El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Energy Commences Trading of Natural Gas Products in Europe
HOUSTON, TEXAS, November 13, 2000-El Paso Europe Ltd., a unit of El Paso
Energy Corporation (NYSE:EPG), announced that it began trading natural gas
in Europe Friday from its offices in London. In the coming months, trading activity will increase as the company
completes its London trading floor in the first quarter of 2001. At that time, the company will trade both natural gas and
electricity in the United Kingdom and continental Europe.
"The trading of energy products in London
represents a key step in El Paso Energy's continued expansion of its
merchant platform worldwide. El Paso expects to work with leading European companies to create value in
the dynamic European energy market," said John Hushon, president of
El Paso Europe. "El Paso's strong growth has been led by our North American merchant energy
business, including wholesale power and natural gas trading. We intend to build on our industry-leading skills to become a major
European energy merchant."
Over the last several months, El Paso Energy has
deployed its risk management system in London, has met the local legal
requirements, and has obtained permits to begin trading in Europe. The company's European trading group is led by Jay Hellums,
Senior Vice President of El Paso Europe. El Paso Europe currently employs 20 professionals in London.
Additional personnel are being recruited to create a broad trading
and risk management capability. El Paso's
European power development and management group is also headquartered in
London and is expanding.
Current El Paso Energy investments in the United
Kingdom include interests in two natural gas fired power projects-the
400-megawatt (MW) Enfield Power Project, commissioned in June 2000, and
the 75-MW Fife Power Project in Scotland, which is expected to commence
commercial operations in early 2001. The company also has power interests in Hungary and the Czech
With over $21 billion in assets, El Paso Energy Corporation is one of the
largest integrated natural gas-to-power companies in the world. El Paso Energy not only owns North America's largest natural gas
pipeline system, but also has growing operations in merchant energy
services, power generation, international project development, gas gathering
and processing, and gas and oil production. On May 5, the stockholders of both El Paso Energy and The Coastal
Corporation overwhelmingly voted in favor of merging the two organizations.
The merger is expected to close in the fourth quarter of this year,
concurrent with the completion of regulatory reviews. Visit El Paso Energy's web site at
This release includes forward-looking statements and
projections, made in reliance on the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The company has made every reasonable effort to ensure that the
information and assumptions on which these statements and projections are based
are current, reasonable, and complete. However, a variety of factors could
cause actual results to differ materially from the projections, anticipated
results or other expectations expressed in this release. While the company makes these statements and
projections in good faith, neither the company nor its management can guarantee
that the anticipated future results will be achieved. Reference should be made to the company's (and its affiliates')
Securities and Exchange Commission filings for additional important factors
that may affect actual results.