New York, September 1, 2004 - MMC Energy, LLC ("MMC Energy") and Morris Energy Group, LLC ("MEG"), announced today that they have completed the acquisition of three power plants currently owned by operating subsidiaries of El Paso Corporation (NYSE: EP). MMC Energy and MEG will jointly manage and operate the plants through Newmarket Power Company, LLC ("Newmarket"), a newly formed subsidiary of MMC Energy and MEG.

The three operating subsidiaries of El Paso Corporation being acquired own 100% of three power plants totaling 443 megawatts in Bayonne, Newark Bay, and Camden, New Jersey. The plants sell electricity into the PJM power pool and operate on a merchant basis. "We are delighted to have completed the transaction with El Paso to acquire these plants" said Dennis Clarke, Chief Executive Officer of Newmarket, and Principal of MEG". They are located in a congested zone outside New York City and sell into a premium priced location". The three gas fired plants are located near the towns of Bayonne, Newark and Camden in New Jersey. "These plants provide us with an excellent platform for future growth in a region of the US which has capacity constraints. These are the right merchant assets in the right location." said John Burges, Chairman of Newmarket, and Partner of MMC Energy.

The transaction includes:

• Bayonne Plant Holding LLC, the holding company for Bayonne, a 170MW gas fired
  cogeneration plant
• Newark Bay Holding Company LLC, the holding company for Newark Bay, a 123MW
  gas fired cogeneration plant
• Camden Plant Holding LLC, the holding company for Camden, a 150MW gas fired plant

Financing for Newmarket was provided by Trust Company of the West, as manager of the Boilermaker Cogeneration Fund, and by Think Investments, LLC. Morris Energy Group, based in Morristown, NJ, is a privately-held electricity company. Founded in 2002, MEG is growing through the acquisition of generating facilities and other electricity-related companies in the United States. MMC Energy, with offices in New York and London is a privately held energy acquisition and operations company founded in 2003 by three energy industry principals, Heinz-Dieter Waffel, Karl Miller, and John Burges. MMC Energy focuses on creating long term added value by acquiring and managing energy assets such as power generation, fuel, and natural gas assets, primarily in the United States and Europe (www.mmcenergy.com).