17/10/05 – IPRA SELLS INTEREST IN VALLEY PWR TO SNOWY HYDRO

IPM acquired a 60% equity interest in Valley Power as part of the Edison Mission Energy acquisition in December 2004, and Contact Energy owned the remaining 40%. IPM has divested its interest in Valley Power as per an agreement with the Australian Competition and Consumer Commission (ACCC) reached at the time of the Edison Mission Energy acquisition.

The sale of Valley Power is expected to be completed towards the end of September 2005.

Notes to Editors:

International Power’s net ownership (42%) in Valley Power equated to 126 MW.