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GE Fuel Cell Systems and New Jersey Resources Partner

14 April 1999

GE Fuel Cell Systems and New Jersey Resources Partner to Market Fuel Cells in New Jersey

    SCHENECTADY, N.Y., April 13 -- GE Fuel Cell Systems announced
today that it has signed a memorandum of understanding naming New Jersey
Resources as its exclusive partner in New Jersey for the sale and marketing of
Plug Power-manufactured residential and small commercial-sized fuel cell
systems.  Fuel cells are part of the rapidly growing segment of the energy
industry referred to as onsite power generation.
    GE Fuel Cell Systems will initially provide New Jersey Resources with
pre-commercial units for testing, and the two companies will collaborate on
market development.  The agreement also calls for New Jersey Resources to pay
GE Fuel Cell Systems a license fee, and for New Jersey Resources to meet
minimum purchase commitments for commercial units.
    The fuel cells will provide homes and small businesses with a compact,
efficient, reliable, clean, and economically advantageous way to meet 100% of
their electricity requirements.  Fuel cells generate electricity through an
electrochemical process, instead of combustion, that combines generally
available fuels, such as natural gas and propane, with air, and water.  Fuel
cells have no moving parts, are virtually noiseless, and are about the size of
a dishwasher.
    GE Fuel Cell Systems and New Jersey Resources expect to begin selling
residential-sized systems in 2001, and small business-sized units by 2002.
Retail prices for the residential system will be $7,500 - 10,000 in 2001, and
are expected to fall to less than $4,000 by 2003.
    "This distribution agreement is an important first step toward achieving
the commercial acceptance of fuel cell systems as economically and
environmentally viable sources of power generation at the point of demand,"
said Robert L. Nardelli, President and Chief Executive Officer of GE Power
Systems.  "We believe that New Jersey Resources brings the customer
relationships and fuel delivery expertise that will enable this product to
quickly gain market acceptance in New Jersey."
    "This opportunity with GE, a global leader in new energy technologies,
will allow us to offer an affordable and reliable electric solution to
residential and small business customers throughout New Jersey," said Laurence
M. Downes, chairman and CEO of New Jersey Resources.  "We expect that our long
history of strong customer relationships and our expertise in the natural gas
marketplace along with GE's product development capabilities will form the
foundation for a long and successful partnership," Downes added.

    About GE Fuel Cell Systems
    GE Fuel Cell Systems was formed in February 1999 as a joint venture
between GE Power Systems and Plug Power, to market, sell, install and service
Plug Power-designed and -manufactured fuel cells, up to 35kW, for residential
and small business power applications.

    About New Jersey Resources Corporation
    New Jersey Resources Corporation provides retail and wholesale
energy services, including gas supplies, pipeline capacity, energy management,
and gas appliance service, to customers in New Jersey and in states from the
Gulf Coast to New England.  Its principal subsidiary, New Jersey Natural Gas
Company  provides energy services to more than 389,000 customers in New
Jersey's Monmouth and Ocean counties and parts of Morris and Middlesex
counties.  More information about NJR can be found at
http://www.njresources.com .

    About Plug Power
    Plug Power, a joint venture among DTE Energy Company, Mechanical
Technology Inc., and GE Power Systems, is focused on the development and
manufacture of fuel cells for stationary power and automotive applications.