NEW YORK, Oct. 25, 2007 (PRIME NEWSWIRE) -- MMC Energy, Inc. (Nasdaq:MMCE) confirmed today that its Chula Vista and Escondido power plants (the "Plants") located in San Diego County, California are operational and are not directly threatened by the wildfires surrounding San Diego. However, the considerable ash and debris in the air has created a difficult operating environment requiring that the plants be taken off line for thorough cleaning at routine intervals to otherwise maintain a steady power supply.
"MMC's operations staff has been working around the clock to ensure the Plants remain operational and provide critically needed energy to the San Diego region," said Karl W. Miller, MMC's Chief Executive Officer.
The need for the Plants has been amplified given the substantial failures and constraints of several of the high voltage transmission lines which import power into the region," said Miller.
The Plants are critically located on the San Diego Gas and Electric local 69Kv transmission lines and provide energy and transmission congestion relief inside the constrained San Diego region.
San Diego is one of the most critically constrained regions in the United States due to the lack of adequate installed electricity generation plants inside the San Diego County corridor.
MMC previously announced plans to expand and upgrade the Chula Vista and the Escondido plants by mid 2009, given their key locations on the local transmission grid in San Diego.
About MMC Energy, Inc.:
MMC is an energy company that acquires and actively manages electricity generating and energy infrastructure-related assets in the United States. MMC's mission is to acquire, directly or through joint ventures, a portfolio of small to mid size electricity generating assets, generally below 250 megawatts or "MW".
MMC creates long-term value for its shareholders through discounted asset acquisitions and hands on post-acquisition asset management. MMC is traded on the NASDAQ Global Market in the United States and the Deutsche Bourse in Germany.
MMC actively invests in energy assets which provide essential services to key markets such as California, which are vulnerable to energy demand spikes. To date, MMC has acquired three electricity generating assets in California, totaling 110 MW of capacity. MMC is currently in the process of upgrading two of these assets, MMC Chula Vista and MMC Escondido.
MMC is continuing to pursue an aggressive portfolio acquisition and growth strategy targeting power generation facilities and energy infrastructure assets primarily in California, Texas, the Mid-Atlantic, and the Northeastern U.S., where regulatory capacity requirements and a lack of peak energy supplies make peak power generation facilities valuable.
Forward Looking Statements:
This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, including without limitation those statements regarding MMC's ability to expand existing generating facilities and exploit acquisition opportunities. These statements are expressed in good faith and based upon a reasonable basis when made, but there can be no assurance that these expectations will be achieved or accomplished. Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements including, but not limited to, those risks described in MMC's Annual Report on Form 10-KSB and in its other public filings. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. MMC undertakes no obligation to update these forward-looking statements.