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Show GEOTHERMAL WILL GENERATE POWER Geothermal energy would be used to generate electricity elec-tricity under terms of a letter of intent signed by UP&L' Co. and the Phillips Petroleum Co. The letter J of intent provides the com -I Panies to negotiate exclus-! exclus-! Ively with each other for a j specific period of time, i Under the letter of intent, in-tent, UP&L would plan and build a 20 megawatt power Plant designed to use geothermal geo-thermal energy produced from the Roosevelt Hot Springs, near Milford, where Phillips has been participating participat-ing in the development of Eeothemal steam wells since 1975. A formal contract con-tract would be subject to the approval of the directors of both companies within 90 days. i During this time, UP&L I WU1 use reservoir and en-j en-j Sneering data to confirm the power generating cap-acity cap-acity of the geothermal re- source before the formal agreement is reached. The company's first geo-'hermal geo-'hermal power plant would 1)6 expected to be completed I as early as 1983 if nec-I nec-I essary approvals can be ob-i ob-i lned. This will be fol-I fol-I loed by additional 50 mega -! Watt geothermal units. |