Business Description

• Fifth-largest U.S. developer and operator of independent power projects around the world
• Interests in 35 operating power plants totaling 8,000 gross megawatts
• 6,500 gross megawatts under development and in construction

1998 Operating Highlights

• Completed CT Mendoza expansion and upgrade
• GMR Vasavi plant in India began operating in 1998
• Won rights to build 710 megawatt plant in Abu Dhabi (first major energy privatization project in United Arab Emirates), 1,886 megawatt plant in India and 710 megawatt plant in Michigan
• Acquired 150 megawatts of generating capacity in Venezuela

1999 Outlook

• Begin operation of the National Power Supply plant in Thailand
• Begin construction of 250 megawatt Neyveli plant in India
• Begin construction of 250 megawatts of gas-fueled peaking units in Michigan
• Begin construction of 710 megawatt cogeneration plant in Michigan