New York, NY – April 12, 2010 — Boston Generating LLC (“BostonGen”), a wholly-owned, indirect subsidiary of USPower Generating Company (“USPowerGen”) today announced that its Board of Managers has approved the initiation of a strategic sale process as part of its continued effort to restructure BostonGen.  BostonGen has retained J.P. Morgan Securities Inc. (“J.P. Morgan”) to act as its financial advisor in connection with the auction process.

BostonGen’s generation fleet is the third largest in New England, serving the Boston metropolitan area with approximately 2,942 MW of competitive merchant generation capacity.  Approximately 80% of the Company’s generating capacity is comprised of modern, highly efficient natural gas-fired, combined-cycle generating plants. 

Interested parties should contact Sean O’Donnell (212-622-6824) or Paul Dabbar (212-622-6824) at J.P. Morgan for further information about the sale process.

About USPowerGen

USPowerGen, through its subsidiaries Astoria Generating Company Holdings, L.L.C. and EBG Holdings LLC, owns and operates eight power generation facilities with a total capacity of over 5,000 Megawatts. These subsidiaries sell their energy and capacity into the NYISO and ISO-New England deregulated markets, representing generation sufficient to serve approximately 20% of the overall load in New York City as well as approximately 50% of the overall load in the Boston metropolitan area. More information regarding USPowerGen can also be found at www.uspowergen.com.

Media Contact:

John Reese, Senior Vice President

Phone: 212-792-0897

Email: jreese@uspowergen.com

or

Josh Hochberg, Sloane & Company

Phone: 212-446-1892

Email: jhochberg@sloanepr.com

Investors Contact:

Ted Babcock, Vice President, Investor Relations and Treasurer

Phone: 212-792-0828

Email: tbabcock@uspowergen.com

US Power Generating Company Appoints Chief Executive Officer
Mark R. Sudbey Chairman of the Board

New York, NY, February 11, 2009 — US Power Generating Company (”USPowerGen”), announced today that its Board of Directors has appointed Mark R. Sudbey Chairman of the Board of Directors in addition to his current role as Chief Executive Officer. Mr. Sudbey has been CEO since his appointment in September, 2008, replacing former Chairman and CEO Jacob J. Worenklein. The chairman post and board seat have been vacant since Mr. Worenklein’s departure. Mr. Sudbey joined USPowerGen in December 2005 as Executive Vice President of Finance and Administration. He was named President and Chief Operating Officer in October 2006. Prior to his position with US PowerGen, Mr. Sudbey served as President of the New York, Southeast and Midwest Regions of Reliant Energy, a Houston based provider of electricity and energy services to retail and wholesale customers in the United States. Headquartered in New York City, USPowerGen owns and operates fifty-eight generating units at six facilities with a total capacity of over 5,000 Megawatts, servicing the high demand New York-ISO and ISO-New England deregulated markets.

About USPowerGen
USPowerGen, through its subsidiaries Astoria Generating Company Holdings, L.L.C. and EBG Holdings LLC, owns and operates eight power generation facilities with a total capacity of over 5,000 Megawatts. These subsidiaries sell their energy and capacity into the NYISO and ISO-New England deregulated markets, representing generation sufficient to serve approximately 20% of the overall load in New York City as well as approximately 50% of the overall load in the Boston metropolitan area. More information regarding USPowerGen can also be found at www.uspowergen.com.

