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ENRON SIGNS POWER PURCHASE AGREEMENT WITH INDONESIA STATE UTILITY
FOR IMMEDIATE RELEASE: Monday, November 18, 1996
Houston -- Enron today announced that P.T. East Java Power Corp., which is 50.1 percent owned by Enron, has signed a Power Purchase Agreement (PPA) for a 500 megawatt power plant in East Java, Indonesia. The 20 year PPA was signed with P.T. PLN Persero (PLN), Indonesia’s state owned utility, which will purchase power from the natural gas-fired, combined cycle plant. Natural gas for the project will be provided by Pertamina, Indonesia’s state-owned oil and gas company.
“Enron is extremely pleased to reach this crucial step in this project,” said Kenneth L. Lay, Enron chairman and CEO. “Enron’s strong experience in developing natural gas-fired plants makes this project ideal for Enron, our partners and our customer.”
The power plant is expected to achieve financial close and commence construction in the fourth quarter of 1997 and to be operational in the year 2000.
Enron’s partners in P.T East Java Power Corp. are Pasuruan Power Company of Indonesia and Prince Holdings Limited of Hong Kong, which will own the remaining 49.9 percent.
This project reflects Enron’s growing international development activities, which have resulted in $19 billion in projects in development, construction or operation.
Enron, one of the world’s largest integrated natural gas and electricity companies with approximately $15 billion in assets, operates the largest natural gas transmission system in the Western Hemisphere and the second largest system in the world; is the largest purchaser and marketer of natural gas and the largest non-regulated marketer of electricity in North America; produces and markets natural gas liquids worldwide; owns 59 percent of Enron Oil and Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns 59 percent of Enron Global Power and Pipelines L.L.C., which is owner and manager of operating power plants and natural gas pipelines and natural gas pipelines in emerging markets; and is one of the largest independent developers and producers of electricity in the world. Enron is traded under the ticker symbol, “ENE.”
For additional information please contact:
Kelly L. Kimberly
713-853-5377
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