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Siemens to Supply Equipment for Co-Op City Power Plant, Bronx, New York

May 3, 2007

Siemens Power Generation (PG) has been awarded contracts to supply equipment to repower the Co-op City power plant located in Bronx, New York. The 40-megawatt-natural gas-fired plant will be an integral part of Riverbay Corporation’s capital improvement plan. Riverbay manages the Co-op City development and is the purchaser of this equipment. The total order volume is approximately USD20 million.

With an installed capacity of 40 MW, the power generating facility will provide enough baseload capacity (24 MW) to meet the electricity needs of Co-op City’s 60,000 residents. Additional power (16 MW) will be sold back into the power grid to generate revenues that will fund capital improvement projects at Co-op City. The power plant is expected to be commissioned in fall 2007. The scope of supply for Siemens PG comprises two gas turbines, a steam turbine and the balance of plant distributed control system. Siemens Power Transmission & Distribution, Inc. will supply medium voltage controllers and turnkey manufacturing and installation of medium voltage switchgear.

Co-op City is the largest cooperative housing development in the U.S, and one of the largest in the world. It is located in the Bronx borough in northeast New York City and is made up of nearly 16,000 residential units with over 60,000 residents. The existing complex was built in 1971 by an organization that is now known as Riverbay. Riverbay began large-scale renovations, including replacing piping, rehabilitating parking garages, repairing facades and installing new windows and elevators in 2000.

The repowering of the existing plant will allow Riverbay to produce power for its residents at a lower cost and sell surplus power to the surrounding areas. Funds generated from the sale of power will assist with the repayment of capital project loans for renovations.

“As established megacities like New York continue to expand, the revitalization of their critical infrastructure helps residents and businesses function optimally. This unique infrastructure improvement project not only supports the future power needs of the Co-op City residents, but also provides a mechanism by which lower income citizens can be empowered to improve their quality of life,” said Randy Zwirn, president and CEO of Siemens Power Generation, Inc., and member of the PG Group Executive Management.

Recently Siemens secured a major contract for the Caithness Long Island Energy Center in Long Island, New York. Caithness will be the most energy efficient and environmentally friendly combined cycle power plant on Long Island and will provide a capacity of up to 350 megawatts of electricity to the Long Island Power Authority (LIPA).

The Power Generation Group (PG) of Siemens AG is one of the premier companies in the international power generation sector. In fiscal 2006 (which ended September 30), Siemens PG posted revenue amounting to more than EUR10 billion and received new orders totaling EUR12.5 billion, according to U.S. GAAP. Group profit amounted to EUR782 million. On September 30, 2006, PG had a work force of approximately 36,400 worldwide. Further information at: www.siemens.com/powergeneration.




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