Contact:
Ted Babcock, Vice President Finance and Investor Relations
Phone: 212-792-0828
Email: tbabcock@uspowergen.com
or
Josh Hochberg, Sloane & Company
Phone: 212-446-1892
Email: jhochberg@sloanepr.com

Astoria Generating Company Announces South Pier Improvement Project to Provide Cleaner Air and More Reliable Power in Sunset Park Community and NYC

New York, NY, October 1, 2007 — Astoria Generating Company, a subsidiary of US Power Generating Company (“USPowerGen”) that owns over 20% of the generating capacity located in New York City, announced today the South Pier Improvement Project in the Sunset Park area of Brooklyn, NY. The Project will update the existing 560-megawatt Gowanus Generating Station with the addition of approximately 100 to 150 megawatts of new, cleaner electric generation to help meet the need for additional capacity in the Sunset Park area and in New York City while reducing the total emissions of Astoria Generating’s power plants in Sunset Park to below current levels. “The South Pier Improvement Project is a significant investment in the environmental and energy future of the Sunset Park community, the Brooklyn waterfront and New York City,” announced Jay Worenklein, Chairman and CEO of USPowerGen. The South Pier Improvement Project is projected to produce electricity in late spring of 2010 and will cost in excess of $100 million to construct.

“Projects such as the South Pier Improvement Project are exactly what this City needs to enhance energy supply and reliability and to improve the quality of life for our residents through cleaner air quality,” stated Kathryn Wylde, a resident of southwest Brooklyn, and President and CEO of Partnership for New York City. “When business interests such as US Power Generating Company couple investment in needed, efficient new infrastructure with substantial environmental improvements, it is a win for the City and all of our residents,” Wylde concluded.

In making this announcement Mr. Worenklein explained, “We have made a concerted effort to be sensitive to the needs of the community and the City in preparing for this announcement. We are committed to create a net environmental benefit for Sunset Park and other Brooklyn neighborhoods.”
Prior to today’s announcement, the Company conducted technical analyses to develop the scope of the project and to confirm that the project will achieve improvements in all aspects of air quality. Air quality may be improved through a variety of methods such as enforceable permit limits, emission control technologies, and other community-based improvements.
Prior to today’s announcement, Mr. Worenklein and other officials of US Power Generating Company met with City and other local officials. With this announcement and permit filings, the Company will involve the community of Sunset Park and its residential, economic and environmental stakeholders and elected leaders in an active community participation program that will continue through the environmental review and approval process, construction and implementation.

“We look forward to continuing to work with the leaders who represent this community and the City in a continuing and productive relationship as we bring reliable power sources to serve this area and to create future economic opportunity. We seek their assistance in shaping a project that will not only provide more efficient technology but also improve all aspects of local air quality in the community,” continued Mr. Worenklein.

Following today’s announcement, the Company will be submitting initial environmental and permitting documentation to initiate compliance with New York State and New York City environmental regulations. Worenklein further announced, “We have decided not to advance this project as a minor permit modification of a much larger, existing facility but instead have elected to prepare a full Environmental Impact Statement and will be requesting the NYS Department of Environmental Conservation to conduct a full review process pursuant to the State/City Environmental Quality Review Act.”

“The success of this project will be improved by community involvement,” concluded Worenklein. “As the project moves through the outreach and review process, we will be actively communicating with our neighbors and interested parties through a variety of public meetings, direct mailings, and via a project web site which can be visited at www.uspowergen.com

About USPowerGen

USPowerGen, through its subsidiaries, owns and operates Boston Generating LLC, Mystic I, LLC, Mystic Development, LLC, and Fore River Development, LLC, the Astoria Generating Station, the Gowanus Gas Turbine Facility and the Narrows Gas Turbine Facility, and eight power generation facilities with a total capacity of over 5,000 Megawatts (MW). These subsidiaries sell their energy and capacity into the NYISO and ISO-New England deregulated markets, representing generation sufficient to serve approximately 20% of the overall load in New York City as well as approximately 50% of the overall load in the Boston metropolitan area. More information regarding USPowerGen can also be found at www.uspowergen.com.

ASTORIA GENERATING AND EBG HOLDINGS COMPLETE MERGER

Combination, Named USPowerGen, Establishes Leader in Northeast Power Generation

New York, NY, June 1, 2007 — Two major power generators in New York City and Boston Astoria Generating Company Holdings, LLC (Astoria Generating) and EBG Holdings LLC (EBG Holdings) today announced that they have completed the merger of the companies announced February 28, 2007. The combined company, named US Power Generating Company (USPowerGen), is valued in excess of $5 billion and would have had pro-forma combined revenues of approximately $1.5 billion in 2006.

