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DJ Dynegy Close To Sale Of UK Hornsea Gas Storage Facility

09/02/2002
Dow Jones News Services
(Copyright ¿ 2002 Dow Jones & Company, Inc.)



LONDON (Dow Jones)--Dynegy Storage Ltd. Monday said it has received a number of
"very interesting" bids for its U.K. onshore natural gas storage facility, Hornsea, and
expects to sign a deal this month.

"We're confident of achieving a signed deal during September," a Dynegy spokesman told
Dow Jones Newswires.

Dynegy said in July it expected to have selected preferred bidders by the end of August,
but the spokesman said Monday the process has been delayed because of summer
holidays.

He declined to name the bidders or say how many interested parties have approached
the Dynegy Inc. (DYN) subsidiary.

Centrica PLC (U.CTR), TXU Corp. (TXU), E.On AG (EON) unit Powergen PLC and
Electricite de France (F.EDF) unit London Electricity have been among those named as
potential bidders.

Dynegy, which controls 86% of gas storage in the U.K., acquired Hornsea in 2001 as part
of its GBP421 million purchase of BG Group PLC's (BRG) storage business.

Hornsea, a series of underground salt caverns, represents 10% of Dynegy's U.K. gas
storage business. Press reports have estimated its value at 35%-50% of the total value
of the storage business because of its faster gas delivery rates.

Company Web site: http://www.dynegy.com

-By Hillary Jackson, Dow Jones Newswires; ([phone];
[e-mail]


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