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ENRON AND PRUDENTIAL SIGN LONG-TERM
ENERGY MANAGEMENT AGREEMENT
FOR IMMEDIATE RELEASE: Monday, May 30, 2000
HOUSTON -- The Prudential Insurance of America and Enron Energy Services, a subsidiary of Enron Corp., announced today a ten-year energy management agreement.
Through the initial agreement, Enron will supply or manage the supply of electricity and natural gas, as well as provide related energy management service, for Prudential’s 21 corporate-owned office buildings in New Jersey, Pennsylvania, Arizona, Connecticut, Illinois, Florida and Minnesota. The companies are also working together to identify energy efficiency projects that will provide additional economic and environmental benefits at selected Prudential facilities.
“Our partnership with Enron will enable Prudential to take full advantage of leading-edge energy management solutions, which will result in immediate cost savings and significantly reduce our exposure to future rate fluctuations,” said Victor Castellano, vice president of Business Services for Prudential. “We look forward to partnering with Enron to develop additional energy conservation and cost reduction projects and strategies.”
Prudential has increasingly pursued outsourcing arrangements that enable the company to focus more fully on its core businesses in insurance, investments and asset management. In addition to energy management, Prudential outsources other major services such as property management, food services, travel, architectural and engineering.
“As one of the first in the insurance industry to outsource energy management, Prudential’s agreement with Enron reflects its ability to quickly adapt to today's rapidly changing energy marketplace,” said Lou L. Pai, chairman and CEO of Enron Energy Services. “As deregulation continues to unfold across the country, we are committed to keeping Prudential ahead of the curve.”
Prudential is one of the largest life insurance companies in the United States and is among the largest financial institutions in the world. Prudential has more than $360 billion in assets managed and administered as of Dec. 31, 1999 and serves more than 30 million customers worldwide, offering a variety of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension and retirement related investments and administration, asset management, securities brokerage, and real estate and relocation. Prudential is headquartered in Newark, New Jersey. Visit the Prudential website at http://www.prudential.com
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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Click here to download this press release in Microsoft Word format.
For additional information please contact:
Peggy Mahoney
Enron Energy Services
713-345-7034
Kevin Heine
Prudential
973-802-7455
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