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ENRON AND CHASE MANHATTAN BANK SIGN LONG-TERM ENERGY MANAGEMENT AGREEMENT
FOR IMMEDIATE RELEASE: Tuesday, February 2, 2000
HOUSTON and NEW YORK – Enron Energy Services, a subsidiary of Enron Corp., and The Chase Manhattan Corporation (NYSE:CMB) announced today a ten-year, $750 million energy management agreement. Enron will provide energy management services for 860 of Chase’s facilities nationwide, including office buildings, retail branches and operations centers.
As part of this agreement, Enron will provide commodity management, including analysis and consolidation of approximately 30,000 annual utility invoices currently processed through multiple operating groups, as well as overall project management for energy infrastructure upgrades, designed to make material improvements in the energy efficiency of many Chase facilities.
"Chase has taken a leadership position among financial institutions by recognizing the financial and administrative benefits of working with Enron to consolidate its energy management processes,” said Lou Pai, CEO of Enron Energy Services. “Our agreement effectively takes Chase out of the energy management business and enables them to focus more time and resources on growing their successful financial services business."
“This transaction is another great example of Chase’s discipline and initiative in creating significant value for our shareholders,” said Liz Flynn, head of Chase Business Services. “It again demonstrates the effectiveness of Chase Business Services, a shared services organization created to improve service and lower costs for all of Chase’s operating groups.”
The Chase Manhattan Corporation, with $406 billion in assets, is one of the world’s premier financial services institutions, with operations in 48 countries around the globe. Chase has a top-tier ranking in all areas of investment banking, private banking, trading and global markets activities as well as information and transaction processing. Chase is a leading provider of financial solutions to large corporations, financial institutions, government entities, middle market firms, small businesses and individuals, and has relationships with more than 30 million consumers across the United States through products and services such as credit cards, mortgages, online banking, debit cards, deposit products and auto loans. Through its newly formed business unit, Chase.com, Chase is successfully creating new business models for the Internet economy. Chase can be reached on the Web at www.chase.com.
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.”
Click here to download this press release in Microsoft Word format.
For additional information please contact:
Peggy Mahoney
Enron Energy Services
713-345-7034
Judy Miller
Chase Manhattan
212-270-7171
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