RNS Number:6688I
International Power PLC
12 March 2003






                            International Power plc

              Performance Share Plan 2002: 2003 Conditional Awards

                Executive Share Option Plans: Grants of Options


This notification is to advise that on 11 March 2003 International Power plc
(the "Company") was advised that on 10 March 2003 the Remuneration Committee of
the Company (the Committee") made the following awards under the Company's 2002
Performance Share Plan and granted the following Options under the Company's
Executive Share Option Scheme to the Executive Directors of the Company as
detailed below:



1.    Executive Director Appointments - Performance Share Plan 2002 (the
      'Performance Plan')

The Committee has made the following Conditional Awards to Executive Directors
of the Company:


                           No. of Shares

David Crane                238,693
Philip Cox                 175,879


The above awards will normally vest after the end of a three-year period
commencing on 1 January 2003 and ending on 31 December 2005, subject to the
satisfactory performance of the performance condition.  The performance
condition that applies to the above awards is based on growth in normalised
earnings per share (EPS Growth).  Under this condition, 30% of the award will
vest after 31 December 2005 if EPS for the year ended 31 December 2005 is not
less than 11.5 pence per share.  100% of the award will vest if EPS for the year
ended 31 December 2005 is equal to or greater than 14 pence per share.  Vesting
will be pro rated for EPS performance between these two points.

In accordance with the Rules of the Performance Plan, the value of shares that
have been made subject to the award has been calculated by reference to the
mid-market price of an IPR Ordinary share on Friday 7 March 2003 (this being the
day before the Award Date), being 70 pence per share.


2     Long Term Incentive Plans - Annual Award

As part of the Company's normal policy regarding Long Term Incentive
Arrangements for Directors and Senior Managers, the Committee has made the
following Conditional Awards of shares and Grant of Options to Executive
Directors:

2.1  Performance Share Plan 2002 (the 'Performance Plan')

A Conditional Award over the following numbers of shares of the Company to:


                           No. of Shares

David Crane                678,571
Philip Cox                 500,000


The above awards will normally vest after the end of a three-year period
commencing on 1 January 2003 and ending on 31 December 2005, subject to the
satisfactory performance of the performance condition.  The performance
condition that applies to the above awards is based on growth in normalised
earnings per share (EPS Growth).  Under this condition, 30% of the award will
vest after 31 December 2005 if EPS for the year ended 31 December 2005 is not
less than 11.5 pence per share.  100% of the award will vest if EPS for the year
ended 31 December 2005 is equal to or greater than 16 pence per share.  Vesting
will be pro rated for EPS performance between these two points.

In accordance with the Rules of the Performance Plan, the value of shares that
have been made subject to the award has been calculated by reference to the
mid-market price of an IPR Ordinary share on Friday 7 March 2003 (this being the
day before the Award Date), being 70 pence per share.


2.2  Unapproved Executive Share Option Plan

A Grant of Options under the Company's Unapproved Executive Share Option Plans
to:



                           No. of Shares              Option price
                           Under Option               per Share

David Crane                678,571                       70p
Philip Cox                 500,000                       70p

In accordance with the Rules of the Unapproved Plan, the value of options
granted has been calculated by reference to the mid-market price of an IPR
Ordinary share on Friday 7 March 2003 (this being the day before the Grant
Date), being 70 pence per share.

For the Unapproved Plan, the above options will, under normal circumstances, be
exercisable between 7 March 2006 and 7 March 2013, subject to the satisfactory
performance of the performance condition.  The performance condition that
applies to the above awards is based on growth in normalised earnings per share
(EPS Growth).  Under this condition, 30% of the grant will become exercisable
after 31 December 2005 if EPS for the year ended 31 December 2005 is not less
than 11.5 pence per share.  100% of the grant will become exercisable if EPS for
the year ended 31 December 2005 is equal to or greater than 16 pence per share.
Grants will become exercisable on a pro rated basis for EPS performance between
these two points.




Stephen Ramsay
Company Secretary
12 March 2003


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