Press Releases
06/03/2008
Financial Results for the Full Year ended 31 December 2007
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(London – 6 March 2008) International Power today announces its preliminary results for the year ended 31 December 2007 and reports on key developments to date.
Sir Neville Simms, Chairman of International Power, said: "I am pleased to report a 21% increase in EPS(i) and a 43% increase in free cash flow(ii), both of which were principally driven by a strong performance in Europe. We expect 2008 to be another year of growth and we remain well positioned to deliver from both greenfield and acquisition opportunities across our portfolio."
Highlights:
- Excluding exceptional items and specific IAS 39 mark to
market movements(i)
- Profit from operations of £904 million (2006: £773 million) - up 17%
- EPS of 27.1p (2006: 22.4p) - up 21%
- Strong free cash flow(ii) of £653 million (2006: £456 million) - up 43%
- 29% increase in full year dividend proposed, from 7.9p to 10.16p
- Including exceptional items and specific IAS 39 mark to
market movements
- Profit from operations of £518 million (2006: profit of £898 million)
- EPS of 33.6p (2006: 27.6p)
- Portfolio growth continues
- Acquired 660 MW of operational wind generation capacity in Europe
- Awarded Fujairah F2 project in the UAE - 2,000 MW and 130 MIGD (gross)
- Signed key contracts, reached financial close for the Elecgas 830 MW (gross) project in Portugal
- Increased ownership in Simply Energy (Australia) to 100%
- Active portfolio management – disposal of Malakoff and partial divestment of UK assets.
All reference to financial performance in this commentary is on a pre-exceptional and pre-specific IAS 39 mark to market movements basis (unless stated otherwise).
| Profit from operations(i) | Year ended 31 December | ||
|---|---|---|---|
|
2007 £m |
2006 £m | ||
 | |||
| North America | 136 | 101 | |
| Europe | 574 | 450 | |
| Middle East | 68 | 52 | |
| Australia | 82 | 124 | |
| Asia | 96 | 91 | |
| |||
| Regional total | 956 | 818 | |
| Corporate costs | (52) | (45) | |
| |||
| Profit from operations | 904 | 773 | |
| |||
Notes: (i) Excluding exceptional items and specific
IAS 39 mark to market movements. For analysis and explanation of
exceptional items and specific IAS 39 mark to market movements,
please see notes 1 and 3 to this statement.
(ii) Free cash flow is set out in note 4 to this
statement.
North America
Profit from operations in North America was up at £136
million compared to £101 million last year, reflecting the
introduction of the Forward Capacity Market in New England and a
full year of ownership of Coleto Creek, which was acquired in July
2006. New dust emission control equipment was installed at Coleto
Creek during the year which, together with planned maintenance
work, meant the plant contributed for ten months of the year. Our
contracted assets, namely EcoEléctrica, Hartwell and Oyster
Creek all performed well delivering a good financial
performance.
A mild summer in Texas led to a decrease in demand compared to 2006, resulting in a flat spark spread at Midlothian of $14/MWh at a reduced load factor of 55%. The spark spread at Hays fell from $14/MWh in 2006 to $10/MWh and the load factor also decreased from 55% to 45%, following outages to repair defective welds on high pressure steam pipes. All four units at Hays are now fully operational, following the conclusion of remedial work which was completed in the first quarter of 2008.
In New England, spark spreads increased from $12/MWh in 2006 to $16/MWh, at a constant load factor of 60%, and our assets in the region benefited from the introduction of the Forward Capacity Market. In February 2008, the New England Independent System Operator conducted the first auction for additional capacity for the period June 2010 – May 2011. The auction attracted a significant response from both generation and demand side management projects, resulting in a capacity income of $4.25 per kW-month for our New England plants for this period.
For 2008 we have forward contracted 70% of our expected merchant CCGT output in Texas, 90% in New England and 95% of our expected output at Coleto Creek.
In January 2008, International Power in partnership with South Texas Electric Cooperative (STEC) (International Power 51%, STEC 49%) commenced the process to permit a 650 MW second coal fired unit at Coleto Creek. The new unit, to be operated by International Power, will provide additional capacity and increased fuel diversity in the region when it enters service, which is expected in the 2013 – 2014 timeframe. In line with the ownership structure STEC will take 49% of this new capacity.
