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ENRON AND OSRAM SYLVANIA SIGN POWER PURCHASE AGREEMENT
FOR IMMEDIATE RELEASE: Monday, September 8, 1997
HOUSTON -- Enron Capital & Trade Resources Corp. (ECT), a subsidiary of Enron Corp., announced today that it has signed a power supply agreement with OSRAM SYLVANIA's glass manufacturing facility in Central Falls, Rhode Island, one of the largest industrial customers in the state. In the development of this agreement, ECT and OSRAM SYLVANIA have worked together to create a strategy that provides immediate savings to the facility while maintaining a competitive cost structure for the future.
Rhode Island's 30 largest industrial customers were given the right to choose their electricity provider beginning July 1, 1997. Of the utility marketing affiliates, power brokers, and other power marketers bidding on the OSRAM SYLVANIA contract, ECT was able to provide the greatest value to the company.
"Competition in Rhode Island is giving Enron the opportunity to serve end-use customers for the first time in the state," said Kenneth D. Rice, chairman and CEO, ECT-North America. "We are especially pleased to be working with a company as reputable as OSRAM SYLVANIA, helping to lower their energy costs significantly."
"We expect that electricity deregulation will have a positive impact on our plant's ability to compete in domestic and international markets, and will also contribute to the viability of manufacturing in Rhode Island," said Steve Sander, plant manager of OSRAM SYLVANIA's Central Falls glass manufacturing operations.
OSRAM SYLVANIA is one of the largest manufacturers of lighting products in North America. OSRAM SYLVANIA's plant in Central Falls, Rhode Island supplies glass to both domestic and international lighting manufacturers.
Enron Corp., one of the world's largest integrated natural gas and electricity companies with approximately $19 billion in assets, operates one of the largest natural gas transmission systems in the world; is the largest purchaser and marketer of natural gas and the largest non-regulated marketer of electricity in North America; is a leading participant in liberalized energy markets in the United Kingdom and the Nordic Countries; markets natural gas liquids worldwide; manages the largest portfolio of fixed-price natural gas risk management contracts in the world; is among the leading entities arranging new capital to the energy industry; owns a majority interest in Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns a majority interest in Enron Global Power & Pipelines L.L.C., which is owner and manager of operating power plants and natural gas pipelines around the world; is one of the largest independent developers and producers of electricity in the world; and is a major supplier of solar and wind renewable energy worldwide. Enron's internet address is www.enron.com and its common stock is traded under the ticker symbol, "ENE."
For additional information please contact:
Shelly Mansfield
713-853-4589
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