The speed with which we were able to garner the support and approvals necessary to complete this transaction is a testament to the confidence that investors and public officials have in this combined company, said Jacob J. Worenklein, chairman and chief executive officer of USPowerGen. We believe that the new organization is well positioned with the size and scale necessary to meet the increasing needs of our customers and take advantage of the enormous growth opportunities in New York and New England. Additionally, this merger allows us to better diversify our revenue stream, improve our overall asset performance, and better supply this high demand region with more efficient and environmentally sustainable energy.

Worenklein concluded, We are confident our shareholders, customers and employees will benefit from USPowerGen’s strong financials, sound operational structure, and long-term opportunities for growth.

From the time we began managing EBG’s subsidiaries in 2005, our primary goal has been to deliver outstanding value to EBG’s unitholders. Through the successful completion of this merger, we have accomplished that goal in a more accelerated timeframe than we projected when EBG completed its recapitalization in December, said William Kriegel, outgoing chairman and chief executive officer of EBG Holdings. “The experienced USPowerGen team is uniquely positioned to manage the combined portfolio which provides an exceptional platform for future growth.”

Kriegel will remain chairman and CEO of K Road Power, which will continue to actively invest in the energy sector.

Madison Dearborn Partners, LLC, a Chicago-based private equity firm, and Hunt Generation Investments, LP, a Dallas based energy company owned by Ray L. Hunt, formerly majority owners in Astoria Generating, played an important role in Astoriaís success and were instrumental in the acquisition of 100 percent of the interest in Astoria Generating Company, L.P and Orion Power Operating Services Astoria, Inc. from Reliant Energy. Madison Dearborn remains the largest single holder of USPowerGen shares.

The transaction received all necessary regulatory approvals including those from the New York Public Service Commission, the Federal Energy Regulation Commission and the Department of Justice under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Additionally, the merger was approved by each company’s board of directors and equity investors.

USPowerGen owns and operates eight power generation facilities with a total capacity of over 5,000 Megawatts (MW). Subsidiaries of the company sell their energy and capacity into the NYISO and ISO-New England deregulated markets, representing generation sufficient to serve approximately 20% of the overall load in New York City as well as approximately 50% of the overall load in the Boston metropolitan area.

Credit Suisse Securities acted as financial advisors and Kirkland & Ellis LLP and Paul Weiss Rifkind Wharton & Garrison acted as legal advisors to Astoria Generating and its affiliates in connection with the transaction. Lehman Brothers acted as financial advisors and Debevoise & Plimpton LLP acted as legal advisors to EBG Holdings.

About US Power Generating

USPowerGen, through its subsidiaries, owns and operates Boston Generating LLC, Mystic I, LLC, Mystic Development, LLC, and Fore River Development, LLC, the Astoria Generating Station, the Gowanus Gas Turbine Facility and the Narrows Gas Turbine Facility. More information regarding USPowerGen can be found at www.uspowergen.com.

EBG HOLDINGS’ MEMBERS APPROVE MERGER WITH ASTORIA GENERATING

New York, NY, April 16, 2007 — EBG Holdings LLC today announced that members representing over 90% of its outstanding units have voted to approve the Company’s merger with Astoria Generating Company Holdings, LLC.

“Since K Road Power invested in EBG Holdings and took over management of EBG’s subsidiaries in 2005, our primary goal has been to deliver increased value to EBG’s members. The results of the vote to approve the transaction demonstrate that our members agree with EBG’s management and Board of Directors that this merger continues to accomplish that goal,” said William Kriegel, Chairman and Chief Executive Officer of K Road Power and EBG Holdings.

