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Waste Management, Inc.
Analysts: Cherie Rice 713.512.6548
Media: Sarah Peterson 713.512.6378

WMI#00-41

Waste Management, Inc. Announces Power Purchase Agreement with Energy Cooperative of New York Inc. for Green Energy

HOUSTON -- September 26, 2000 -- Waste Management, Inc. (NYSE: WMI) today announced an agreement to sell 2.5 Megawatts (MW) of electricity from the Monroe Livingston Power Production Plant in Scottsville, N.Y., to Energy Cooperative of New York, Inc. (ECNY). The agreement marks Waste Management's first "Green Power" sale in the newly deregulated electric market in the state of New York.

The "Green Power" source is landfill gas from Waste Management's nearby Monroe Livingston landfill. The landfill gas is used to fuel engines, which, in turn, generate electricity.

"We are committed to using our resources in a way that benefits the communities and businesses in the areas we serve," said A. Maurice Myers, President and CEO of Waste Management. "We see a growing confidence in landfill gas as a reliable, renewable energy resource by the power industry."

"ECNY is pleased to facilitate the development of this important renewable resource," said David W. Koplas, Executive Director of ECNY. "Our Board of Directors and members are committed to providing an environmentally-friendly energy supply in an economical manner."

Landfill gas is produced through the natural decomposition of waste deposited in a landfill. The gas, which would otherwise be wasted, is a readily available, renewable energy source that can be collected, extracted from the landfill and used to generate electricity or as fuel for industrial and commercial customers.

Waste Management currently supplies landfill gas to 38 landfill gas-to-electricity projects and to 35 medium Btu gas projects in 21 states across the United States. In all, the gas-to-electricity projects provide more than 160 MW of energy, enough to power approximately 60,000 homes. The medium Btu projects provide more than 100 Btus of energy for industrial and commercial customers.

Waste Management, Inc. is its industry's leading provider of comprehensive waste management services. Based in Houston, the Company serves municipal, commercial, industrial, and residential customers throughout North America.

The Monroe Livingston Plant is operated by Waste Management, and a subsidiary of Waste Management has an ownership interest in the plant.

ECNY is an energy cooperative with customers that include industrial and manufacturing facilities and businesses of varying types and sizes.

Certain statements provided in this release include statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements, and all phases of Waste Management, Inc.'s operations, are subject to risks and uncertainties, any one of which could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include or relate to, among other things:

  • the impact of pending or threatened litigation and/or governmental inquiries and investigation involving the Company.
  • the Company's ability to stabilize its accounting systems and procedures and maintain stability.
  • the uncertainties relating to the Company's proposed strategic initiative, including the willingness of prospective purchasers to purchase the assets the Company identified as divestiture candidates on terms the Company finds acceptable, the timing and terms on which such assets may be sold, uncertainties relating to regulatory approvals and other factors affecting the ability to prospective purchasers to consummate such transactions, including the availability of financing and uncertainties relating to the impact of the proposed strategic initiative on the Company's credit ratings and consequently the availability and cost of debt and equity financing to the Company.
  • the Company's ability to successfully integrate the operations of acquired companies with its existing operations, including risks and uncertainties relating to its ability to achieve projected earnings estimates, achieve administrative and operating cost savings and anticipated synergies, rationalize collection routes, and generally capitalize on its asset base and strategic position through its strategy of decentralized decision making; and the risks and uncertainties regarding government-forced divestitures.
  • the Company's ability to continue its expansion through the acquisition of other companies, including, without limitation, risks and uncertainties concerning the availability of desirable acquisition candidates, the availability of debt and equity capital to the Company to finance acquisitions, the ability of the Company to accurately assess the pre-existing liabilities and assets of acquisition candidates and the restraints imposed by federal and state statutes and agencies respecting market concentration and competitive behavior
  • the effect of competition on the Company's ability to maintain margins on existing or acquired operations, including uncertainties relating to competition with government owned and operated landfills which enjoy certain competitive advantages from tax-exempt financing and tax revenue subsidies.
  • the potential impact of environmental and other regulation on the Company's business, including risks and uncertainties concerning the ultimate cost to the Company of complying with final closure requirements and post-closure liabilities associated with its landfills and other environmental liabilities associated with disposal at third party landfills and the ability to obtain and maintain permits necessary to operate its facilities, which may impact the life, operating capacity and profitability of its landfills and other facilities.
  • the Company's ability to generate sufficient cash flows from operations to cover its cash needs, the company's ability to obtain additional capital if needed and the possible default under credit facilities if cash flows are lower than expected or capital expenditures are greater than expected.
  • the potential changes in estimates from ongoing analysis of site remediation requirements, final closure and post-closure issues, compliance and other audits and regulatory developments.
  • the effectiveness of changes in management and the ability of the Company to retain qualified individuals to serve in senior management positions.
  • the effect of price fluctuations of recyclable materials processed by the Company.
  • certain risks that are inherent in operating in foreign countries that are beyond the control of the Company, including but not limited to political, social, and economic instability and government regulations.
  • the potential impairment charges against earnings related to long-lived assets which may result from possible future business events.
  • the effect that recent trends regarding mandating recycling, waste reduction at the source and prohibiting the disposal of certain types of wastes could have on volumes of waste going to landfills and waste-to-energy facilities.
  • the potential impact of government regulation on the Company's ability to obtain and maintain necessary permits and approvals required for operations.

Additional information regarding these and/or other factors that could materially affect future results and the accuracy of the forward-looking statements contained herein may be found in Part I, Item 1 of the Company's Annual Report on Form 10-K for the year ended December 31, 1999 and in Part I, Item 2 of the Company's Quarterly Report on Form 10-Q for the three months ended June 30, 2000.

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