Sithe Energies Plans Over $3 Billion in New Power Generation in the US and Canada

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Researched by Industrialinfo.com (Industrial Information Resources, Inc, Houston, Texas). Sithe Energies Incorporated (New York, NY), a Private Energy Producer (PEP), is investing over $3 billion in new power generation for the United States and Canada. There are six plants in various stages of development totaling 3,700MW and five facilities under construction with over 2,600MW of new power generation scheduled to come online through 2005.

Sithe Energies currently has an 800MW plant under construction in North Weymouth, Massachusetts, which is expected to come on line later this year. A proposed project in Rockland County, New York, referred to as Ramapo has recently been cancelled due to unfavorable market conditions.

Sithe owns, develops, and operates power generation facilities in North America, Canada, and internationally. In North America, Sithe currently owns and operates 27 power plants producing approximately 3,800MW and expects to increase the number of operational power generating facilities to over 38 by 2005.

Sithe Energies was founded in 1984 and is one of the top five PEP's in the world. Exelon Corporation (NYSE: EXC) (Chicago, Ill.) currently owns 49.9% of Sithe Energies and over the next 5 years, may have the option to purchase the remaining 50.1%. Exelon was formed in October of 2000 from the merger of PECO (NYSE: PE) (Philadelphia, Penn.) and Unicom (Chicago, Ill.). With over $15 billion in annual revenues and serving over 5 million customers, Exelon has become the nation's largest unregulated supplier of natural gas and electricity.

Although more than 70 percent of Exelon's 19,000MW generating capacity comes from nuclear plants, Sithe Energies North American facilities consist primarily of fossil and hydro power generation.