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ECT Developing California Power Plant

ECT Developing California Power Plant

Tejon Ranch Co. signed an agreement with Enron Capital & Trade Resources Corp. to develop a power plant on its property at the southernmost end of the San Joaquin Valley at the base of the Tehachapi Mountains. The site is strategic because of the proximity of the California Aqueduct, existing major transmission lines, and the Kern River-Mojave gas pipeline.

The project is anticipated to have capacity of between 750 and 1,000 MW with an estimated cost of more than $500 million. The project will be gas-fired.

Financial and economic terms of the venture were not disclosed, but it is projected to produce a seven-figure annual cash flow to Tejon Ranch Co. Regulatory approvals are expected next year.

Tejon Ranch Co. is a diversified agribusiness, land and real estate development company. It owns the Tejon Ranch, California's largest contiguous, private land holding located 60 miles north of Los Angeles.

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