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ENRON SIGNS POWER PURCHASE AGREEMENT FOR POWER PLANT IN POLAND
FOR IMMEDIATE RELEASE: Monday, April 28, 1997
HOUSTON --Enron International Inc. (EI), a wholly-owned subsidiary of Enron Corp., today announced that its subsidiary, Elektrocieplownia Nowa Sarzyna Sp. z.o.o (ENS), has signed a power purchase agreement (PPA) for the 116 megawatt, natural gas-fired combined heat and power plant in Nowa Sarzyna, Poland. The 20 year PPA was signed with the Polish Power Grid Company (PPGC). The approximately $120 million plant will be located on the grounds of the Organika Sarzyna Chemical Works (OSCW) in Nowa Sarzyna. ENS will provide steam to OSCW and to the City of Nowa Sarzyna.
The plant is expected to achieve financial close and begin construction in fall 1997 and to be operational by early 1999. Enron Ventures Corp. will serve as turnkey construction contractor.
"Enron is pleased to be the first company to develop a privately owned independent power project in Poland as well as one of the first combined cycle plants in the country to use natural gas," said Kenneth L. Lay, Enron Corp. chairman and CEO. "This demonstrates our interest in developing clean and efficient projects in Central/Eastern Europe, where the need for power and heat is growing, as is Poland's commitment to build and refurbish infrastructure."
EI's partner in the Nowa Sarzyna project is JAC (Poland) Ltd., a Warsaw-based consulting firm with expertise in the energy sector. Enron owns 97.5 percent of the project and JAC (Poland) owns the remaining 2.5 percent.
This project reflects EI's growing international development activities, which have resulted in nearly $20 billion of projects under development.
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; 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 is traded under the ticker symbol, "ENE."
For additional information please contact:
Kelly L. Kimberly
(713) 853-5377
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