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ENRON COMPLETES ACQUISITION OF THERMAL PLANT IN PANAMA
FOR IMMEDIATE RELEASE: Friday, January 15, 1999
HOUSTON – Enron International, a wholly-owned subsidiary of Enron Corp. announced today the acquisition of a majority stake in Central America’s largest thermal power generation facility, Bahia las Minas in Panama. The transaction closed yesterday and Enron Internacional Panama S.A., a subsidiary of Enron International, assumes control of the 355-megawatt thermal power plant complex immediately.
“Enron is very pleased to enter the Panamanian energy market with this acquisition and to have the opportunity to work together with the Panamanian government to provide the country with cleaner, more efficient energy,” said Joseph W. Sutton, president and CEO of Enron International. “Bahia Las Minas is an important component to our overall energy strategy in the region.”
The Government of Panama embarked on a program to restructure the electricity sector and selling of the generation and distribution assets of the state-owned Instituto de Recursos Hidráulicos y Electrificación (IRHE) in April 1998. Through a tender process for the power plant conducted by Empresa General Electrica Bahia las Minas (EGEMINSA), Enron was named the winning bidder at US $91,727,000 on November 18, 1998.
Enron currently is involved in more than 13 projects in eight countries in Central America and the Caribbean Basin, including power plants, major pipeline projects, and propane and liquid gas operations.
Enron is one of the world's leading integrated electricity and natural gas companies. The company, which owns approximately $30 billion in energy related assets, produces electricity and natural gas, develops, constructs and operates energy and water facilities worldwide and delivers physical commodities and risk management and financial services to customers around the world. 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:
Kelly Kimberly
713-646-6416
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