ENRON PIPELINES LAUNCHING CAPACITY BIDDING
OPEN SEASON ON EnronOnline
FOR IMMEDIATE RELEASE: Monday, June 12, 2000
HOUSTON -- Enron announced today that its interstate natural gas pipelines will begin offering capacity on EnronOnline.
Transwestern Pipeline Company will be the first of Enron's pipelines to offer capacity for bidding through an open season conducted on EnronOnline, Enron's principal-based electronic transaction platform. Northern Natural Gas Company, Northern Border Pipeline Company and Florida Gas Transmission Company also plan to offer services on the new e-commerce platform in the near future.
"The use of EnronOnline to market interstate transportation capacity represents a major step forward as our pipelines look for new ways to use e-commerce to better serve our customers," said Stan Horton, chairman and CEO of Enron Gas Pipeline Group. "This innovative approach to marketing pipeline capacity clearly benefits both interstate pipelines and customers. We now have expanded customer reach through the industry's leading e-commerce platform, EnronOnline, while customers receive more information and greater flexibility in purchasing capacity."
Transwestern will initially offer 20,000 Dekatherms per day of firm capacity for the month of July 2000. An open season will be conducted through a sealed bid process that will begin June 22 at 8 a.m. Central Time and close June 26 at 2 p.m. Central Time. All bidders will be notified of acceptance or rejection of their bids by 4 p.m. Central Time the same day. Transwestern will observe all underlying procedures for awarding capacity as specified in its Federal Energy Regulatory Commission (FERC) Gas Tariff.
EnronOnline offers real-time pricing for commodities including electricity, natural gas, coal, pulp and paper, clean air credits, bandwidth, weather and credit derivatives, petrochemicals and plastics, and oil and refined products. The site allows commodities consumers and producers from around the world to buy from or sell to Enron with the click of a mouse. Since its debut last November, EnronOnline has completed more than 140,000 transactions valued at more than $62 billion.
Customers who want information about Transwestern's upcoming open season on EnronOnline may contact Steve Harris, vice president of Transwestern Commercial Group at (713) 853-1796.
Enron is one of the world's leading electricity, natural gas and communications companies. The company, which owns approximately $37 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. Fortune magazine has named Enron "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."
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For additional information please contact:
Gina Taylor
(713) 853-7681
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