Printer Friendly

ENRON POWER SERVICES SIGNS 15-YEAR CONTRACTS WITH EEA DEVELOPMENT

ENRON POWER SERVICES SIGNS 15-YEAR CONTRACTS WITH EEA DEVELOPMENT
 HOUSTON, Feb. 3 /PRNewswire/ -- Enron Power Services, Inc. (NYSE: ENE), a subsidiary of Enron Corp., and a member of the Enron Gas Services Group, announced today that it has signed three 15-year contracts with affiliates of EEA Development, Inc. to supply approximately 50 percent of EEA's gas supply requirements for three cogeneration facilities that EEA is developing in New
Jersey. Each of the three facilities is 150 megawatts, and one is to begin commercial operation in the first quarter of 1994.
 Enron will supply the three facilities with a combined total of 43.5 million cubic feet (MMcf) of natural gas per day, or a total commitment of approximately 240 billion cubic feet over the life of the contracts. The natural gas will be sold at market responsive prices. Revenues under the contracts are estimated at between $500 and $600 million over the 15 year period.
 "We look forward to working with EEA to provide the long-term natural gas supplies that are necessary to support the development of these facilities," said Jeffrey K. Skilling, chairman and CEO of Enron Gas Services. "Projects such as these represent a significant market opportunity for the natural gas industry in the 1990s and beyond. These contracts underscore Enron's commitment to provide the electric power industry with reliable long-term, competitively priced and environmentally sound natural gas supplies."
 "We are delighted to have entered into these long-term gas supply agreements with Enron," said Mark Betts, EEA's president. "We have found Enron to be among the most aggressive marketers of gas, reasonable in negotiation and committed to the long-term gas business. We look forward to a long and mutually beneficial relationship."
 Enron Power Services, Inc., a member of the Enron Gas Services Group, markets long-term natural gas supplies to the electric power generation industry. Enron Corp., America's leading natural gas company with more than $13 billion in annual revenues and $10 billion in assets, operates the nation's largest natural gas transmission system; markets natural gas, gas liquids, crude oil and refined products nationally and worldwide; owns 84 percent of Enron Oil & Gas Company, one of the country's largest independent (non-integrated) natural gas exploration and production companies; is one of the largest independent developers and producers of electricity in the United States and the United Kingdom, with extensive experience in combined heat and power installations; and is a leading non-regulated purchaser and marketer of long-term natural gas commitments.
 EEA Development, Inc. is an affiliate of Economic Energy Alternatives, Inc., a Washington based cogeneration development firm. EEA was assisted in the negotiation of the gas supply arrangements by ESBI Energy Company of Houston. ESBI Energy Company provides fuel, engineering and project development consulting services, primarily to the power generation industry.
 -0- 2/3/92
 /CONTACT: Diane Bazelides, 713-853-6285, or E. P. Segner, 713-853-5299, or Paula Rieker, 713-583-5981, all of Enron/
 (ENE) CO: Enron Power Services Inc. ST: Texas IN: SU: CON SM -- NY070 -- 6210 02/03/92 12:50 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 3, 1992
Words:500
Previous Article:COMMUNICATIONS SYSTEMS COMPLETES AUSTIN TAYLOR ACQUISITION
Next Article:LOCKHEED, MALEV HUNGARIAN AIRLINES ESTABLISH AIRCRAFT MAINTENANCE AND OVERHAUL JOINT VENTURE IN BUDAPEST
Topics:


Related Articles
ENRON POWER SERVICES SIGNS 20-YEAR GAS CONTRACT FOR SITHE ENERGIES GROUP'S INDEPENDENCE STATION
Enron Signs Power Purchase Agreement For Power Plant In Poland
Enron Completes Financing on Guam Power Project
Enron Signs Gas Supply Agreement
Enron Corp. Reports Third Quarter 1997 Net Income of $0.44 Per Share
Enron Moves Into Water Business With $2.2 Billion Deal In Britain.
NEWSREEL.
Enron Still An Energy Company, Lay Tells Dain Rauscher Forum.
Calpine Confirms No Net Exposure to Enron.
/C O R R E C T I O N -- Calpine Corporation/.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters