LS Power Agrees to Acquire Duke Energy's DENA Power Generation Assets – Firm Commits to Smooth Transition

NEW YORK (January 12, 2006) – On Monday, January 9th, Duke Energy announced the sale of its Duke Energy North America ("DENA") power generation assets to a member of the LS Power Group ("LS Power"). Since its founding in 1990, LS Power has been a developer, owner, and manager of power plants. The firm has owned, managed and operated thousands of megawatts of generation capacity in markets throughout the United States.

LS Power sees significant long-term potential in the DENA facilities. The quality of the assets, the outstanding operational track record of each of the facilities and the skilled plant personnel were all important components of the acquisition decision. Going forward, LS Power will seek to build upon the facilities' past successes and improve the portfolio's performance. The firm is committed to making the transition of the assets from Duke to LS Power a smooth one for the employees and the local communities. LS Power is looking forward to working with the plant personnel and becoming a member of the greater business communities.

The LS Power Group

Founded in 1990, the LS Power Group is a fully integrated power plant owner, developer and manager with offices in New York, New Jersey, Missouri and Florida.

LS Power Group Contact:
Darpan Kapadia, Managing Director
212-615-3456
dkapadia@lspower.com

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