ENRON AND THE MACERICH COMPANY SIGN LONG-TERM
ENERGY MANAGEMENT AGREEMENT
FOR IMMEDIATE RELEASE: Thursday, November 30, 2000
HOUSTON – Enron Energy Services, a subsidiary of Enron Corp., and the Macerich Company, a publicly traded real estate investment trust, announced a ten-year energy management agreement for more than 40 wholly-owned and joint venture properties.
Through this agreement, Enron will manage the supply of electricity and natural gas and provide related energy management services including energy infrastructure upgrades that will increase the energy efficiency of Macerich properties.
“Our agreement with Enron allows us to manage the volatile energy costs associated with deregulating markets, such as California,” said Arthur Coppola, president and CEO of the Macerich Company. “Moreover, it will allow Macerich to enhance and actively manage energy systems at our properties side-by-side with Enron, the leading innovator in the field.”
Jeremy Blachman, chief operating officer of Enron Energy Services, said, “We applaud the Macerich Company for demonstrating the foresight to proactively manage energy purchasing, infrastructure and systems within their world-class portfolio. By working with Enron, Macerich has access to proven experience in managing the risks and uncertainty associated with a non-core, but essential part of their business.”
A fully integrated self-managed and self-administered real estate investment trust, the Macerich Company focuses on the acquisition and redevelopment of regional malls and community centers throughout the United States. The Macerich Company helps retailers establish themselves in growing markets across the country. Currently, The Macerich Company owns or has ownership interest in 48 regional shopping centers and five community shopping centers, totaling approximately 41 million square feet of gross leasable area (GLA). Macerich’s internet address is www.macerich.com and is traded under the ticker symbol “MAC.”
Enron Energy Services (EES) is building a business to transform the energy marketplace by providing integrated energy and facility management solutions. EES currently manages energy at over 20,000 customer sites. Contracts signed with customers in the last two years will reduce energy use by an estimated six billion kilowatt hours of electricity and more than 113 million Btus of natural gas consumption between 2000 and 2012 – a reduction of 10.5 million tons of carbon dioxide emissions.
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.” Enron’s Internet address is www.enron.com. The stock is traded under the ticker symbol “ENE.”
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Click here to download this press release in Microsoft Word format.
For additional information please contact:
Peggy Mahoney
Enron Energy Services
(713) 345-7034
Tom O’Hern
The Macerich Company
(310) 394-6000
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