On February 28, EBG Holdings and Astoria Generating announced a definitive merger agreement, under which the companies will be combined in a transaction valued in excess of $5 billion. The combined company, which will be named US Power Generating Company, will own and operate eight power generation facilities with a total capacity of over 5,000 Megawatts (MW). US Power Generating subsidiaries will continue to sell their energy and capacity into the deregulated markets in New York and New England. The combined company will represent generation sufficient to serve approximately 20% of the overall load in New York City as well as approximately 50% of the overall load in the Boston metropolitan area. US Power Generating, which will be headquartered in New York City, would have had pro-forma combined revenues of over $1.5 billion for 2006. The Astoria Generating executive team will form the management team of US Power Generating. Current Astoria Generating CEO Jacob J. Worenklein will assume the role of Chairman and CEO of the combined company.

In addition to approval from members of EBG Holdings, the merger has been approved by each company’s board of directors, by Astoria Generating’s members, including Madison Dearborn Partners, LLC, which owns a majority interest in Astoria Generating. The transaction remains subject to approval by regulatory agencies and the satisfaction of other customary closing conditions. Regulatory approval for and closing of the transaction is expected by mid-2007. Until that time, the companies will continue to operate independently.

About EBG Holdings

EBG Holdings, through its direct and indirect wholly owned subsidiaries Boston Generating, LLC, Mystic I, LLC, Mystic Development, LLC, and Fore River Development, LLC, owns approximately 3,000 MW of generation and includes approximately 2,400 MW of newly-built gas-fired combined cycle facilities owned by Mystic Development (1,600 MW) and Fore River Development (800 MW). All of Boston Generating’s facilities are located in and around the Boston metropolitan area. The facilities sell all of their energy, capacity and ancillary services into the markets administered by ISO New England, Inc.

About K Road Power

K Road Power was formed by William Kriegel and other former executives of Sithe Energies, Inc. to invest in and manage independent electric generating facilities. Since October 2005, K Road, through various affiliates, has been both one of the largest unitholders of EBG Holdings as well as the Asset Manager for EBG’s operating subsidiaries. K Road is based in New York City.

About Astoria Generating

Astoria Generating is comprised of three operating electric power generation facilities: the Astoria Generating Station, the Gowanus Gas Turbine Facility and the Narrows Gas Turbine Facility. All the facilities are located in New York City (Zone J). The Astoria portfolio has an aggregate summer net capacity rating of 2,098 MW and winter net capacity rating of 2,364 MW.

New York-based Astoria Generating Company L.P. was acquired from Reliant Energy in February, 2006 by equity investors and a management team led by Jacob Worenklein, the CEO of Astoria. The major equity investors in Astoria are affiliates of Madison Dearborn Partners LLC and the family of Ray L. Hunt of Dallas, Texas, which controls Hunt Oil Company. More information regarding Astoria and the US Power Generating management team can be found at www.uspowergen.com.

About Madison Dearborn Partners, LLC

Madison Dearborn Partners, based in Chicago, is one of the most experienced and successful private equity investment firms in the United States. MDP has more than $14 billion of equity capital under management and makes new investments through its most recent fund, Madison Dearborn Capital Partners V, a $6.5 billion investment fund raised in 2006. MDP focuses on management buyout transactions and other private equity investments in the power and energy industry and across a broad spectrum of other industries, including basic industries, communications, consumer, financial services, and health care. For more information, please visit the MDP website at www.mdcp.com. Astoria Generating and EBG Holdings are privately-held companies and, following the merger, US Power Generating will be a privately-held company. This press release does not constitute an offer of any securities for sale. Securities of Astoria Generating, EBG Holdings and US Power Generating have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. Such statements are those concerning the contemplated transaction and strategic plans, expectations and objectives for future operations. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the companies expect, believe or anticipate will or may occur in the future are forward-looking statements. This includes completion of the proposed transaction, realization of expected synergies from the transaction, future commodity prices, future financial performance, and other matters.

These statements are based on certain assumptions made by the companies based on their experience and perception of historical trends, current conditions, expected future developments and other factors they believe are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the companies. These risks include, but are not limited to, market conditions, economic conditions, environmental risks and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.

