Guaranteed Convertible Bonds

RNS Number:1982C
International Power (Jersey) Ltd
20 August 2004

                      INTERNATIONAL POWER (JERSEY) LIMITED

      US$252,500,000 3.75 PER CENT. GUARANTEED CONVERTIBLE BONDS DUE 2023

 convertible into 3.75 per cent. redeemable preference shares of International
 Power (Jersey) Limited which are immediately exchanged for ordinary shares of
           and unconditionally guaranteed by INTERNATIONAL POWER PLC

                     NOTICE OF ADJUSTMENT OF EXCHANGE PRICE

Adjustment Event

(London - 20 August 2004) On 30 July 2004 International Power plc announced a
rights issue of approximately 365.5 million new shares.  13 August 2004 was the
record date to determine the exact number of new Shares.  The new Shares will be
issued at a price of 82 pence per Share, which is less than 95% of the Current
Market Price per Share.

Adjustment of Conversion Terms

Each US$1,000 principal amount of a Bond is convertible into one Preference
Share with a paid-up value of US$1,000.  The Preference Shares will be delivered
to International Power plc following the issue of such Preference Shares to the
Bondholder, in consideration for which International Power plc will deliver such
number of Shares as results from dividing the paid up value of each Preference
Share (translated into pounds sterling at the fixed exchange rate of US$1.5893 =
#1) by the Exchange Price in effect on the Conversion Date (rounded down to the
nearest whole number of Shares) (as described in the Terms and Conditions of the
Bonds - Conversion).  Conversion Rights may be exercised, in accordance with the
Terms and Conditions of the Bonds, during the Conversion Period.

Clause 7 of, together with paragraph (B)(iv) of the schedule to, the Preference
Share Guarantee and Undertaking requires an adjustment to be made to the
Exchange Price if International Power plc issues Shares to Shareholders at a
price per Share that is less than 95 per cent. of the Current Market Price per
Share (as further described in the Schedule to the Preference Share Guarantee
and Undertaking).

The current Exchange Price is 200 pence per Share converted into US dollars at
the fixed exchange rate of US$1.5893 = #1.

It is expected that, from and including 23 August 2004, the first date on which
the Shares will be traded ex-rights on the London Stock Exchange, the Exchange
Price will be adjusted to 179 pence per Share converted into US dollars at the
fixed exchange rate of US$ 1.5893 = #1.  All other Terms and Conditions of the
Bonds remain unchanged.

Conversion Agent

Deutsche Bank AG London

Effective Date of Exchange Price Adjustment

The Exchange Price as adjusted will apply to all Bonds for which the Conversion
Date occurs on or after 23 August 2004.

Defined Terms

All words and terms that are capitalised herein shall have the same meaning as
set out in the Terms and Conditions of the Bonds.



NOTES TO EDITORS



About International Power



International Power plc is a leading independent electricity generating company
with 11,210 MW (net) in operation and 1,649 MW (net) under construction.
International Power has power plants in operation or under construction in
Australia, the United States of America, the United Kingdom, the Czech Republic,
the UAE, Oman, Saudi Arabia, Portugal, Turkey, Malaysia, Pakistan and Thailand.
International Power was listed on the London Stock Exchange and the New York
Stock Exchange (as ADR's), on 2 October 2000. The ticker symbol on both stock
exchanges is "IPR".



For further information please contact:

Media Relations contact:

Sara Richardson

+44 (0)20 7320 8619




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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