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The Shaw Group Congratulates Keyspan Energy's Ravenswood Unit 40 on Being Named to Platts Power Magazine's Top Plants of 2004 List

BATON ROUGE, La., Sep 9, 2004 (BUSINESS WIRE) -- The Shaw Group Inc. (NYSE:SGR) congratulates Keyspan Energy (NYSE:KSE) on its Ravenswood Unit 40 power plant being named among the Top Plants of 2004 by Platts Power magazine. Platts cited Ravenswood's "state-of-the-art-technology and its compliance with the very tough emissions rules of New York City's airshed" as the two main reasons for its selection on the top plants list. Of the twelve plants selected for the Platts list, Ravenswood Unit 40 was one of only six located in the United States. Earlier this year, Combined Cycle Journal awarded Ravenswood Unit 40 its 2004 Powerplant Award, one of three plants to receive that distinction. Shaw's Stone and Webster unit performed engineering, procurement, design and construction management services for the 250-MW combined cycle plant (Unit 40).

In addition to its technology and very low air emissions, one of the unique features of the Ravenswood Unit 40 plant is its location on an extremely small tract of land, what was once a 2.4 acre parking lot. Platts said, "Shoehorning the combined-cycle plant into a small parking lot was an impressive feet of design and construction." The small site necessitated that Unit 40's air-cooled condenser be situated on the rooftop, requiring the plant be fitted with huge roof girders to support the 3,500-ton condenser.

The Ravenswood plant has operated at, or above, baseload mode since starting commercial operations in May 2004 and is the first new major source of electricity to be placed in service in the metropolitan New York City area in over a decade.

Over the last thirty years, Stone & Webster has performed engineering and construction services for more than 100 fossil-fueled and 17 nuclear-powered generating plants around the world totaling over 58,000-MW of production capacity. Stone and Webster is currently performing EPC services for a 500-MW combined cycle power plant in New York City's Queens borough for Astoria Energy LLC and a 500-MW combined cycle gas fired power plant in Mona, Utah for PacifiCorp (NYSE:SPI), and the restart of the 1,065-MW Browns Ferry Unit 1 Nuclear Plant for the Tennessee Valley Authority (TVA).

The Shaw Group Inc. is a leading provider of technology, consulting, engineering, construction, remediation and facilities management services to government and private sector clients in the environmental, infrastructure and emergency response markets. The Shaw Group is also a vertically integrated provider of comprehensive engineering, consulting, procurement, pipe fabrication, construction and maintenance services to the power and process industries worldwide. A Fortune 500 company with $3.3 billion in revenues in 2003, The Shaw Group debuted on the magazine's "America's Most Admired Companies" list in 2004. Shaw is headquartered in Baton Rouge, Louisiana and employs approximately 17,000 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region. Additional information on The Shaw Group is available at www.shawgrp.com.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained herein that are not historical facts (including without limitation statements to the effect that the Company or its management "believes," "expects," "anticipates," "plans," or other similar expressions) and statements related to revenues, earnings, backlog, or other financial information or results are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) 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 our assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. The Company undertakes no 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 Company's reports and registration statements filed with the Securities and Exchange Commission, including its Form 10-K and Form 10-Q reports, and on the Company's website under the heading "Forward-Looking Statements". These documents are also available from the Securities and Exchange Commission or from the Investor Relations department of Shaw. For more information on the company and announcements it makes from time to time on a regional basis, visit our website at www.shawgrp.com.

SOURCE: The Shaw Group Inc.

The Shaw Group Inc., Baton Rouge
Chris D. Sammons, 225-932-2546
website: www.shawgrp.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding SHAW GROUP INC's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.


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