Peoples Energy to Host Earnings Conference Call

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Eastern).com and select the "Live
Webcast" icon on the Corporate Overview page.

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Foster Wheeler Wins New Hydrotreater Unit in Lithuania for AB Mazeikiu Nafta

Notes to Editors:

1.A.

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The webcast replay will be available through January 2006. Visit the Peoples Energy web site at
http://www.

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CHICAGO , Peoples Energy (NYSE: PGL) will
hold a conference call to discuss financial results for the first quarter of
fiscal year 2005 on Friday, January 28 at 9:00 a.PeoplesEnergy. The telephone replay will be available
approximately two hours after completion of the call through February 1, 2005.

Peoples Energy, a member of the S+P 500, is a diversified energy company
comprised of five primary business segments: Gas Distribution, Oil and Gas
Production, Power Generation, Midstream Services, and Retail Energy Services.
"This contract represents another important milestone in our
penetration of the Eastern European and Russian markets," commented
Jesus Cadenas, managing director , Foster Wheeler Iberia, S. For
more information about Foster Wheeler, visit our Web site at
www . Safe Harbor Statement

This news release contains forward-looking statements that are
based on management's assumptions, expectations and projections about
the company and the various industries within which the company
operates. Other factors and assumptions not identified
above were also involved in the formation of these forward-looking
statements and the failure of such other assumptions to be realized,
as well as other factors, may also cause actual results to differ
materially from those projected.

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Business Editors/Energy Writers/Industrial Writers

HAMILTON, Bermuda ----Foster Wheeler
Ltd. (OTCBB: FWHLF) is pleased to announce that its subsidiary Foster
Wheeler Iberia, S. Based in
Corsico (Milano) Italy, Foster Wheeler Continental Europe also
controls Foster Wheeler Italiana (Corsico), Foster Wheeler France
(Paris), Foster Wheeler Bimas (Istanbul), Foster Wheeler Hellas
(Athens), Steril Schweiz AG (Basel) and Foster Wheeler Chile
(Santiago). is a global company offering, through its
subsidiaries, a broad range of design, engineering, construction,
manufacturing , project development and management, research and plant
operation services. The corporation is based in Hamilton, Bermuda,
and its operational headquarters are in Clinton, New Jersey, USA.

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m.PeoplesEnergy .

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These include statements regarding our expectations
regarding revenues (including as expressed by our backlog), liquidity,
the outcome of litigation and legal proceedings and recoveries from
customers for claims and the costs of current and future asbestos
claims and the amount and timing of related insurance recoveries. Such
forward-looking statements by their nature involve a degree of risk
and uncertainty.

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Central (10:00 a. You should
consider the areas of risk described above in connection with any
forward-looking statements that may be made by us.

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Eastern )
HOW: To listen to the webcast live or in replay visit the
"Investors" section of the Peoples Energy website at
http://www."
Foster Wheeler will be responsible for detailed engineering,
equipment and material supply, and construction , up to mechanical
completion, which is scheduled for the fourth quarter of 2006.

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Foster Wheeler Ltd . Most of these factors are difficult
to predict accurately and are generally beyond our control.

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A. The contract value is approximately
$43 million and the project will be included in Foster Wheeler 's
fourth-quarter 2004 bookings.

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The conference call will be held after the release of the Company's
first quarter results on January 28, before the market opens.

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A replay of the call can also be accessed by dialing 1-800-642-1687,
reference number 2990791.com .

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The new facility comprises two units: a 32,000 barrels per stream
day (BPSD) sulfur hydrogenation unit and a 22,000 BPSD
hydrodesulfurization unit.

2.

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Foster Wheeler Iberia S.

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WHO: Peoples Energy
WHAT: Earnings Conference Call
WHEN: Friday, January 28 at 9:00 a.A.

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3. The company cautions that a variety of factors,
including but not limited to the factors described under the heading
"Business--Risk Factors of the Business" in the company's most recent
annual report on Form 10-K/A and the following , could cause the
company's business conditions and results to differ materially from
what is contained in forward-looking statements: changes in the rate
of economic growth in the United States and other major international
economies, changes in investment by the power, oil and gas,
pharmaceutical , chemical/petrochemical and environmental industries,
changes in the financial condition of our customers , changes in
regulatory environment, changes in project design or schedules,
contract cancellations , changes in estimates made by the company of
costs to complete projects, changes in trade, monetary and fiscal
policies worldwide, currency fluctuations, war and/or terrorist
attacks on facilities either owned or where equipment or services are
or may be provided, outcomes of pending and future litigation,
including litigation regarding our liability for damages and insurance
coverage for asbestos exposure, protection and validity of patents and
other intellectual property rights, increasing competition by foreign
and domestic companies, changes in financial markets, compliance with
debt covenants, monetization of certain power systems facilities,
implementation of our restructuring plan, recoverability of claims
against customers and others, changes in estimates used in critical
accounting policies.

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This is a strategic project for the
refinery, the only refinery in the Baltic States, and will enable it
to meet the European Union's Auto-Oils V specifications for the sulfur
content of gasoline which come into force in 2009. is a subsidiary of Foster Wheeler
Continental Europe, wholly-owned by Foster Wheeler Ltd.

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has been awarded a contract for the supply and
construction of a new fluid catalytic cracker gasoline selective
hydrotreater unit (Axens license) at AB Mazeikiu Nafta's Mazeikiai
Refinery in northwest Lithuania.

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Foster Wheeler serves the refining, oil and gas ,
petrochemical, chemicals, power, pharmaceuticals, biotechnology and
healthcare industries.

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"We have
already executed successful projects in Hungary, Bulgaria, Russia, and
Belarus.

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The Gas Distribution business serves about 1 million retail customers in
Chicago and northeastern Illinois .

Our track record demonstrates that we can manage the
challenges presented by this project: extreme climatic conditions,
adaptation to the country's practices and its language, and the tight
project execution period.