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Enron Mail |
In the event that your vision is clearing, here is another stick in the eye.
John -----Original Message----- From: Gary Hagerty <GaryH@encoreenergy.com<@ENRON Sent: Tuesday, October 30, 2001 9:06 AM To: Zufferli, John Subject: WATT-EX ANNOUNCES EQUITY FINANCING AND MARKET-MAKER AGREEMENT October 26th, 2001 WATT-EX ANNOUNCES EQUITY FINANCING AND MARKET-MAKER AGREEMENT Dynegy to Enhance Liquidity in Canadian Electricity Market Calgary, Alberta, Canada (Oct. 26, 2001) - Alberta Watt Exchange (Watt-Ex) today announced significant advancement in its long-term business plan with the execution of two definitive agreements. ENTx Capital Corporation and RAW Energy Ltd. have agreed to purchase treasury shares in OXEN Inc., the parent company of Watt-Ex. The new capital will be used to broaden the range of services offered by Watt-Ex and for general corporate purposes. Watt-Ex also announced that Dynegy Canada Inc., a wholly owned subsidiary of Dynegy Inc. (NYSE: DYN), has agreed to provide market-maker services. Under the terms of the agreement, Dynegy Canada will maintain bid and offer prices in Alberta electricity forward contracts traded on the online Watt-Ex system. Dynegy Canada's market-maker service will serve as a platform for enhancing liquidity in the Alberta electricity market. The increased liquidity will be available to suppliers and users to manage price risk, reduce financial uncertainty and bring greater economic performance into the Alberta electricity market. Watt-Ex is an independently owned and operated online trading system for electrical energy in the Alberta market. It allows market participants to buy and sell contracts for firm forward commitments in the real time or spot electricity market, as well as providing for the trade of ancillary services. ENTx Capital Corporation is a private equity investor, specializing in emerging, innovative and financially sound small cap operating companies in the electric power industry. RAW Energy Ltd. is a private company, active across most aspects of the energy industry. Dynegy Inc. is a leading energy merchant and power generator in North America, the United Kingdom and Continental Europe. A Fortune 100 company, Dynegy in 2000 established its communications business, Dynegy Global Communications, which is engaged in providing network solutions and connectivity to wholesale customers worldwide. Dynegy has been an active participant in Canadian energy markets since 1994. With headquarters in Calgary, Alberta, Canada, Dynegy Canada is one of the country's largest marketers and traders of natural gas, electricity, crude oil and natural gas liquids. For further information please contact: Alberta Watt Exchange Limited Suite 200 1055 - 20th Avenue NW Calgary, Alberta, Canada T2M 1E7 Phone (403) 210-2144 Sheldon Fulton - President Certain statement included in this news release are intended as "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements include assumptions, expectations, prediction, intentions or beliefs about future events. Dynegy cautions that actual future results may vary materially from those expressed or implied in any forward-looking statements. Some of the key factors that could cause actual results to vary from those Dynegy expects include changes in commodity prices for energy or communications products or services, the timing and extent of deregulation of energy markets in the U.S., Canada and Europe; general capital market conditions; the effectiveness of Dynegy's risk management policies and procedures; the liquidity and competitiveness of wholesale trading markets for energy commodities, including the impact of electronic or online trading in these markets; operational factors affecting Dynegy's power generation or Dynegy's midstream natural gas facilities; uncertainties regarding the development of, and competition within, the market for broadband services in the U.S. and Europe; and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting Dynegy's business. Moreover, statements regarding expected delivery dates of new liquids carriers are subject to various construction risks that could cause such delivery to be delayed or prevented, such as a failure to obtain financing or the failure of third-party contractors or perform their contractual obligations. More information about the risks and uncertainties relating to these forward-looking statements are found in Dynegy's SEC filings, which are available free of charge on the SEC's web site at http://www.sec.gov. <http://www.sec.gov<; Back to top of page...
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