Press Releases

21/11/2002

Exposure to TXU Europe

(London, 21 November 2002) International Power notes that TXU Europe Energy Trading Limited, the counterparty to the tolling contract at our Rugeley Power Station, petitioned for administration on Tuesday, 19 November 2002. An administration order was subsequently made. Under the terms of the tolling contract, this constitutes an event of default and we have submitted a notice of early termination. Under the terms of the contract, termination should take effect before the end of November. We will be in a position to clarify the potential financial impact on International Power at the start of December 2002.

Notes to Editors

International Power acquired the Rugeley power station from TXU Europe in July 2001.

International Power plc is a leading independent electricity generating company with 10,235MW (net) in operation, 910MW (net) under construction and approximately 6,000 MW (net) in advanced development. Among the countries where International Power has operating facilities are Australia, the United States, the United Kingdom, the Czech Republic, Portugal, Turkey, Malaysia, Pakistan, and Thailand. International Power was created from the demerger of National Power, and its shares began trading independently on the London Stock Exchange and as ADRs on the New York Stock Exchange on 2 October 2000. The ticker symbol on both stock exchanges is “IPR”.