Rubenstein Associates, Inc.
Jane Rubinstein jrubinstein@rubenstein.com
212.843.8287 direct / 516.993.0708 cell

ASTORIA GENERATING AND EBG HOLDINGS ANNOUNCE MERGER TO CREATE STRATEGICALLY-POSITIONED COMPETITIVE GENERATION COMPANY IN NORTHEAST U. S. POWER MARKETS

New York, NY, February 28, 2007 — Astoria Generating Company Holdings, LLC (“Astoria Generating”) and EBG Holdings LLC (“EBG Holdings”) today announced they have entered into a definitive merger agreement, under which the companies will be combined in a transaction valued in excess of $5 billion.

The strategic combination creates a leader in power generation serving the constrained energy markets in the New York and Boston metropolitan areas as well as a platform with sufficient size and scale to take advantage of potential growth opportunities.

The combined company, which will be named US Power Generating Company (“US Power Generating”), will own and operate eight power generation facilities with a total capacity of over 5,000 Megawatts (MW). US Power Generating subsidiaries will continue to sell their energy and capacity into the NYISO and ISO-New England deregulated markets. The combined company will represent generation sufficient to serve approximately 20% of the overall load in New York City as well as approximately 50% of the overall load in the Boston metropolitan area. The Company, which will be headquartered in New York City, would have had pro-forma combined revenues of approximately $1.5 billion for 2006.

The Astoria Generating executive team will form the management team of US Power Generating. Current Astoria Generating CEO Jacob J. Worenklein will assume the role of Chairman and CEO of the new company. US Power Generating©–s Board will consist of nine directors, five to be appointed by members of Astoria Generating and four to be appointed by members of EBG Holdings.

“The strategic combination creates a leader in power generation in key geographic markets, with a sound operating structure for continued growth,” said Worenklein. “Joined together as US Power Generating, the New York and Boston companies will create synergies that will further diversify revenue streams, reduce costs and hedge risks associated with the respective markets in which we operate as we continue to enhance the Company’s overall asset performance.”

“This merger is a logical step in our efforts to provide investors in EBG with attractive investment returns, consistent with those that they have earned since K Road Power invested in EBG and took over management of EBG’s subsidiaries in October 2005,” said William Kriegel, Chairman and CEO of EBG Holdings and K Road Power. “US Power Generating will be uniquely positioned to compete effectively in two of the largest energy markets in the country by leveraging the scale of the newly formed organization, the highly experienced Astoria management team, and the proven and consistent operational record of both companies. We believe the result will be more stable cash flow and future earnings growth at an accelerated rate, better positioning the Company to achieve the scale necessary to better access the capital markets.”

Upon closing of the transaction, current members of EBG Holdings and Astoria Generating will collectively hold shares representing 54% and 46% of the equity of US Power Generating, respectively.

The merger has been unanimously approved by each company’s board of directors, has been approved by Astoria Generating’s members, including Madison Dearborn Partners, LLC, which owns a majority interest in Astoria Generating, and is subject to approval by the members of EBG Holdings and regulatory agencies and the satisfaction of other customary closing conditions.

Regulatory approval for and closing of the transaction is expected in mid-2007. Until that time, the companies will continue to operate independently.

Credit Suisse Securities acted as financial advisors and Kirkland & Ellis LLP acted as legal advisors to Astoria Generating in connection with the transaction. Lehman Brothers acted as financial advisors and Debevoise & Plimpton LLP acted as legal advisors to EBG Holdings.

About Astoria Generating

Astoria Generating is comprised of three operating electric power generation facilities: the Astoria Generating Station, the Gowanus Gas Turbine Facility (“Gowanus”) and the Narrows Gas Turbine Facility (“Narrows”). All the facilities are located in New York City (Zone J). The Astoria portfolio has an aggregate summer net capacity rating of 2,098 MW and winter net capacity rating of 2,364 MW.

