Walters Power Announces First UK Project

Company sees bright future for renewable energy plants in England

OKLAHOMA CITY (Aug. 21, 2009) - Walters Power International is entering the UK energy market.

Walters Power UK, an affiliate of Oklahoma City-based Walters Power International, is completing the final arrangements to initiate a 10MW power plant in the UK that will enter the "standing reserve" capacity being encouraged by the country's progressive energy policy.

Walters Power President David Walters announced today that funding of the project is complete and contracts are being issued. Tim Emrich, vice president of business development for Walters Power is on the ground making the final arrangements, including site location, for the commencement of work. WPI Project Analyst Elizabeth Walters, a recent OU engineering graduate, is assisting Emerich with the UK project.

This will be the first of an expected series of small power plants in England to be developed by Walters Power UK. As the UK transitions from high-carbon generation plants (primarily coal), Walters Power UK plans to develop a number of power plants to address anticipated peak power shortages.

"Walters Power is exploring putting in renewable energy plants in the future, since one can get paid more than $200/MWH for such generation in the UK. In comparison, California gets $100/MWH, while Oklahoma renewable gets paid $30/MWH. So the UK is a prime market for us for renewable energy plants," said Walters.

Walters said doing work in the UK is a "nice fit" that dovetails with work the company is doing in other parts of the world.

"We've traded in UK-based equipment for years and own a significant inventory based in the UK, so we're able to respond quickly to local energy needs," he said. "I'm in London frequently due to our work in Pakistan as we use a number of services in the UK to support this work and it's a midway point for meetings with our local partners from Pakistan, so doing some work in the UK is a nice fit for us all around."