Press Releases

10/12/2003

Update on Offer for Drax Debt

(London - 10 December 2003) International Power plc (IPR) notes that the cash-out elections by the creditors of Drax are now complete. As anticipated by IPR, take up of the cash out election is at an insignificant level due to the improvement in power prices in the UK since IPR made its original offer.

In accordance with the agreement with Drax, IPR will receive £2 million for its contribution to the restructuring process together with reimbursement of associated costs.

For further information please contact:

Aarti Singhal
Tel: +44 (0)20 7320 8681

International Power plc is a leading independent electricity generating company with 10,990MW (net) in operation and 610 (net) under construction. Among the countries where International Power has facilities in operation or under construction are Australia, the United States, the United Kingdom, the Czech Republic, the UAE, Portugal, Turkey, Malaysia, Pakistan and Thailand. International Power was listed on the London Stock Exchange and the New York Stock Exchange (as ADRs), on 2 October 2000. The ticker symbol on both stock exchanges is "IPR".