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Shaw Awarded Engineering, Procurement and Construction Contract by Duke Power

BATON ROUGE, La.--(BUSINESS WIRE)--May 31, 2005--

Shaw to Retrofit Coal-Fired Generating Units With FGD Scrubbers at Duke Power's Belews Creek Plant

The Shaw Group Inc. (NYSE: SGR) today announced that its Shaw Stone and Webster unit, along with its consortium partner, ALSTOM Environmental Control Systems, has been awarded an engineering, procurement and construction (EPC) contract by Duke Power, a unit of Duke Energy (NYSE: DUK), to retrofit the coal-fired generating units at Duke's Belews Creek power plant in Stokes County, North Carolina. The flue gas desulfurization (FGD) units, also known as "scrubbers," will be designed to reduce as much as 95 percent of the sulfur dioxide emitted from the plant, significantly improving the quality of air emissions from the facility. Shaw will perform the majority of the project's engineering, procurement and construction. ALSTOM will design, engineer and procure the FGD equipment. Engineering is already in progress and ground has been broken on the construction at Belews Creek Steam Station. The project is scheduled to be completed in 2008. The total value of the project, including equipment, is estimated to be approximately $500 million.

J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw, said, "We are very pleased to begin this second scrubber retrofit project for Duke Power. Our first scrubber project at Duke's Marshall Steam Station, which is also being performed through a consortium with ALSTOM, is progressing very well and is expected to be completed in early 2007. We are especially proud that the work on the Belews Creek project will be led by our recently expanded Charlotte, North Carolina office. With its four-plant FGD Retrofit Project, Duke Power continues to be an industry leader in providing environmentally sound power to its customers."

Duke Power, a business unit of Duke Energy, is one of the nation's largest electric utilities and provides safe, reliable, competitively priced electricity and value-added products and services to more than 2 million customers in North Carolina and South Carolina. The company operates three nuclear generating stations, eight coal-fired stations, 31 hydroelectric stations and numerous combustion turbine units. Total system generating capability is approximately 19,900 megawatts. More information about Duke Power is available on the Internet at: http://www.dukepower.com.

Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in the Americas. Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: http://www.duke-energy.com.

The Shaw Group Inc. is a leading global provider of technology, engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation, and facilities management services for government and private sector clients in the power, process, environmental, infrastructure and emergency response markets. Headquartered in Baton Rouge, Louisiana, with over $3 billion in annual revenues, Shaw employs approximately 20,000 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region. The Company was recently named to Fortune magazine's annual list of "America's Most Admired Companies" for the second consecutive year. For further information, please visit Shaw's website 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 web-site 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 web site at www.shawgrp.com.

CONTACT: The Shaw Group Inc., Baton Rouge
Chris D. Sammons, 225-932-2500

SOURCE: The Shaw Group, Inc.

"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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