ENRON COMPLETES ONE MILLION TRANSACTIONS ON ENRONONLINE
FOR IMMEDIATE RELEASE: Wednesday, May 23, 2001
HOUSTON -- Enron Corp. announced today that it has completed its one millionth transaction on EnronOnline, the world’s largest web-based e-commerce platform for commodities.
“EnronOnline has become the benchmark for the way energy and other commodity industries do business. It has brought transparent, real-time pricing to our customers and provides them with reliable delivery with a few clicks of a mouse,” said Jeff Skilling, president and CEO. “This is a great day for Enron employees who have worked hard to make EnronOnline a reality.”
As an online extension of its successful wholesale energy business, EnronOnline began transacting natural gas and electricity on Nov. 29, 1999. Since that time, the company has extended the platform to approximately 1,500 wholesale commodity products ranging from energy-related commodities to bandwidth, metals, forest products, plastics, petrochemicals, and weather and credit derivatives.
Approximately 60 percent of all Enron transactions are now conducted online, and the cost of processing the transactions has been reduced by 75 percent. To date, the notional value of all transactions on EnronOnline exceeds $590 billion.
“In just 18 months, EnronOnline has added tremendous scale to our wholesale business, integrating our core strengths in credit and risk management and logistics,” said Skilling. “With the power of the Internet, we believe the potential for extending our business model to new markets is limitless.”
Enron is one of the world’s leading electricity, natural gas and communications companies. The company, with revenues of $101 billion in 2000, markets electricity and natural gas, delivers physical commodities and financial risk management services to customers around the world. Fortune magazine has named Enron “Americas Most Innovative Company” for six consecutive years. Enron’s Internet address is www.enron.com. The stock is traded under the ticker symbol “ENE.”
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Eric Thode
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