Europe
Profit from operations in Europe increased significantly to
£574 million from £450 million last year. This was
principally due to strong contributions from our UK assets and
first full year contributions from Levanto and Indian Queens,
together with a first time contribution from Maestrale for the four
months from September to December 2007. Our contracted assets in
Iberia, Italy and Turkey continue to deliver consistent operational
and financial performance.
In 2007 the UK power market saw dark spreads falling and spark spreads increasing. Rugeley benefited from our decision to forward contract its output for 2007, when power prices were higher in 2006, whilst Deeside was able to take advantage of its largely uncontracted position as its achieved spark spread increased from £22/MWh to £23/MWh(iii). Saltend’s earnings were flat compared to 2006, due to the lower amortisation charge on the gas supply contract being offset by the impact of higher gas costs.
For 2008 we have forward contracted 85% of our expected merchant output at Rugeley, 95% at Saltend, and 60% at Deeside.
First Hydro's earnings were up compared to 2006 as the asset captured higher prices during periods of increased power price volatility. The storage capacity of one of First Hydro’s upper reservoirs was expanded in October 2007, to give an extra 8% capacity.
Earnings at ISAB, in Italy, were down year on year following a planned outage and a revised fuel indexation methodology.
The Czech Republic experienced very mild weather during the first half of the year, and as a consequence heat sales were lower compared to 2006, but this was partially offset by higher power sales at an improved margin. In August, International Power Opatovice signed a new three year contract with the existing offtaker to sell 65% of its expected output until the end of 2010.
During the year, International Power more than doubled the size of its European wind portfolio, acquiring 100% ownership of 660 MW of operational wind generation. Details of these acquisitions are shown below:
| Name of wind farm | Location | Acquisition/ completion date |
MW (net) in operation |
MW (net) under construction |
|---|---|---|---|---|
| ||||
| Delfzijl-Zuid | Netherlands | July 2007 | 16 | - |
| Maestrale | Italy and Germany | August 2007 | 581 | 55 |
| Schkortleben | Germany | September 2007 | 28 | - |
| Delfzijl-Zuid | Netherlands | December 2007 | 15 | - |
| Karstaedt 2 | Germany | December 2007 | 20 | - |
| ||||
| Total | 660 | 55 | ||
| ||||
Note: As at date of acquisition.
At Levanto, which was acquired in November 2006, a further 69 MW of wind farms that were under construction at acquisition started commercial operation in 2007, with the final 6 MW due to commence operation in 2008. Construction of the 8 MW Horn wind farm, located in Germany, has been completed. In addition, 55 MW of capacity which was under construction at the time of the Maestrale acquisition has now reached commercial operation. Our European wind portfolio comprises 1,153 MW in operation and 6 MW under construction.
In June, International Power created a common ownership platform for its UK(iv) assets (75% International Power and 25% Mitsui). As part of the agreement, International Power sold a 25% equity interest in Rugeley, Deeside and Indian Queens to Mitsui and acquired an additional 5% equity interest in First Hydro and Saltend. In addition Mitsui provided a £200 million credit facility to support trading activities of the UK assets, and International Power also acquired the right to additional returns from Paiton (Indonesia) equivalent to 9.2% of Paiton's earnings and cash distributions(v), equalising the returns for International Power and Mitsui from this important asset. The sale and purchase of the interests in the UK assets and Paiton resulted in a net cash payment of £106 million to International Power and an exceptional profit on disposal of £174 million.
The installation of Flue Gas Desulphurisation (FGD) equipment, required to significantly reduce sulphur emissions at Rugeley, is underway with final commissioning scheduled in the third quarter of 2008. A major planned outage and the FGD tie-in installation will together take approximately 4 months. Rugeley is currently burning ultra low sulphur coal in order to comply with the emissions requirements of the Large Combustion Plant Directive (LCPD). The resulting load factor is expected to be 55% in 2008, down from 65% in 2007.
Construction of FGD and Selective Catalytic Reduction (SCR) equipment at Pego in Portugal is also progressing well, and is expected to be completed in the second half of 2008. On completion of this project Pego’s emissions of SO2 and NOx will be significantly lower than the limits imposed by the LCPD.
The new Elecgas 830 MW CCGT project, in Portugal, reached financial close in March 2008 together with finalisation of the tolling agreement and EPC contracts. The entire output of the new plant will be sold to Endesa Generacion S.A, a subsidiary of Endesa, under a 25 year tolling contract. The CCGT plant will be constructed by Siemens and will be located adjacent to the existing 628 MW Pego coal fired plant. The total project cost is estimated at €580 million (£443 million), which will be funded by a mix of debt and equity in an 85:15 ratio. For its 50% share, IPR’s equity investment will be €44 million (£34 million).
