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Enron Mail |
USA: Cinergy to buy two power plants from Enron.
Reuters English News Service, 12/12/00 Cinergy Agrees to Acquire Two Merchant Generating Plants From Enron Business Wire, 12/12/00 Cinergy Corp. Affiliate Buys Two Enron Generating Plants Dow Jones News Service, 12/12/00 Media1st.com Launches Media-Driven Interactive Distance Learning Initiative To Manage Explosive Demand Business Wire, 12/12/00 USA: Cinergy to buy two power plants from Enron. 12/12/2000 Reuters English News Service (C) Reuters Limited 2000. NEW YORK, Dec 12 (Reuters) - Cinergy Corp. said Tuesday its non-regulated unit, Cinergy Capital & Trading Inc., would purchase two natural gas-fired power plants from Enron Corp. . Financial terms of the deal were not disclosed. The two Enron units, the 494-megawatt (MW) Brownsville generating facility in Tennessee and the 504-MW Caledonia plant in Mississippi, would increase Cinergy's generation portfolio owned, operated, or under construction, to about 21,000 MW, Cinergy said in a statement Tuesday. The Brownsville facility has four natural gas-fired combustion turbines, while the Caledonia facility has six. Both stations began operation in June 1999. They are located in the Southeastern Electric Reliability Council (SERC) and are interconnected to the Tennessee Valley Authority's transmission system, the statement said. The acquisition is subject to approval from the Federal Energy Regulatory Commission (FERC), as well as other regulators, and is expected to be completed by the spring of 2001, Cinergy said. Cinergy Capital & Trading is an energy marketing and project development affiliate of Cincinnati, Ohio-based Cinergy Corp. Cinergy's largest operating companies, Cincinnati Gas and Electric Co. and PSI Energy Inc. provide electricity to more than 1.4 million customers in Indiana, Ohio and Kentucky. Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. Cinergy Agrees to Acquire Two Merchant Generating Plants From Enron 12/12/2000 Business Wire (Copyright © 2000, Business Wire) CINCINNATI--(BUSINESS WIRE)--Dec. 12, 2000--Cinergy Corp. (NYSE:CIN) today announced that Cinergy Capital & Trading, Inc. (CCT), a non-regulated affiliate of Cinergy Corp, and Enron North America have signed a definitive agreement under which CCT will purchase two natural gas-fired merchant electric generating facilities located in the southeastern United States. The transaction is anticipated to be accretive to Cinergy's earnings in 2001. Financial terms were not disclosed. Also, the transaction will increase Cinergy's generation portfolio to about 21,000 megawatts (net owned, operated or under development) with the non-regulated portion being approximately 15,000 megawatts. "This acquisition in combination with our recently deregulated Ohio generation and the peaking capacity added early this year creates for Cinergy a significant and balanced generation portfolio of baseload and peaking capacity," said James E. Rogers, president and CEO of Cinergy Corp. "Importantly, these facilities can serve our large long-term customers in the Southeast, which is among the fastest growing areas in the country, as well as our Midwest customers." The acquisition consists of Enron's 494-megawatt Brownsville generation facility located in Haywood County, Tennessee and the 504-megawatt Caledonia generation facility located in Lowndes County, Mississippi. Brownsville has four natural gas-fired combustion turbines and Caledonia has six. Both stations entered into service in June 1999. Both facilities are located in the Southeastern Electric Reliability Council (SERC) region and are interconnected to the Tennessee Valley Authority's transmission system. "Cinergy has created a regional leadership position in the Midwest power market and is focused on strategic opportunities to expand our footprint," said Michael J. Cyrus, president of Cinergy Capital & Trading. "With this transaction we will have added approximately 1,700 megawatts in the eastern interconnect and increased our non-regulated generating capacity in excess of 30 percent in just over a year. It is indicative of our continued commitment to the growth and value of a balanced energy merchant business." The completion of the acquisition is subject to, among other things, receipt of approval of the Federal Energy Regulatory Commission and expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Cinergy currently expects that regulatory approvals would be obtained and the transaction will close in Spring 2001. Cinergy Capital & Trading, Inc. is a non-regulated energy marketing and project development affiliate of Cinergy Corp., one of the nation's leading diversified energy companies, with a total enterprise value of $8.5 billion and assets of $10 billion. In addition to its generation portfolio, it also has 55,000 miles of electric and gas transmission lines in the United States and abroad and approximately 9,000 employees in nine countries. Its largest operating companies, The Cincinnati Gas & Electric Company and PSI Energy, Inc., serve more than 1.4 million electric customers and 478,000 gas customers in Indiana, Ohio and Kentucky. Cinergy is active in U.S. power and natural gas markets and maintains a 24-hour-a-day, seven-day-a-week trading operation. The interconnections of Cinergy's Midwestern transmission assets give it access to 37 percent of the total U.S. energy consumption. In 1998 the New York Mercantile Exchange selected Cinergy to be its transmission hub for Midwest electricity futures trading, which has become the most active hub in the United States. In addition to its U.S. operations, Cinergy owns and operates power generation, transmission and distribution assets in the Czech Republic, Spain, the United Kingdom, Zambia, Kenya, South Africa and Estonia. Cinergy is also active in European gas and electricity markets. Statements made in this release that convey the company's or management's intentions, expectations or predictions of the future are forward-looking statements. The company's actual results could differ materially from those projected in the forward-looking statements, and there can be no assurance that estimates of future