Hong Kong?s CLP Power International withdraws from Paiton II

CLP Power International Limited (CLP-PI), a wholly owned subsidiary of CLP Holdings Limited of Hong Kong, announced on Wednesday that it had reached agreement with Powergen UK plc (Powergen) for the termination of put and call arrangements whereby CLP-PI/ Powergen joint venture might have acquired Powergen's 35 percent interest in the PT Jawa Power project in East Java, Indonesia.

CLP-PI and Powergen entered into an 80:20 joint venture agreement in 2000 to take over Powergen?s interests in several power plants in Asia an Australia, including option to take over Powergen?s interest in Java Power, the owner of 2 x 610 MW (net) coal-fired thermal power station also known as "Paiton II?.

Jawa Power, a limited liability corporation formed under the laws of the Republic of Indonesia, is owned by Siemens of Germany (50%), Powergen of UK (35%) and PT Bumipertiwi Tatapradipta of Indonesia (15%).

The first Piton II unit achieved commercial operation in July 2000 and the second unit in November 2000. The power station is supplying electricity to the Java-Bali grid in accordance with PLN?s dispatch instructions.

The power station is operated by PT Powergen Jawa Timur under the terms of an Operation & Maintenance Agreement.(robert)