Notes:
(iii)Adjusted to reflect the fuel optimisation that was
achieved by trading our coal and gas assets as a portfolio.
(iv)Ownership in Derwent Cogeneration Limited, 33% held
jointly by International Power and Mitsui, is unchanged as a result
of this transaction.
(v)Via the acquisition of an economic interest from
Mitsui, this transaction equalised the returns for International
Power and Mitsui from Paiton (at 40% each) but did not entail any
transfer of shares or change of management structure.
Middle East
In the Middle East, profit from operations increased to £68
million (2006: £52 million), principally reflecting a full
year contribution from Tihama in Saudi Arabia and the completion of
the Umm Al Nar extension in Abu Dhabi, and additional capacity
coming on stream at Ras Laffan B in Qatar. Profit in 2007 included
a development fee from the Fujairah F2 project, similar to the
development fee received in 2006 relating to the Hidd acquisition
in Bahrain.
At Umm Al Nar, the final stage of construction was completed in 2007. The plant, which now has an overall capacity of 2,450 MW and 143 MIGD, is operating under the first year of its 20 year Power and Water Purchase Agreement (PWPA). 795 MW and 48 MIGD of the original plant will be decommissioned in 2010. This decommissioning date was extended, at the request of the Abu Dhabi Water and Electricity Company (ADWEC), by an additional two and a half years due to the good operational performance of the existing assets. After 2010, the plant will have a capacity of 1,655 MW and 95 MIGD until the end of the PWPA in 2027.
At Ras Laffan B, in Qatar, the second phase of construction was completed in June, with an additional two steam turbines entering commercial operation providing 307 MW of capacity, and in January 2008 15 MIGD became operational. The plant now has a capacity of 920 MW and 30 MIGD, and completion of the third and final phase of 135 MW and 30 MIGD is expected in the first half of 2008.
In Bahrain, the first phase (12 MIGD) of the desalination extension at Hidd achieved commercial operation in December 2007. The construction of the remaining 48 MIGD extension continues to make progress and we expect this additional capacity to reach commercial operational in the first half of 2008.
In June, the non-recourse debt facility at Tihama was successfully refinanced for a total of US$550 million, achieving improved debt amortisation terms, lower margins and providing an increased distribution of US$45 million to International Power plc.
International Power (in a 50:50 partnership with Marubeni of Japan) was successful in its bid for a 40% interest in the 2,000 MW and 130 MIGD greenfield Fujairah F2 independent water and power project in the United Arab Emirates. The remaining 60% will be held by the Abu Dhabi Water and Electricity Authority. A long-term PWPA was signed with ADWEC for the sale of power and water, and the project reached financial close in December. The financing structure comprised two non-recourse loans, a US$1,284 million 23 year term loan from JBIC and a US$856 million 23 year term commercial bank loan, together with a US$565 million equity bridge facility. This latter facility will be repaid through an injection of equity of US$565 million (£280 million) in July 2010. For its 20% share, IPR’s equity investment will be US$113 million (£56 million). The project is now under construction and is expected to be fully operational in 2010.
In Botswana, the development of the Mmamabula power station (Phase One – up to 2,500 MW) with CIC Energy Corp. is proceeding. We continue to progress the negotiation of the power purchase agreements with Eskom Holdings Limited (for the majority of Mmamabula’s output) and Botswana Power Corporation (BPC), alongside the negotiation of the EPC arrangements.
Australia
Profit from operations decreased from £124 million in 2006 to
£82 million. The severe drought in 2007 had a significant
impact on the Australian results by increasing inter-regional
pricing differentials and the cost of power purchased to cover both
unplanned outages and transmission constraints. Inter-regional
pricing differentials were the most significant factor and arose
where we forward hedged our power outside of the state in which we
have our generation. This resulted in contracts for the sale of
power being settled by purchases in the spot market at times of
high prices and was compounded by a lack of liquidity in the market
preventing us from closing out these positions. This policy had
historically worked well during periods of low market liquidity in
Victoria and South Australia. There are no such inter-regional
positions in 2008.
