Enron Selling Power to Jersy/PA:
Enron's New Power Selling to Jersey, Pennsylvania Customers
8/28/00 2:30:00 PM
Source: Bloomberg News
URL: cnetinvestor.com
Greenwich, Connecticut, Aug. 28 (Bloomberg) -- Enron Corp.'s New Power Co. affiliate, which calls itself the first national seller of power to homes and small businesses, said it has begun signing up customers in 10 northern New Jersey and four eastern Pennsylvania counties.
The company guarantees suburban customers in the Philadelphia area 25 percent savings on their bills when they switch to New Power from their regional utility, Peco Energy Co., New Power said in a press release distributed by PR Newswire.
New Power said it guarantees New Jersey customers 15 percent savings when they switch from Public Service Electric & Gas Co., a unit of Public Service Energy Group. The affiliate of Houston- based Enron also offers frequent flier miles and other incentives for each dollar spent on power.
Gene Lockhart, New Power's president and chief executive, said the company will expand into western Pennsylvania later this year and into the rest of New Jersey next year. The company has plans to expand into five states in the Midwest, Southwest and West Coast in the first quarter of next year.
Enron, the world's biggest energy trader, created New Power and is its majority shareholder. Enron supplies the unit with power and natural gas at wholesale prices. New Power has also established partnerships with International Business Machines Corp., a shareholder, and American Online Inc.
''We will be able to save people money, save them from price volatility and give them rewards with no change in reliability or service,'' Lockhart said.
Enron shares rose $1.375 to $86.25 on the New York Stock Exchange. |
