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ENRON GLOBAL POWER & PIPELINES INCREASES QUARTERLY DIVIDEND BY 14 PERCENT
FOR IMMEDIATE RELEASE: Tuesday, November 19, 1996
HOUSTON -- The Board of Directors of Enron Global Power & Pipelines L.L.C. (Ticker symbol: EPP) today announced a 14 percent increase in the quarterly dividend to $0.25 per share from the current quarterly rate of $0.22 per share. The dividend is payable December 16, 1996 to shareholders of record November 29, 1996, with an indicated annual rate of $1.00 per share.
"EPP's Board of Directors is very pleased with the company’s performance, including the acquisitions made in 1996," said Rodney L. Gray, chairman, president and chief executive officer.
EPP's 1996 acquisitions included a 49 percent interest in the Centragas natural gas pipeline in Colombia and a 50 percent interest in a 185-megawatt power project in the Dominican Republic. Also in 1996, EPP increased its interest to 33.3 percent in CIESA, which owns 70 percent of the Transportadora de Gas del Sur natural gas pipeline system in Argentina.
"Given that Enron's 478-megawatt power project in Turkey is under construction and phase one of its power project in India is expected to resume construction in the near future, EPP is confident of its continued growth in earnings and cash flow," Gray said. “The company’s strong cash flow enables us to significantly increase the dividend while continuing to aggressively pursue the acquisition of third party projects."
Both the Turkey and India power plants are designated development projects that must be offered by Enron to EPP at prices which meet certain projected minimum earnings, cash flow and internal rate of return criteria.
EPP's assets consist of interests in two power plants in the Philippines, one power plant in both Guatemala and the Dominican Republic and natural gas pipeline systems in both Argentina and Colombia.
Enron Global Power & Pipelines, owned 59 percent by Enron, is traded on the New York Stock Exchange under the ticker symbol, "EPP."
For additional information please contact:
Carol Hensley
(713) 853-6498
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