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ENRON SELLS 50 PERCENT INTEREST IN GUAM POWER PROJECT TO TOMEN CORPORATION
FOR IMMEDIATE RELEASE: Monday, January 13, 1997
HOUSTON-- Enron today announced that it has sold a 50 percent interest in its power project in Piti, Guam to Tomen Corporation of Japan.
In September 1996, Enron announced that it had been selected by the Guam Power Authority, an agency of the Guam government, to develop a fast track project to help alleviate Guamís current power shortage. Construction on the 80 megawatt baseload power plant is expected to begin by July 1997, and the plant is expected to be in operation by December 1998.
Under a build-operate-transfer (BOT) arrangement, the plant will be transferred to the Guam Power Authority in 20 years. An Energy Conversion Agreement signed in September 1996 stipulates that the Guam Power Authority will provide the fuel and Enron will convert it to electricity.
ìWe are pleased that Tomen has joined us as a partner in this project,î said Kenneth L. Lay, Enron Chairman and CEO. ìEnron and Tomen have a strong working relationship and we look forward to continued involvement with them.î
This project reflects Enronís growing international development activities, which have resulted in nearly $20 billion of projects in development, construction or operation.
Enron, one of the worldís largest integrated natural gas and electricity companies with approximately $15 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."
Tomen is currently developing worldwide power projects and has the largest generating capacity among major Japanese trading firms, with total installed capacity expected to reach 5,000 megawatts this year. Tomen plans to aggressively participate in the pipeline business as well as the power business.
For additional information please contact:
Kelly Kimberly
(713) 853-5377
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