Press Releases

17/10/2005

International Power completes sale of interest in 300 MW Valley Power plant, Australia

(London – 17 October 2005) Further to the announcement on 31 August 2005, International Power and Mitsui & Co, Ltd (IPM) have completed the sale of IPM’s 60% interest in the 300 MW Valley Power peaking plant in Victoria, Australia, to Snowy Hydro Ltd.

IPM’s 60% share was sold for an enterprise value of A$146 million (£62 million).

For further information please contact:

Investor and Media Contact:
Aarti Singhal
+44 (0)20 7320 8681

Notes to Editors:

IPM acquired a 60% equity interest in Valley Power as part of the Edison Mission Energy acquisition in December 2004, and Contact Energy owned the remaining 40%. International Power’s net ownership (42%) in the plant equated to 126 MW.

IPM has divested its interest in Valley Power as per an agreement with the Australian Competition and Consumer Commission (ACCC) reached at the time of the Edison Mission Energy acquisition.

International Power plc is a leading independent electricity generating company with 16,246 MW (net) in operation and 1,729 MW (net) under construction. International Power has power plants in operation or under construction in Australia, the United States of America, the United Kingdom, the Czech Republic, Italy, Portugal, Spain, Turkey, Oman, Qatar, Saudi Arabia, the UAE, Indonesia, Malaysia, Pakistan, Puerto Rico and Thailand. International Power was listed on the London Stock Exchange and the New York Stock Exchange (as ADR’s), on 2 October 2000. The ticker symbol on both stock exchanges is "IPR".