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ENRON EUROPE ACQUIRES PANENERGY SERVICES U.K.
FOR IMMEDIATE RELEASE: Monday, March 3, 1997
HOUSTON -- Enron Europe Ltd., a subsidiary of Enron Corp., announced today that it has acquired PanEnergy Services U.K., the Oxford-based retail gas marketing company, from PanEnergy Corp of Houston.
Founded in 1993, PanEnergy Services U.K. employs 23 people who service small industrial and commercial markets, covering 2,600 customers at 4,200 different sites.
"This acquisition represents a significant step forward in our effort to provide a full range of energy services to all sectors in the U.K. energy market," said Mark Frevert, president and CEO of Enron Europe. "PanEnergy Services U.K. provides us with a high quality customer base, and we are very pleased to serve these new customers under the banner of
Enron Direct, our newly formed retail company in the U.K."
David Pope, previously vice president with responsibility for Enron Europe's wholesale gas marketing, will lead Enron Direct.
"With his extensive natural gas related experience in both North America and the United Kingdom, I am confident David and his new team will provide Enron customers in the U.K. a diverse mix of reliable and cost efficient products and services," Frevert said.
Last year, Enron Europe obtained a second tier supply license to
develop opportunities in the U.K. electricity market.
"Pursuing those opportunities and the retail gas marketing acquisition announced today will further enhance Enron's position as a leading supplier of energy and risk management products in the U.K. and provides us with a strong base to pursue new opportunities in Europe's gas and electricity markets as they liberalise," Frevert added.
Enron Corp., one of the world's largest integrated natural gas and electricity companies with approximately $16 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; 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; and is one of the largest independent developers and producers of electricity in the world. Enron is traded under the ticker symbol, "ENE.î
For additional information please contact:
Mark Palmer (Enron U.S.)
(713) 853-4738
Jackie Gentle (Enron U.K.)
0831 847457 (cellular)
0191 2140222 (office)
John Barnett (PanEnergy)
(713) 627-4072 (U.S.)
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