EL PASO ENERGY ACQUIRES 49 PERCENT OF EAST COAST POWER
FOR IMMEDIATE RELEASE: Friday, August 13, 1999
HOUSTON - East Coast Power, an affiliate of Enron Corp., announced today that
49 percent of its outstanding ownership interest has been sold to an affiliate of El Paso Energy Corporation (NYSE: EPG). Enron, through an affiliate, will retain the remaining 51 percent interest in the company.
In February 1999, East Coast Power acquired equity interests in three combined cycle natural gas fired co-generation plants in New Jersey from the Cogen Technologies Group. Designated as "qualifying facilities" under the Public Utilities Regulatory Practices Act of 1978, the plants deliver power and steam under contract to utility and industrial customers in New Jersey and New York City. The plants have an aggregate generating capacity of 1,037 megawatts.
Currently, East Coast Power's senior secured notes trade on the PORTAL system.
Enron is one of the world’s leading electricity, natural gas and communications companies. The company, which owns approximately $33 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 a nationwide Internet-based communications network. Enron’s Internet address is /corp, 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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