OFFICIAL OPENING OF ENRON JAPAN OFFICE
ENRON ANNOUNCES SAVINGS OF UP TO 10 PERCENT FOR ELIGIBLE ELECTRICITY CONSUMERS
FOR IMMEDIATE RELEASE: Tuesday, October 31, 2000
HOUSTON -- Enron Corp. announced today that the formal opening ceremony for its wholly owned subsidiary, Enron Japan Corp., will be carried out by Enron Chairman and CEO Kenneth L. Lay. “Enron is making a major commitment to Japan and we look forward to forming lasting partnerships and alliances here,” said Lay.
“We are encouraged by Japan’s approach to deregulation of its energy sector. Deregulation will ensure that Japanese industry regains its competitive place in world markets through greater innovation, higher productivity and lower costs,” said Lay. “We particularly applaud the E-JAPAN initiative and the country’s ambition to be at the forefront of e-business development in the 21st century. As a developer of broadband products and services and EnronOnline, the world’s most successful e-commerce website, we wholeheartedly share in that ambition.”
Enron Japan is pursuing opportunities in Japan’s energy, commodity and financial sectors, with an initial focus on activities such as risk management, multi-commodity market making, e-commerce and merchant asset development. “While electricity is a significant focus, we see tremendous potential for Enron’s eCommerce trading platforms and commodity-linked financial opportunities,” said Joseph P. Hirl, president and CEO of Enron Japan.
Enron Japan announced that it is offering eligible electricity consumers three-to-five-year contracts that will reduce their electricity bills immediately by up to 10 percent in the first year, with the possibility of increased savings in the remaining years of the contract. “Enron’s offer to provide up to 10 percent savings to eligible electricity consumers is a demonstration of how Enron works with its customers to create innovative solutions” said Hirl.
Enron Broadband Services (EBS) also is extending the reach of its global broadband network, customized bandwidth options and streaming media applications to the Japanese market. EBS recently announced an agreement with i2, a U.S. electronic software developer, to provide bandwidth capacity to meet its international networking needs, including linking i2’s Dallas headquarters with its Tokyo location. In addition, EBS is developing a pooling point in Tokyo, which will facilitate the buying and selling of bandwidth between Japan and the US.
“Japan is a large and technologically advanced market, and we believe the opportunities for our business here are tremendous,” said Ken Rice, chairman and CEO of Enron Broadband Services. “We look forward to developing mutually beneficial relationships with content providers and distribution partners in Japan. This will extend our global reach and provide our Japanese partners with the opportunity to give their customers the highest quality Internet experience.”
Enron Japan also announced that Enron Metals’ Tokyo branch joined Enron Japan’s offices last month, and commenced brokerage operations for the London Metals Exchange, and physical merchant operations in copper, nickel, aluminium and copper concentrates. Enron Metals also has started online metals trading via EnronOnline. “Enron Metals operations in Japan will enhance our capabilities and strengths in the marketing and finance of commodity-based businesses,” Hirl said.
Enron Metals is the product of Enron Corp.’s acquisition of MG plc. in July. Its Tokyo branch accounts for more than 20 percent of Enron’s overall metals business.
Enron Corp. has an interest in New York-based EnCom Corporation, which is jointly owned by Enron Corp., Japan’s Orix Corp. and EnCom management. EnCom, through its wholly owned subsidiary E Power Corporation, is pursuing opportunities to develop electricity generation facilities in Japan.
Enron is one of the world’s leading electricity, natural gas and communications companies. The company, with revenues of $40 billion in 1999 and $60 billion for the first nine months of 2000, markets electricity and natural gas, 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. Fortune magazine has named Enron “America’s Most Innovative Company” for five consecutive years, the top company for “Quality of Management” and the second best company for “Employee Talent.” In addition, Enron ranks in the top quarter of Fortune's "Best 100 Companies to Work For in America.” Enron’s Internet address is www.enron.com. The stock is traded under the ticker symbol “ENE.”
Enron Broadband Services is a leading provider of high quality, high bandwidth delivery and application services. The company’s business model combines the power of the Enron Intelligent Network™, Enron’s Broadband Operating System, bandwidth trading and intermediation services, and high-bandwidth applications to fundamentally improve the experience and functionality of the Internet. Enron’s Broadband Operating System allows application developers to dynamically provision bandwidth on demand for the quality of service necessary to deliver broadband content. Enron is also creating a market for bandwidth that will allow network providers to scale to meet the demands required by increasingly complex applications. Enron Broadband Services can be found on the Web at www.enron.net.
The Website for Enron Japan can be seen in Japanese and English at www.enron.co.jp
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