ALSTOM and Panda Energy sign HRSG supply agreement worth
over 170 million Euros

ALSTOM has signed a multi-unit agreement worth over 170
million euros to supply Panda Energy with 20 Heat Recovery
Steam Generators (HRSGs), of which four are on option, for
gas-fired combined-cycle power plants in the USA.

The HRSGs will be delivered over the next two years,
beginning with an order of eight for a 2,200 MW power plant in
El Dorado, Arkansas being built as a joint venture between
Panda Energy and TECO Power Services, a subsidiary of Tampa,
Florida-based TECO Energy, Inc. (NYSE: TE). The balance of the
HRSGs will go to various other sites throughout the USA,
including some sites jointly developed by Panda and TECO Power
Services.

The multi-unit agreement allows for the use of a 'reference
plant' design which will lower costs and speed delivery while
allowing for necessary site-specific design changes.
Furthermore, the HRSGs will have ALSTOM's OCCÔ (Optimised
for Cycling and Constructability) design utilising fewer
pressure-part modules and unique piping arrangements that
result in lower field erection costs.

Headquartered in Dallas, Texas, Panda Energy International,
Inc. is a privately held, non-regulated electric generation
company whose primary focus is the development, ownership and
operation of state-of-the-art, environmentally clean, low-cost
power plants. The company currently operates plants in Roanoke
Rapids, North Carolina; Brandywine, Maryland; Bhote Koshi,
Nepal; Luannan, China, and it owns a fifty-percent interest in
a 1,000 MW plant in Guadalupe County, Texas. Panda also is the
developer and a partner in three merchant plants presently
being constructed in the United States. By spring 2001, Panda
will have developed 9,000 MW that are either under construction
or in commercial operation. Panda also has 10,000 megawatts of
electric generating capacity currently in advanced development
and an additional 6,500 MW in the early stages of
development.

ALSTOM is the global specialist in energy and transport
infrastructure. The company serves the energy market through
its activities in the fields of power generation, power
transmission and distribution, power conversion and electrical
contracting and the transport market through its activities in
rail and marine.

ALSTOM today has annual sales in excess of 20 billion euros and
employs approximately 140,000 people in over 70 countries.

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Monica Coull (Tel. +32 2 642 30 87)

Monica.coull@power.alstom.com

Investor relations :

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Investor.relations@chq.alstom.com

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