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ENRON SIGNS POWER AGREEMENT WITH PACIFIC TELESIS; TELECOMMUNICATIONS GIANT BECOMES LARGEST CUSTOMER IN THE COUNTRY TO GO TO DIRECT ACCESS
FOR IMMEDIATE RELEASE: Thursday, January 15, 1998
SAN FRANCISCO - Enron Energy Services, Inc. (EES), a subsidiary of Enron Corp., announced today that Pacific Telesis Group has signed an agreement with EES to become the country's largest customer to switch electricity providers in the deregulated marketplace. Pacific Telesis Group, the parent company of 10 subsidiaries including Pacific Bell, the regional local phone company, has chosen Enron to supply electricity and to develop and implement energy management and efficiency projects for the telecommunications giant's 8000 facilities in California.
The agreement includes a four year commodity purchase as well as Telesis' selection of Enron as the preferred provider of energy products and services, including retrofitting existing equipment, enhancing power quality at facilities and providing consolidated billing and energy-related asset management. Enron will begin installing meters featuring its wireless Interactive Metering Solution at Pacific Telesis sites this month.
"Today's announcement is a historical milestone on the road to providing consumers the benefits of electricity deregulation," said Kenneth L. Lay, chairman and CEO of Enron Corp. "Everyone is a winner when a company such as Pacific Telesis, with millions of customers, has the opportunity to realize savings from not just lower electricity prices, but more importantly, the ability to enjoy a wide range of energy services which will allow them to reduce electricity consumption. Enron is honored to team up with a company such as Pacific Telesis to usher in this new era of customer choice.
"Pacific Telesis will be able to maximize the benefits of deregulation and significantly reduce its total energy bill, creating additional value for its shareholders and customers," Lay said. "This agreement reflects a customer's ability to take advantage of today's rapidly changing energy market and Enron's strategy to work with companies, universities, government agencies and other institutions to manage the complexities of deregulation."
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:
Gary Foster
713-853-4527 (for media)
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