Acetex Energy (Nations Energy)
FOR IMMEDIATE RELEASE
New Cogeneration Facility Purchased By Acetex Energy
Chicago, IL (February 9, 2000) -- Acetex Energy announced today that it has acquired, through its wholly-owned subsidiary, Mingo Junction Energy Center, LLC, a 100% interest in a blast furnace gas fueled cogeneration facility (Energy Center) that supplies steam and electricity to Wheeling-Pittsburgh Steel Corporation's facilities in Mingo Junction, Ohio. The Energy Center, previously owned and operated by Air Liquide America Corporation, was acquired by Acetex Energy for approximately $60 million US.
The Energy Center is capable of supplying up to approximately 500,000 pounds of steam per hour and up to 35 megawatts of electricity for use in steel making operations. Members of the Acetex Energy team were involved in the original development, design and construction of the plant, which began operations in mid 1999.
"By utilizing more efficient equipment and advanced power generation and environmental controls, the Energy Center has substantially reduced emissions to the air of nitrogen oxides, sulfur dioxide and particulates," said Harry Page, Vice President of Engineering, Technology, and Metallurgy for Wheeling-Pittsburgh Steel. "These reductions resulted from the permanent shutdown of Wheeling-Pittsburgh Steel's boiler operations and from the electricity that the power company no longer has to generate. In addition, the Energy Center is designed to maximize the use of Wheeling-Pittsburgh Steel's available blast furnace gas, thus minimizing the flaring of this by-product gas."
"We are pleased with our new role as sole owner of this facility and as Wheeling-Pittsburgh Steel's onsite energy supplier," said Acetex Energy President Bill Johnson. "Acetex Energy is continuing to develop and acquire onsite energy projects based on fuel efficient and environmentally desirable facilities, including utilization of waste gases for energy supply to the steel industry. We are committed to reliable energy supply and active customer communication, which are key to building strong relationships and customer confidence."
Acetex Energy was formed in 1998 as a non-regulated onsite supplier of electric power, steam and related services to industrial and commercial users. Acetex Energy is owned by an energy partnership managed by Haddington Ventures, L.L.C. of Houston, TX. The partnership owns a portfolio of mid-stream energy related companies. The partnership includes affiliates of Chase Capital Partners, Prudential Capital Group, Travelers Companies and Indiana Energy, Inc. The managing directors of Haddington Ventures originally founded and managed TPC Corporation (formerly NYSE: TPC).
Wheeling-Pittsburgh Steel is the ninth largest integrated steel producer and a wholly-owned subsidiary of WHX Corporation (NYSE: WHX).