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ENRON ENTITY TO PURCHASE LAS VEGAS COGENERATION
FOR IMMEDIATE RELEASE: Wednesday, September 1, 1999
HOUSTON - Enron North America Corp., a wholly owned subsidiary of Enron, announced today that Southwest Power, L.L.C., an entity owned by Enron, an affiliate of Enron and a non-affiliated investor, has purchased Las Vegas Cogeneration, L.P. and SUNCO, Ltd. from The United Company.
Las Vegas Cogeneration owns a 50-megawatt combined cycle power plant located in North Las Vegas. Designated as a "qualifying facility" under the Public Utilities Regulatory Policy Act of 1978, the plant delivers power under contract to Nevada Power while SUNCO serves as the plant’s thermal host.
"The high demand growth experienced by the Las Vegas region coupled with the anticipated opening of the Nevada power market in March 2000, makes this asset very attractive to Enron" said Cliff Baxter, Chairman and CEO of Enron North America. "In addition to its strategic location, the asset provides an opportunity for Enron to expand capacity in a power-constrained region."
The United Company is a privately held holding company headquartered in Bristol, Virginia, with interest in financial services, oil and gas, roof supply distribution, golf operations and real estate.
Enron is one of the world’s leading electricity, natural gas and communications companies. The company, which owns approximately $34 billion in energy and communications assets, produces electricity and natural gas, develops, constructs and operates energy facilities worldwide, delivers physical commodities and financial and risk management services to customers around the world, and is developing an intelligent network platform to facilitate online business. Enron’s Internet address is www.enron.com, and the stock is traded under the ticker symbol, "ENE."
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For additional information please contact:
Traci Warner
713 853-3242
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