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Industry News

Government Signs 'Guarantees' on Ennore Project

LCG, Sept. 15, 2000In a joint development agreement signed yesterday in Washington, the government of India has committed to establish an effective "payment security mechanism" for the firm purchase of power from a 1,850 megawatt generating station under development by CMS Energy Corp. of the U.S. and India's Aditya Birla Group.

"Under the terms of the Joint Development Agreement reached today, the Government of India hasexpressed its intent to support the payment obligations of the Power Trading Corporation of India,which will purchase the entire capacity of the Ennore power plant. The Power Trading Corporationis 100 percent owned by the Government of India and was formed in 1998 to establish and operatea responsive and efficient power trading system throughout India," CMS said in a news release.

The $1.6 billion project, called the Ennore Liquefied Natural Gas and Power Project, is located in Tamilnadu, India. It will consist of an LNG import, storage and regasification facility that initially willbring in 2.5 million tons per year of LNG from the Ras Laffan Liquefied Natural Gas Co. of Qatar in the Arabian Gulf. The LNG terminal will provide natural gas to the 1,850 megawatt Ennore power plant and a natural gas pipeline system designed to serve growing industrial centers throughout southern India.

Yesterday's agreement was between the Power Trading Corp. of India, a government-owned business, and the Dakshin Bharat Energy Consortium, the ownership of which consists of CMS Energy with 26.67 percent, the Aditya Birla Group of India with 26.67 percent, Unocal Corp. of the U.S. with 18.66 percent, Woodside Petroleum of Australia with 15 percent and Siemens Project Ventures of Germany with 13 percent.

The signing was witnessed by U.S. Commerce Secretary Norman Mineta and Indian Finance Minister Yashwant Sinha at a ceremony in Washington, D.C. during the official state visit of Indian Prime Minister Atal Bihari Vajpayee.

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