unnoticed."
"This represents an expansion of the NRG and Shaw partnership which was
effective in bringing additional capacity in Baton Rouge, online and in time for
summer 2001," stated Craig A. Mataczynski, President and Chief Executive
Officer, NRG North America. "Strategic alliances such as this are critical to
meeting NRG's business objectives since they provide opportunities for time
savings, reduced construction costs and greater flexibility than do traditional
The two power plants NRG awarded to Shaw include the 1,200 MW combined-cycle
Pike plant located in Holmesville, Mississippi. Engineering work has begun and
the project calls for 600 MW to begin operations in the summer of 2003, and an
additional 600 MW to commence operations during the fourth quarter of 2003. The
second facility is the 320 MW simple-cycle Bayou Cove plant located near
Jennings, Louisiana. Engineering work is underway and the plant is expected to
commence operations in the summer of 2002.
The Shaw Group Inc. is the world's only vertically integrated provider of
complete piping systems and comprehensive engineering, procurement and
construction services to the power generation industry. Shaw is the largest
supplier of fabricated piping systems in the United States and a leading
supplier worldwide, having installed piping systems in power plants with an
aggregate generation capacity in excess of 200,000 megawatts. While the majority
of Shaw's backlog is attributable to the power generation industry, the Company
also does work in the process industries, including petrochemical, chemical and
refining, and the environmental and infrastructure sector. The Company currently
has offices and operations in North America, South America, Europe, the Middle
East and Asia-Pacific; and has more than 13,000 employees. For more information
on The Shaw Group, please visit the Company's website at www.shawgrp.com.
NRG is a leading global energy company engaged primarily in the development,
construction, acquisition, ownership and operation of power generation
facilities. NRG owns 23,383 MW of generating assets in operation and under
construction. The company's operations utilize such diverse fuel sources as
natural gas, oil, coal and coal seam methane, biomass, landfill gas, and hydro,
as well as refuse-derived fuel. More information may be found at
Certain statements contained in this release are forward-looking statements,
made on the basis of Shaw's or NRG's current expectations and beliefs concerning
future developments and their potential effects. There can be no assurance that
future developments affecting Shaw or NRG will be those currently anticipated.
These forward-looking statements involve significant risks and uncertainties and
assumptions and are subject to change based upon various factors. Should one or
more of such risks or uncertainties materialize, or should any of Shaw's or
NRG's assumptions prove incorrect, actual results may vary in material respects
from those projected in the forward-looking statements. Neither Shaw nor NRG
undertakes any obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
A description of some of the risks and uncertainties that could cause actual
results to differ materially from such forward-looking statements can be found,
in the case of Shaw, in its reports and registration statements filed with the
Securities and Exchange Commission, including its Form 10-K and Form 10-Q, and
on Shaw's web site at www.shawgrp.com under the heading "Forward Looking
Statement", and, in the case of NRG, in NRG's filings with the Securities and
Exchange Commission These documents are available from the Securities and
Exchange Commission or from the respective Investor Relations departments of
Shaw and NRG.
CONTACT: The Shaw Group Inc.
Christine Mollere, 225/932-2500
Meredith Moore, 612/373-8892