KINGSTON, Jamaica, Feb. 6 /PRNewswire/ — Mirant Corporation and the government of Jamaica announced today that they have reached an agreement in principle that allows Mirant to acquire 80 percent ownership of Jamaica Public Service Company, while the government maintains a 20 percent interest.

�Mirant wants to build on the successes that Jamaica Public Service Company has achieved in recent years to meet the country’s expanding demand for energy,� said J.R. Harris, vice president of South American and Caribbean operations for Mirant. �We look forward to contributing to Jamaica’s future growth and are committed to Jamaica Public Service Company employees and customers and the citizens of Jamaica.�

Mirant will pay the government approximately $200 million for the 80 percent operating stake in Jamaica Public Service’s power production, transmission and distribution company. Jamaica Public Service Company has 1,700 employees, more than 480,000 customers and 660 megawatts of installed generating capacity including independent power producers. The sale is expected to close in March 2001 pending Mirant board and government of Jamaica approvals.

Mirant’s other Caribbean operations include owning and operating electricity plants in Trinidad and Tobago and the Bahamas.

Mirant, formerly known as Southern Energy, is a global competitive energy company with leading energy marketing and risk-management expertise. With an integrated business model, Mirant develops, constructs, owns and operates power plants and sells wholesale electricity, gas and other energy-related commodity products. The company has extensive operations in North America, Europe and Asia. Mirant owns more than 17,900 megawatts of electric generating capacity around the world, including about 12,500 megawatts in the United States, with another 7,000 megawatts under advanced development. Mirant is 80 percent owned by Southern Company.