Mirant Slows Plans to Expand Power Generation

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The following is an advisory by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). The need to increase America's electrical generating capabilities has propelled some companies in the energy sector to record breaking wealth. For others, the business of powering-up the country has ended in a rapid descent, and at times, bankruptcy. In spite of recent dives in stock prices and the scrutinizing of credit ratings of energy companies, Mirant Corporation (NYSE: MIR) (Atlanta, Ga.), a leading, global provider of energy related products, is taking measures to restore investor confidence following the downgrade of its credit rating and the demise of energy trading giant, Enron. Plans to control and own over 35,000 mega-watts (MW) by 2005, have been changed to approximately 23,000MW.

Mirant currently has over 17,000MW of generation in operation or under its control in the Americas. It employs a strategy that merges risk management and marketing knowledge at its power generation facilities to define success. The company plans to capitalize on that success by developing greenfield plants and by expanding existing facilities.

The company's revised spending plans indicate expenditures of $2.6 billion towards ongoing construction of 5,700MW. Next year alone, the company expects to bring 2,200MW of new generation on-line. New generation beyond the 5,700MW has been deferred or canceled.

Mirant has facilities in North America, the Caribbean, Europe, and Asia, and operates one of the world's largest energy commodity trading organizations from its headquarters in Atlanta. For the third quarter ending September 30, 2001, the company reported a record 97% increase in growth earnings.