Given current reserves of cooling water, we remain confident that Hazelwood and Loy Yang B have sufficient water supply to generate at full load throughout 2008 and into 2009. In 2008 we have forward contracted 80% of our expected merchant output and still expect to achieve an average price of A$45 per MWh at Hazelwood.
The acquisition of the remaining 50% stake in the Australian retail partnership was completed in August with a payment of A$142 million (£56 million) to EnergyAustralia. The company was renamed ‘Simply Energy’.
Hazelwood has signed the financing documents with the Federal and Victorian Governments for an A$80 million grant, and reached agreement with its supplier (Alstom) for an innovative retro-fit solution to reduce greenhouse gas emissions by 20% on one of its 200 MW brown coal fired units. The pilot project comprises a fluidised bed coal drying plant, boiler efficiency improvements, fitting a new highly efficient turbine, and a pilot carbon dioxide capture facility. Work on the project has begun and we expect the pilot carbon capture facility to be commissioned in late 2008, with the coal drying plant commencing operation in 2010.
At Pelican Point, the non-recourse debt facility was refinanced in February 2008 for a total of A$190 million. The funds will be used to repay existing debt and fund the maintenance reserve for the plant. In addition an increased distribution has been paid to International Power plc.
Asia
Profit from operations in Asia was up to £96 million compared
to £91 million in 2006. Performance in this region benefited
from higher load factors as a result of continued demand growth,
and strong operational performances at all our assets in Asia,
although the expiry of the tax holiday at KAPCO did result in lower
post tax earnings at this asset. Malakoff was sold in May 2007 to
MMC Corporation for £249 million, generating an exceptional
profit on disposal of £115 million.
In December 2007, International Power agreed to acquire an additional 31% shareholding in Uch (572 MW plant located in Pakistan) for a total cash consideration of US$85.5 million (£44 million). The acquisition from affiliates of Tenaska Holdings (L) Corp, will take International Power’s total holding in Uch to 71%. The entire output of the plant is sold to WAPDA under a long-term PPA until 2023. The acquisition will be funded from current liquid resources, and is expected to complete in the first half of 2008.
We continue to actively pursue the 800 MW Paiton 3 expansion, and the 1,320 MW West Java (renamed from Tanjung Jati A) coal fired greenfield opportunities in Indonesia. Tariff and PPA negotiations with the offtaker are continuing in parallel with discussions on the EPC contracts for both projects.
Corporate Costs
Corporate costs at £52 million are £7 million higher
than 2006. This is mainly due to a provision made for the expected
period of vacancy in the Group head office sublease following
notification from the existing sub tenants that they are
terminating their lease.
Interest
Net interest expense at £308 million is £60 million
higher than 2006. This is mainly due to the impact of additional
debt relating to Maestrale and a full year impact of Levanto which
was acquired in November 2006.
Foreign exchange
The impact of the strengthening of sterling on the results of our
overseas operations, compared to 2006, is a reduction in EPS of
0.5p. The majority of this impact relates to the translation of the
profits of US dollar denominated operations.
Tax
The Group tax charge has reduced by £9 million to £113
million (2006: £122 million). As announced in our interim
results, this includes the impact of reduced UK deferred tax
balances following the lowering of the standard rate of UK
corporation tax from 30% to 28% with effect from 1 April 2008.
Minority interests in our UK assets also benefited from this change
in tax rate. The Group also benefited from reductions in tax rates
in the Czech Republic, Germany and Italy during 2007 and this has
contributed to lowering the effective tax rate for the Group to
26%. The effective tax rate excluding these impacts is 31% (2006:
30%).
The reduction in the tax rate in Italy also resulted in a tax credit of £49 million relating to Maestrale. We have treated this tax credit as an exceptional item due to its magnitude and the proximity of the enactment of the change of rate to the date of the acquisition.
Exceptional items and specific IAS 39 mark to market
movements
Exceptional items before tax amount to £233 million (2006:
£55 million). This comprises the following items:
- Profit on the sale of Malakoff of £115 million
- Profit on the partial disposal of certain UK subsidiaries to Mitsui of £174 million
- Provision against the investment in BioX of £9 million
- Saltend GSA contract impairment of £47 million
As a result of a fall in market gas prices during 2007, the remaining book value of the Saltend GSA contract was fully written off at the year end, resulting in a £47 million impairment charge. The Saltend GSA has already delivered more value than was assumed at acquisition due to the high market gas prices experienced in 2005 and 2006.
