|
ENRON SELLS APPROXIMATELY 7 PERCENT OF RETAIL ELECTRICITY BUSINESS FOR $130 MILLION
FOR IMMEDIATE RELEASE: Tuesday, January 6, 1998
HOUSTON - Enron Corp. announced today it has completed the sale of approximately 7 percent common equity interest in its retail electricity business to two investors for $130 million based on an enterprise value of Enron Energy Services (EES) of $1.9 billion.
"We are very pleased with the valuation of EES," said Kenneth L. Lay, Enron chairman and CEO. "This investment by two of the largest pension funds in North America confirms the very significant value being created in our retail business, which we expect will continue to grow rapidly as the electricity market is deregulated nationwide."
Enron Corp., one of the world's largest integrated natural gas and electricity companies with approximately $23 billion in assets, operates one of the largest natural gas transmission systems in the world; is the largest marketer of natural gas and 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 and manages 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 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:
Karen Denne
(713) 853-9757
 |