results will be achieved. Please refer to the company's SEC filings for additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements. CONTACT: Cinergy Corp. News contact: Steve Brash, 513/287-2226 (w) 513/231-6895 (h) Angeline Protogere, 317/838-1338 (w) 317/298-3090 (h) Investor contact: Steve Schrader, 513/287-1083 Website: www.cinergy.com 11:13 EST DECEMBER 12, 2000 Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. Cinergy Corp. Affiliate Buys Two Enron Generating Plants 12/12/2000 Dow Jones News Service (Copyright © 2000, Dow Jones & Company, Inc.) CINCINNATI -(Dow Jones)- Cinergy Corp.'s (CIN) Capital & Trading Inc. affiliate signed a definitive agreement to purchase two natural gas-fired merchant electric generating facilities from Enron North America, a unit of Enron Corp. (ENE). Financial terms were not disclosed. In a press release Tuesday, Cinergy said it anticipates that the transaction will add to earning in 2001. A First Call/Thomson Financial survey of 14 analysts produced a mean earnings estimate for 2001 of $2.64 a share. In 1999, Cinergy earned $2.53 a diluted share on a gain. The acquisition consists of Enron's 494-megawatt Brownsville generation facility in Haywood County, Tennessee, with four natural gas-fired combustion turnbines, and the 504-megawatt Caledonia generation facility in Lowndes County, Mississippi, with six turbines. Both stations, which entered into service in June 1999, are in the Southeastern Electric Reliability Council region and are interconnected to the Tennessee Valley Authority's transmission system. The acquisition is subject to approval by the Federal Energy Regulatory Commission and expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, among other things. Cinergy expects to close the transaction in the spring of 2001. Cinergy's New York Stock Exchange-listed shares recently traded at $32.63, up 44 cents or 1.4%, on composite volume of 159,700 shares. Average daily volume is 509,838 shares. -Dorothea Degen; Dow Jones Newswires; 201-938-5400 Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved. Media1st.com Launches Media-Driven Interactive Distance Learning Initiative To Manage Explosive Demand 12/12/2000 Business Wire (Copyright © 2000, Business Wire) SAN JOSE, Calif. --(BUSINESS WIRE)--Dec. 12, 2000--Media1st.com(R), a leading Internet broadcasting and interactive streaming media application service provider today announced at the Streaming Media West Conference and Exposition it is expanding its end-to-end interactive distance learning services suite. As a result of the burgeoning demand from its existing customer base and inquiries from the marketplace, Media1st.com has dedicated a substantial level of its engineering and programming resources to support its interactive Education Service Provider (iESP[SM]) unit. "Media1st.com's iESP initiative leverages our existing patent-pending technologies developed for our current corporate and media customers and takes it one step further," said Tom Doty, president and CEO of Media1st.com. "The eLearning marketplace is hungry for the feature-rich interactive applications we've already developed and accelerates our entry into this market." CEeasy.com, a distance learning company that provides online classes to professionals in insurance, real estate, accounting and law, hired Media1st.com to bring its solution to market. CEeasy customers access the company's portal to participate in streaming video course lectures and exams. The content can be accessed by both broadband and dial-up web learners and are synchronized with high-resolution visuals, real-time testing modules, polling and chat features. "Our focus was to incorporate streaming video with online learning to create a richer, more fulfilling experience for the professional who is required to continue his or her education or to provide corporate training," said Bill Gillespie, president and CEO of CEeasy. "Media1st.com made every phase and feature of our design possible incorporating pay-per-view and interactive streaming tools to create an enjoyable web-based learning experience." According to International Data Corporation the market for educational services reached $US 625 billion in 2000 or 7% of total GDP. This number excludes the $US 62.5 billion expenditures by US companies to provide continuing education to employees. Media1st.com, through its partnerships with Enron Broadband Services (NYSE: ENE) and epicRealm, has created a global distribution network with edge technologies to reach more viewers effectively than ever before possible. In addition, the company has developed industry-specific interactive distance learning applications necessary to assist companies and educational organizations to make an accelerated entry into online training and education. About Media1st.com Media1st.com is an Internet broadcasting company that enables companies to distribute interactive streaming video to their audiences regardless of geography. Media1st.com provides the complete infrastructure for production and delivery of digital media services including live or on-demand webcasting, online marketing, interactive distance learning, video enabled email, encoding, hosting and distribution of video content. For more information, visit www.media1st.com or call 888.652.4417. Visit www.mail1st.com to sign up for your own free video email account. About CEeasy CEeasy provides training and continuing education classes for professionals in insurance, real estate, accounting and law. Unlike other on-line learning solutions, CEeasy courses are provided in the form of video. Students can take the classes they require when they want from anywhere in the world. CEeasy was created by professionals in law, insurance and real estate. Their goal is to provide the nation's most convenient and valuable training solution. Media1st.com and the Media1st logo are registered trademarks of Media1st.com. All other company names, products and services are the property of their respective companies. CONTACT: Media1st.com Jeff Gardiner, 404/881-9331 jgardiner@media1st.com 13:21 EST DECEMBER 12, 2000 Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.
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