TVK, as one of the leader companies of chemical industry in Central-Europe, in 2000 decided to place their heat and electricity supply on new bases. The long term steam supply from Power Plant Tiszapalkonya seemed to be not secured due to restricted environmental regulation. TVK intended to extend its polyolefin production facility which has increased the steam demand. TVK decided to construct a boiler plant/power plant with the following requirements: (.) long-term, secure and economical steam supply meeting the entire steam demand of TVK supplied from a source other than its own, (.) an acceptable time frame for the implementation and the development of the project, (.) the lowest possible capital requirement (involvement of a professional investor), (.) in the case of electricity generation, it may only be carried out through cogeneration with heat, with the minimization of condensing electricity generation, with regard to the process of the opening of the electricity market. The power plant project has been realized through a project company established by TVK and North Hungarian Electricity Distribution Co. where the chemical company has 26 %, the professional investor has 74 % ownership. The construction of the power plant started at the beginning of 2002 and finished in 2004. The installed steam capacity of the project is 250 t/h the power output is 35 MW. The plant has been delivered by Siemens - Transelektro consortia based on turn-key EPC Contract. The plant consists of a Siemens SGT 600 (former GT10B) gas turbine with supplementary fired HRSG and a Siemens ST-6 steam turbine and three auxiliary boilers with 65 t/h steam capacity each. The paper to be presented shows the decision making process concerning the power plant investment. It describes the technical scheme of the project and outlines the special technical features of the steam supply arising from the unusual steam load of TVK especially during start-up, shut-down and forced outages of the olefin plants which requires high additional steam supply in short time. It shows the experiences of the first year of operation too, how the plant has been able to fulfill its design criteria.