Greater Gabbard Wind Far Receives Consent

Greater Gabbard Offshore Winds Limited (GGOWL), an Airtricity and Fluor (NYSE: FLR) joint venture, today received planning permission for the construction of an offshore wind farm to be located 25km off the coast of Suffolk in the Outer Thames Estuary. In addition, GGOWL recently received permission to connect the wind farm to the electricity grid via a substation at Sizewell from Suffolk Coastal District Council. The planned wind farm will produce 500MW of electricity via 140 wind turbines sited around the Inner Gabbard and The Galloper sandbanks. It will be the first UK offshore wind farm to be built outside territorial waters and will provide green electricity for more than 415,000 homes equivalent to the domestic demand of Suffolk. The east coast of England is a key area for offshore wind projects with approximately 6.5 GW of capacity currently planned out of a total of 10 GW for the whole of the UK. The Greater Gabbard offshore wind farm project will make a significant contribution to reducing CO2 emission by almost 1.5 million tonnes p.a. which is the equivalent of removing 350,000 cars from the road every year. Receipt of planning consent allows the joint venture to progress the project design and to structure the project financing arrangements as well as the power purchase agreements that are required to allow the project to achieve financial close which is scheduled for second half of 2007. GGOWL is already focusing on pre-construction activities: Fluor has been appointed as EPC contractor. The procurement process for turbines and other equipment has commenced, with offshore construction planned to commence in 2009. Commenting on the project, Eddie O’Connor, Airtricity CEO said, "This is a great boon for the United Kingdom. Wind on such scale will bring strong economic and environmental benefits for the UK. When the wind blows free generation replaces generation that costs. Wind reduces risk because the cost of the power offered will be fixed in price and offers price benefits for the consumer. Such large scale offshore wind provides consistent power and will push down the prices for fossil fuels. This price decrease is caused by the diminishment in demand for fossil fuels, something we’ve seen frequently in Northern Europe. Greater Gabbard will save money as well as contributing to the amount of electricity generated from emissions free sources. Fluor’s Managing Director, Patrick Flaherty said, "We are pleased to have achieved this important milestone and we look forward to working with all involved stakeholders to progress the project to financial close during 2007 so that we can begin the construction works in time to support the government’s 2010 renewables target Greater Gabbard Offshore Winds Limited will play a vital part in supplying green electricity as part of the wider programme to produce 6-7000MW of electricity to the UK.” Notes for editors: The Duke of York, Prince Andrew, met with Airtricity Chief Executive Eddie O’Connor, and Fluor Managing Director Patrick Flaherty, on February 5th as the two companies prepared to receive a planning decision for the Greater Gabbard Offshore Wind Farm. In his capacity as the UK’s Special Representative for International Trade and Investment, the Duke of York visited Ireland to highlight the strong economic links between the UK and Ireland. Part of the visit included a private meeting with both Airtricity and Fluor, as well as the unveiling of a plaque in Airtricity’s Dublin offices to commemorate the event. About Airtricity Airtricity is a world leading renewable energy company. As an integrated utility, the company is both a generator and supplier of green electricity and currently supplying renewable electricity to over 45,000 commercial customers in both the Republic of Ireland and Northern Ireland. It is developing and operating wind farms in the Republic of Ireland, Northern Ireland, Scotland, England, Wales, the United States and Canada. About Fluor Fluor Corporation (NYSE: FLR) provides services on a global basis in the fields of engineering, procurement, construction, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 500 company with revenues of $13.2 billion in 2005. For more information, visit www.fluor.com. The Greater Gabbard Project website is: www.greatergabbard.com. (FLRG)