New York-based Astoria Generating Company L.P. was acquired from Reliant Energy in February, 2006 by equity investors and a management team led by Jacob Worenklein, the CEO. The major equity investors in Astoria are affiliates of Madison Dearborn Partners LLC and the family of Ray L. Hunt of Dallas, Texas, which controls Hunt Oil Company. More information regarding USPG can be found at www.uspowergen.com.

About EBG Holdings

EBG Holdings, through its direct and indirect wholly owned subsidiaries Boston Generating LLC, Mystic I, LLC, Mystic Development, LLC, and Fore River Development, LLC, owns approximately 3,000 MW of generation and includes approximately 2,400 MW of newly-built gas-fired combined cycle facilities owned by Mystic Development (1,600 MW) and Fore River Development (800 MW). All of Boston Generating©–s facilities are located in and around the Boston metropolitan area. The facilities sell all of their energy, capacity and ancillary services into the markets administered by ISO New England, Inc.

About K Road Power

K Road Power, based in New York City, was formed by William Kriegel and other former executives of Sithe Energies, Inc. to invest in and manage independent electric generating facilities. Since October 2005, K Road, through various affiliates, has been both one of the largest unitholders of EBG Holdings as well as the Asset Manager for EBG©–s operating subsidiaries.

About Madison Dearborn Partners, LLC

Madison Dearborn Partners, based in Chicago, is one of the most experienced and successful private equity investment firms in the United States. MDP has more than $14 billion of equity capital under management and makes new investments through its most recent fund, Madison Dearborn Capital Partners V, a $6.5 billion investment fund raised in 2006. MDP focuses on management buyout transactions and other private equity investments in the power and energy industry and across a broad spectrum of other industries, including basic industries, communications, consumer, financial services, and health care. For more information, please visit the MDP website at www.mdcp.com.

Astoria Generating and EBG Holdings are privately-held companies and, following the merger, US Power Generating will be a privately-held company. This press release does not constitute an offer of any securities for sale. Securities of Astoria Generating, EBG Holdings and US Power Generating have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. Such statements are those concerning the contemplated transaction and strategic plans, expectations and objectives for future operations. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the companies expect, believe or anticipate will or may occur in the future are forward-looking statements. This includes completion of the proposed transaction, realization of expected synergies from the transaction, future commodity prices, future financial performance, and other matters.

These statements are based on certain assumptions made by the companies based on their experience and perception of historical trends, current conditions, expected future developments and other factors they believe are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the companies. These risks include, but are not limited to, market conditions, economic conditions, environmental risks and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.

US Power Generating Company Names John Reese VP of Governmental Affairs

New York, NY, Feb. 7, 2007 — US Power Generating Company is pleased to announce the appointment of John Reese as Vice President of Governmental Affairs. US Power Generating Company is the owner operator of three major electric generating facilities in New York City with a combined capacity of approximately 2,200MW representing 21% of New York City’s existing generating capacity.

“The hiring of John Reese brings the highest caliber of governmental affairs, energy and environmental policy expertise and capability to this company,” said Jacob Worenklein, Chairman and Chief Executive Officer. His experience will advance US Power Generating Company’s efforts at both state and federal levels as the Company expands its operations within the New York City market and plans for its future. Mr. Reese’s expertise will facilitate the development of additional generating capacity and our expansion into additional regions,” continued Mr. Worenklein, “and his guidance will help shape our future as a large scale generating company encompassing renewable energy strategies and technological innovation to address a carbon constrained future.”

Mr. Reese, Vice President of Governmental Affairs joined the company in February 2007. He is responsible for ongoing communications with city, state and federal officials and energy policy-making bodies on wholesale electric markets, and environmental and electric regulatory legislative issues. Mr. Reese will provide key policy and strategic guidance to US Power Generating Company, and serve as liaison to stakeholder and market organizations including the NY Independent System Operator, PJM and ISO New England among others.

