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ENRON POWER SERVICES SIGNS 16-YEAR CONTRACT WITH ENERGY INITIATIVES

 ENRON POWER SERVICES SIGNS 16-YEAR CONTRACT WITH ENERGY INITIATIVES
 HOUSTON, April 22 /PRNewswire/ -- Enron Power Services, Inc., a subsidiary of Enron Corp. (NYSE: ENE) and a member of the Enron Gas Services Group, announced today that it has signed a 16-year contract with an affiliate of Energy Initiatives, Inc., to supply 100 percent of the natural gas requirements of the 80 megawatt cogeneration facility that Energy Initiatives is developing in Geddes, N.Y.
 The facility is scheduled to begin commercial operation on Jan. 1, 1994, and will require approximately 19 million cubic feet (MMcf) of natural gas per day, or a commitment of approximately 110 billion cubic feet (Bcf) over the life of the contract. During the first three years of the contract, natural gas will be sold at fixed prices. The remainder of the gas will be sold at market responsive prices. Based upon these pricing parameters, revenues under the contract are estimated to be in excess of $200 million. This is the fifth contract Enron Power Services has signed recently to supply long-term gas supplies to cogeneration projects. The aggregate sales under these contracts are in excess of 1.75 Tcf.
 "We are very pleased to be participating with Energy Initiatives in this project," said Jeffrey K. Skilling, chairman and CEO of Enron Gas Services. "Enron has taken a leadership position in supporting projects such as this by providing reliable, long-term, competitively priced natural gas supplies. These long-term commitments will enable the natural gas industry to realize the growth opportunities associated with electric power generation in the 1990s."
 "This project has been well received in upstate New York as an environmentally sound alternative for electric generation," said Bruce L. Levy, Energy Initiatives' president. "We are delighted to have entered into this long-term gas supply agreement with Enron and are looking forward to the startup of the plant scheduled for January 1994."
 Enron Power Services, Inc., 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 purchaser and marketer of long-term natural gas supplies.
 Energy Initiatives, Inc., is the non-regulated subsidiary of General Public Utilities Corporation (NYSE: GPU), an electric utility holding company serving portions of Pennsylvania and New Jersey. Energy Initiatives develops and operates cogeneration and other non-regulated generation projects through the United States. The company has four operating cogeneration plants in California and New Jersey which, with the project in New York, represent over 220 megawatts of generation.
 -0- 4/22/92
 /CONTACT: Diane Bazelides of Enron, 713-853-6285/
 (ENE GPU) CO: Enron Power Services, Inc.; Energy Initiatives, Inc. ST: Texas, New York, New Jersey IN: OIL SU: CON


GK -- NY072 -- 1349 04/22/92 13:57 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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