Calypso Natural Gas Pipeline Receives Federal Approval

Tractebel North America, Inc., a business unit of Tractebel Electricity & Gas International, one of the three business divisions of SUEZ, announced that on March 24, 2004, the Federal Energy Regulatory Commission ("FERC") granted its final approval and issued a Certificate of Public Convenience and Necessity ("CPCN") to Tractebel Calypso Pipeline LLC. The CPCN authorizes Tractebel to construct, own, operate and maintain the 42-mile jurisdictional pipeline from the border of the Exclusive Economic Zone between the United States and the Bahamas to a proposed interconnection near Port Everglades, Florida.

"This is a great accomplishment for the Tractebel Calypso Pipeline," said William P. Utt, President and CEO of Tractebel North America, Inc. "The FERC's green light underscores Tractebel's commitment to complete this project in a sound and environmentally prudent manner. We're one step closer to bringing clean-burning natural gas to Florida to help meet its increased fuel needs by 2007," he said.

Pre-construction activities are under way for the pipeline project, with construction expected to begin this summer. Tractebel anticipates initial gas deliveries to begin in 2007.

In January, Tractebel Calypso received its final environmental impact statement ("FEIS") from FERC, which concluded the project could be built as proposed with limited impact to the environment. The FEIS reflects consideration of all public comments that were submitted following the release of the draft environmental impact statement ("DEIS") in August 2003. Prior to this environmental review, Tractebel Calypso also received its Preliminary Determination from FERC on non-environmental matters to build, own and operate the natural gas pipeline. In issuing the Preliminary Determination, FERC assessed the market demand and confirmed the growing need for natural gas in the Florida market.

The proposed Tractebel Calypso project will transport natural gas via pipeline from the planned Tractebel Calypso liquefied natural gas ("LNG") storage and regasification facility in Freeport, Grand Bahama. The U.S. segment of the pipeline would make landfall at Port Everglades, Florida, then travel onshore to a proposed interconnection with the Florida Gas Transmission system adjacent to Florida Power & Light's Lauderdale power plant. The Tractebel Calypso pipeline will transport approximately 832 million cubic feet of natural gas into Florida per day.

"We recognize the great effort demonstrated by all of the interested parties which culminated in the FERC approval," said Utt. "Tractebel will continue to work with all federal, state and local agencies to construct this vital project in a manner sensitive to the needs of the environmental resources and landowners along the route."

Tractebel Calypso has received its Approval in Principle from the Government of The Bahamas and is awaiting its final approval of a Bahamian Environmental Impact Statement. The Florida Department of Environmental Protection has also recommended that Governor Jeb Bush approve an Environmental Resource Permit for the Florida segment and grant it a state lands easement.

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