Maragos Joins Black & Veatch as Part of Enterprise Management Solutions Division

Houston , TX . (November 21, 2005) – The Lukens Energy Group, a Black & Veatch company, today announced that Dr. Spyros A. Maragos has joined as a Senior Associate based in the Houston office where he will provide essential services for the power, natural gas, LNG and crude oil markets. His expertise includes conducting asset valuation and optimization, risk management, economic analysis, energy and weather derivatives valuation, decision analysis, and supply/demand analysis.

“Spyros brings over 10 years of critical energy industry expertise to Black & Veatch,” stated Scott Smith, Director of Consulting, of Black & Veatch’s Enterprise Management Solutions (EMS) business of which Lukens Energy Group is a part. “His analytical capabilities, academic training and extensive energy background position him to immediately deliver value to our clients.”

Dr. Maragos holds a Ph.D from the Massachusetts Institute of Technology, where he studied finance and operations research. He has been an author and a frequent speaker on the topics of option valuation, real options, natural gas storage valuation, volatility measurement and projections, developing forward price curves, value-at-risk, and capital allocation. Most recently Dr. Maragos was Vice President of Energy Quantitative Research for the Citadel Investment Group, where he supervised the quantitative analysis of the electricity market in the Northeastern U.S.

Previous positions include Director of New Products Development & Risk Analysis with Dynegy Inc. where he developed a Gas-Storage Optionality Valuation & Trading tool to support the storage acquisition, leasing and asset management activities of the firm. In addition, Dr. Maragos developed models for weather derivatives, exotic options, valuation of power plants, long-term volatility curves for electricity deals, value-at-risk systems, capital adequacy and allocation methodologies

About Black & Veatch

Black & Veatch Corporation is a leading global engineering, consulting and construction company specializing in infrastructure development in the fields of energy, water and information. Founded in 1915, Black & Veatch serves its clients with conceptual and preliminary engineering services, engineering design, procurement, construction, financial management, asset management, information technology, environmental, security design and consulting, and management consulting services. The employee-owned company has more than 90 offices worldwide. Black & Veatch is ranked on the Forbes “500 Largest Private Companies in the U.S.” listing for 2004. The company’s Web site address is www.bv.com.

Enterprise Management Solutions is the management consulting division of Black & Veatch. EMS provides tailored strategic, process and technology solutions to deliver improved operations, cost savings, new revenue streams and greater customer loyalty. The Lukens Energy Group, acquired by Black & Veatch in 2005 as part of its EMS division, is a management consulting company serving the energy industry.

Media Contact:
Linda Lea
913-458-4629
leala@bv.com

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