Prior to joining US Power Generating Company, Mr. Reese served as both Executive Deputy of the New York State Public Service Commission (2006-2007) and as a Senior Policy Advisor at the Commission from 2003-2006. As Vice President of Governmental Affairs for Reliant/Orion Power Holdings, Mr. Reese represented the New York City assets now held by US Power Generating Company. Previously, Mr. Reese served as the Deputy Director of the Independent Power Producers of New York, Sr. Technical Advisor to the US Department of Energy, and Director of Development and Evaluation in the New York State Energy Office. He served on the New York Governor’s Task Force for Greenhouse Gas Emissions, the Executive Committee and Board of Directors of the Independent Power Producers of New York and Electric Power Generation Association of Pennsylvania. Mr. Reese received his MBA from Russell Sage College and his BA from Pennsylvania State University.

About US Power Generating

New York-based US Power Generating Company was formed in 2003 by Jacob Worenklein to acquire US merchant power generating facilities and other unregulated power assets, and to operate and manage these projects. Current assets include the Astoria Generating Station (Queens), and the Gowanus and Narrows Generating Stations (Brooklyn). These three generating assets have a combined capacity of approximately 2,200MW representing 21% of New York City’s existing generating capacity. The major equity investors in these assets include affiliates of Madison Dearborn Partners and the Hunt family of Dallas, Texas, which controls Hunt Oil Company.” More information regarding USPG can be found at www.uspowergen.com

Madison Dearborn Partners, LLC and US Power Generating Acquire Three New York City Power Plants, 23% of New York City’s Electric Generating Capacity, for $975 Million

New York, NY, Feb. 23, 2006 — Madison Dearborn Partners, LLC and US Power Generating Company today completed the $975M acquisition of three New York City power plants from Reliant Energy. The sale involves the Astoria Generating Station (Queens), and the Gowanus and Narrows Generating Stations (Brooklyn). These three generating assets have a combined capacity of approximately 2,100MW representing 23% of New York City’s existing generating capacity.

“As a life-long New Yorker, I look forward to having our management team take responsibility for these major power facilities,” said Jacob Worenklein, Chairman and Chief Executive Officer of the acquiring entity, Astoria Generating Company Acquisitions, and of US Power Generating Company, which will manage the plants.

“We expect to invest in these power plants to enhance their reliability and efficiency, to improve environmental quality in our communities, and to help meet the energy needs of the growing population and economy of New York,” Mr. Worenklein said.

Madison Dearborn Partners is a private equity firm, whose major investors include public and private pension funds, university endowments and private foundations, including those located in New York. In addition, an entity owned by the family of Ray Hunt and affiliated with Hunt Oil Company is an investor in US Power Generating Company and will have an ownership interest in the acquired power plants.

The acquisition was approved by various state and federal regulatory commissions including the New York Public Service Commission, which issued its order of approval last week.

The financing was led by Morgan Stanley, Goldman Sachs, Merrill Lynch, and BNP Paribas as joint lead arrangers. Kirkland & Ellis represented the acquirers, Vinson & Elkins represented the seller, Paul Weiss Rifkind Wharton & Garrison represented US Power Generating Company, and Shearman & Sterling and Latham & Watkins were counsel for the lender groups.

About Madison Dearborn Partners

Madison Dearborn Partners, based in Chicago, is one of the largest and most experienced private equity investment firms in the United States. MDP has approximately $12 billion of equity capital under management. MDP focuses on management buyout transactions and other private equity investments across a broad spectrum of industries, including basic industries, communications, consumer, financial services, and health care. MDP has had an energy and power sector focus within its basic industries group since 2000. For more information, please visit the MDP website at www.mdcp.com

About US Power Generating Company

New York-based US Power Generating Company, LLC was formed in 2003 by Jacob Worenklein to acquire US power generating facilities and to operate and manage these projects. An entity controlled by the family of Ray Hunt and affiliated with Hunt Oil Company is a minority owner of USPG.