The specific IAS 39 mark to market movements reported in the period amount to a charge before tax of £346 million (2006: gain of £44 million), £173 million of which relates to significant increases in forward prices in Australia and £135 million relates to increases in forward prices in the UK.
Tax on mark to market movements during the year was a credit of £96 million (2006: expense of £10 million). Tax on the Saltend GSA impairment was a credit of £14 million. No other tax arose on the exceptional items in the period (2006: charge of £15 million).
Cash Flow
A summary of the Group’s cash flow is set out below:
| Year
ended 31 December 2007 |
Year
ended 31 December 2006 | |
|---|---|---|
£m |
£m | |
| Profit for the year | 529 | 477 |
| Depreciation, amortisation and other movements(i) | 515 | 322 |
| Dividends from joint ventures and associates | 145 | 113 |
| Capital expenditure – maintenance | (71) | (128) |
| Purchase of intangible assets | (48) | - |
| Movement in working capital | (4) | (15) |
| Tax and net interest paid | (413) | (313) |
| ||
| Free cash flow | 653 | 456 |
| Receipt from TXU administrators – exceptional | - | 14 |
| Receipt of compensation for breach of contract - exceptional | - | 5 |
| Debt-financing costs capitalised on acquisition debt | (2) | (14) |
| Capital expenditure – growth | (160) | (142) |
| Government grant received | 1 | - |
| Investments in (net of returns from) joint ventures, associates and investments | (1) | 24 |
| Acquisitions | (841) | (842) |
| Disposals | 418 | 1 |
| Dividends paid | (160) | (67) |
| Proceeds from share issue | 13 | 15 |
| Dividends paid to minority interests | (35) | (54) |
| Foreign exchange and other | (262) | 270 |
| ||
| Increase in net debt | (376) | (334) |
| Opening net debt | (3,575) | (3,060) |
| Net debt on acquisition of subsidiaries | (711) | (181) |
| ||
| Closing net debt | (4,662) | (3,575) |
| ||
(i) Depreciation, amortisation and other movements are set out in note 4 to this statement. In 2007 and 2006 they include income statement charges for interest, tax, depreciation, specific IAS 39 mark to market movements and the share of profit of joint ventures and associates. In addition in 2007 they include the exceptional profit on the disposal of 25% of UK subsidiaries and the exceptional profit on disposal of Malakoff. In the year ended 31 December 2006 they also included the exceptional profit on the TXU settlement and the exceptional profit on compensation for breach of contract.
Free cash flow for the year ended 31 December 2007 was £653 million, an increase of 43% compared to the previous year (2006: £456 million). This increase was driven by full year contributions from Coleto Creek, Levanto, Tihama and Indian Queens, together with the strong profitability of the UK assets. In addition, dividends from associates and joint ventures increased year on year by £32 million. Maintenance capital expenditure was also £57 million lower than in 2006. This was partially offset by an increase in interest and tax payments of £100 million, mainly as a result of acquisitions.
Acquisitions of £841 million in 2007 include the Maestrale wind farm portfolio and the purchase from Mitsui of 5% of First Hydro and Saltend and the economic interest of 9.2% of Paiton.
Disposals include the proceeds of £249 million from the sale of Malakoff and the £168 million from the disposal of 25% of Deeside, Rugeley and Indian Queens to Mitsui.
Dividends paid in 2007 include a £42 million interim dividend in October 2007. An interim dividend was not paid in 2006.
Foreign exchange movements include the effect of retranslating opening debt balances denominated in foreign currency into sterling at the year-end exchange rate. The majority of this impact relates to retranslation of euro and Australian dollar denominated debt.
Summary balance sheet
A summarised, reclassified Group balance sheet is set out
below:
| As at 31 December 2007 |
As at 31 December 2006 | |
|---|---|---|
£m |
£m | |
| Goodwill and intangibles | 901 | 425 |
| Property, plant and equipment | 5,721 | 4,435 |
| Investments | 1,292 | 1,290 |
| Long-term receivables and others | 1,530 | 1,270 |
| ||
| 9,444 | 7,420 | |
| Net current (liabilities)/assets (excluding net debt items) | (355) | 14 |
| Non-current liabilities (excluding net debt items) | (1,420) | (1,119) |
| Net debt | (4,662) | (3,575) |
| ||
| Net assets | 3,007 | 2,740 |
| ||
| Gearing | 155% | 130% |
| Debt capitalisation | 61% | 57% |
| Net debt – JVs/Associates | (1,297) | (1,524) |
| ||
Goodwill and intangibles have increased by £476 million mainly due to the acquisitions of the Maestrale wind farms and the remaining 50% of Simply Energy.
