Press Releases
06/06/2002
International Power Receives £27 million Net Dividend from Kot Addu Power Company (KAPCO) in Pakistan
(London – 6 June 2002) International Power today announces that it has received the first dividend payment from KAPCO since 1998. This follows the resolution of all longstanding differences between International Power, Pakistan’s Water and Power Development Authority (WAPDA) and KAPCO.
The interim dividend translated to a net payment of £27 million to International Power with respect to its 36% equity interest in KAPCO.
Peter Giller, CEO of International Power said, "The conclusion of this dispute and implementation of the Settlement Agreement is an important achievement. It was willingness and co-operation on both sides that led to this successful result and we are grateful to WAPDA for their role in the resolution process. We look forward to continuing our close working relationship in the future."
For further information:
Media contact:
Aarti Singhal
+44 (0)207-320-8681
Investor contact:
Grant Jones
+44 (0)207-320-8619
Media & Investor contact:
Paul Parshley
(United States) +1 508-922-3124
Notes to the Editors
KAPCO owns the dual fuel (oil and gas) fired 1,600MW power plant located in Punjab, Pakistan. The dispute with WAPDA (the customer) began prior to the demerger of National Power and related to differences over contractual arrangements for KAPCO. In May 2002, International Power signed a Settlement Agreement with WAPDA marking the resolution of this dispute.
International Power plc is a leading independent electric generating company with over 9,400 MW (net) installed capacity in operation, 1,740MW (net) installed capacity under construction and approximately 6,000 MW (net) in advanced development. Among the countries where International Power has operating facilities are Australia, the United States, the United Kingdom, the Czech Republic, Portugal, Turkey, Malaysia, Pakistan, and Thailand. International Power was created from the demerger of National Power, and its shares began trading independently on the London Stock Exchange and as ADRs on the New York Stock Exchange on 2 October 2000.
