Enron and JCPenney Announce Long-Term Energy Management Agreement

Apr 03, 2001, 01:00 ET from Enron Energy Services

    HOUSTON, April 3 /PRNewswire/ -- Enron Energy Services, a subsidiary of
 Enron Corp. (NYSE:   ENE), and J. C. Penney Company, Inc. (NYSE:   JCP), one of
 the nation's largest department store retailers, announced today a long-term
 energy management agreement covering the purchase of more than $600 million in
 energy-related commodities.
     Through this agreement Enron will manage the supply of electricity at more
 than 1,250 JCPenney locations in 50 states, as well as replace or update
 energy equipment to reduce consumption and create additional savings for
 JCPenney.  Enron will use its state-of-the-art Performance Measurement Center
 to continuously monitor and optimize energy equipment operations.
     "JCPenney is taking a leadership position among retailers by outsourcing
 the non-core function of energy management," said David Delainey, chairman and
 CEO of Enron Energy Services.  "By outsourcing energy management to Enron,
 JCPenney is protected from volatile energy prices while receiving the benefits
 of energy equipment upgrades in its retail stores."
     "Enron's scale and expertise in the dynamic energy market, coupled with
 its advanced information systems and technology, gives JCPenney the benefits
 of world-class risk management without the significant investment necessary to
 build it ourselves," said Thomas Clerkin, senior vice president of business
 planning and support services for JCPenney.
     J. C. Penney Company, Inc. is one of America's largest department store,
 drugstore, catalog, and e-commerce retailers employing approximately 270,000
 associates.  The Company operates approximately 1,075 JCPenney department
 stores in all 50 states, Puerto Rico, and Mexico.  In addition, the Company
 operates approximately 50 Renner department stores in Brazil.  Eckerd operates
 approximately 2,650 drugstores located throughout the Southeast, Sunbelt, and
 Northeast regions of the U.S.  JCPenney Catalog, including e-commerce, is the
 nation's largest catalog merchant of general merchandise.  In addition,
 J. C. Penney Company, Inc. is the sponsor of JCPenney Afterschool, a
 partnership committed to providing kids with high-quality afterschool programs
 to help them reach their full potential.
     Enron Energy Services (EES) has built a business to transform the energy
 marketplace by providing integrated energy and facility management solutions.
 EES currently manages energy at more than 28,500 customer sites.  Contracts
 signed within the last two years represent a reduction of approximately
 8 billion kilowatt hours of electricity consumption and 18 trillion British
 thermal units of natural gas consumption between 2000 and 2012.
     Enron is one of the world's leading electricity, natural gas and
 communications companies.  The company, with revenues of $101 billion in 2000,
 markets electricity and natural gas, delivers physical commodities and
 financial and risk management services to customers around the world, and has
 developed an intelligent network platform to facilitate online business.
 Fortune magazine has named Enron "America's Most Innovative Company" for six
 consecutive years.  Enron's Internet address is www.enron.com.  The stock is
 traded under the ticker symbol "ENE".
 
      Peggy Mahoney
      Enron Energy Services
      713-345-7034
 
 

SOURCE Enron Energy Services
    HOUSTON, April 3 /PRNewswire/ -- Enron Energy Services, a subsidiary of
 Enron Corp. (NYSE:   ENE), and J. C. Penney Company, Inc. (NYSE:   JCP), one of
 the nation's largest department store retailers, announced today a long-term
 energy management agreement covering the purchase of more than $600 million in
 energy-related commodities.
     Through this agreement Enron will manage the supply of electricity at more
 than 1,250 JCPenney locations in 50 states, as well as replace or update
 energy equipment to reduce consumption and create additional savings for
 JCPenney.  Enron will use its state-of-the-art Performance Measurement Center
 to continuously monitor and optimize energy equipment operations.
     "JCPenney is taking a leadership position among retailers by outsourcing
 the non-core function of energy management," said David Delainey, chairman and
 CEO of Enron Energy Services.  "By outsourcing energy management to Enron,
 JCPenney is protected from volatile energy prices while receiving the benefits
 of energy equipment upgrades in its retail stores."
     "Enron's scale and expertise in the dynamic energy market, coupled with
 its advanced information systems and technology, gives JCPenney the benefits
 of world-class risk management without the significant investment necessary to
 build it ourselves," said Thomas Clerkin, senior vice president of business
 planning and support services for JCPenney.
     J. C. Penney Company, Inc. is one of America's largest department store,
 drugstore, catalog, and e-commerce retailers employing approximately 270,000
 associates.  The Company operates approximately 1,075 JCPenney department
 stores in all 50 states, Puerto Rico, and Mexico.  In addition, the Company
 operates approximately 50 Renner department stores in Brazil.  Eckerd operates
 approximately 2,650 drugstores located throughout the Southeast, Sunbelt, and
 Northeast regions of the U.S.  JCPenney Catalog, including e-commerce, is the
 nation's largest catalog merchant of general merchandise.  In addition,
 J. C. Penney Company, Inc. is the sponsor of JCPenney Afterschool, a
 partnership committed to providing kids with high-quality afterschool programs
 to help them reach their full potential.
     Enron Energy Services (EES) has built a business to transform the energy
 marketplace by providing integrated energy and facility management solutions.
 EES currently manages energy at more than 28,500 customer sites.  Contracts
 signed within the last two years represent a reduction of approximately
 8 billion kilowatt hours of electricity consumption and 18 trillion British
 thermal units of natural gas consumption between 2000 and 2012.
     Enron is one of the world's leading electricity, natural gas and
 communications companies.  The company, with revenues of $101 billion in 2000,
 markets electricity and natural gas, delivers physical commodities and
 financial and risk management services to customers around the world, and has
 developed an intelligent network platform to facilitate online business.
 Fortune magazine has named Enron "America's Most Innovative Company" for six
 consecutive years.  Enron's Internet address is www.enron.com.  The stock is
 traded under the ticker symbol "ENE".
 
      Peggy Mahoney
      Enron Energy Services
      713-345-7034
 
 SOURCE  Enron Energy Services