The acquisition of Maestrale also increased property, plant and equipment in August by £1,018 million, with the remaining increase due to growth capex on projects, including the FGD at Rugeley, and the impact of currency retranslation.
Net debt has increased by £1,087 million in the year, and includes net debt in acquired subsidiaries of £711 million and a £206 million impact of currency retranslation. As a result, debt capitalisation has increased to 61% at the end of the year (2006: 57%).
Reporting update
Following the introduction of the EU Transparency Obligations
Directive and our delisting from the New York Stock Exchange and
deregistration under the US Securities Exchange Act of 1934,
International Power will now move to half yearly reporting. In
addition to the Preliminary and Interim results statements,
International Power will also provide Interim Management
Statements. In 2008 these will be issued on 8 May and 6
November.
Dividend
During the year, the Board introduced the payment of an interim
dividend. The interim dividend of 2.77 pence per ordinary share,
was paid to shareholders on 30 October 2007. This interim dividend
was calculated on a fixed percentage (35%) of the previous
year’s full year dividend.
The Board is proposing a final dividend of 7.39 pence per share, bringing the full year dividend to 10.16 pence per share (2006: 7.9p), an increase of 29% year on year and representing a pay-out ratio of 37.5% of EPS (pre-exceptional and specific IAS 39 mark to market movements). This increase is in line with the Group’s policy of progressively moving towards a dividend pay-out ratio of 40%.
Payment of this final dividend to shareholders registered on the Company share register on 23 May 2008 is due to be made on 26 June 2008, following approval at the 2008 AGM, which will be held on 13 May 2008.
Outlook
We believe 2008 will be another year of growth after taking into
account reduced output at Rugeley due to the fitting of FGD
equipment, lower UK coal spreads, and in the US subdued summer
spark spreads following the cool summer in 2007. We remain well
positioned to finance and deliver on organic and acquisition growth
opportunities across our international portfolio.
Achieved Spreads and Load Factors for the year ended 31 December 2007
| Year ended 31 December 2007 | Year ended 31 December 2006 | |
|---|---|---|
| North America | ||
| ||
| New England | ||
| Spark spread ($/MWh)* | $16 | $12 |
| Load factor | 60% | 60% |
| ||
| Texas (Midlothian) | ||
| Spark spread ($/MWh) | $14 | $14 |
| Load factor | 55% | 60% |
| ||
| Texas (Hays) | ||
| Spark spread ($/MWh) | $10 | $14 |
| Load factor | 45% | 55% |
| Texas (Coleto Creek) | ||
| ||
| Dark spread ($/MWh) ** | $29 | $24 |
| Load factor | 75% | 98% |
| United Kingdom | ||
| ||
| Rugeley | ||
| Dark spread (£/MWh) *** | £34 | £28 |
| Load factor | 65% | 55% |
| ||
| Deeside | ||
| Spark spread (£/MWh) *** | £23 | £22 |
| Load factor | 50% | 40% |
| Australia | ||
| ||
| Hazelwood | ||
| Achieved power price (A$/MWh) | A$32 | A$33 |
| Load factor | 80% | 80% |
| ||
Notes:
* Includes impact of Forward Capacity Market
** Excludes SO2 costs
*** Excludes CO2 costs, and adjusted to
reflect the fuel optimisation that was achieved by trading our coal
and gas assets as a portfolio
For further information please contact:
| Investor Contact: | Media Contact: |
| Aarti Singhal | Beth Akers |
| +44 (0)20 7320 8681 | +44 (0)20 7320 8622 |
About International Power
International Power plc is a leading independent electricity
generating company with 31,191 MW gross (18,824 MW net) in
operation and 2,971 MW gross (875 MW net) under construction.
International Power has power plants in operation or under
construction in Australia, the United States of America, the United
Kingdom, the Czech Republic, France, Germany, Italy, the
Netherlands, Portugal, Spain, Turkey, Bahrain, Oman, Qatar, Saudi
Arabia, the UAE, Indonesia, Pakistan, Puerto Rico and Thailand.
International Power is listed on the London Stock Exchange with
ticker symbol IPR. Company website:
www.ipplc.com
