Subject: enron and chase manhattan bank sign long - term energy management
agreement
houston and new york  ) enron energy services , a subsidiary of enron corp . ,
and the chase manhattan corporation ( nyse : cmb ) announced today a ten - year ,
$ 750 million energy management agreement . enron will provide energy
management services for 860 of chase  , s facilities nationwide , including
office buildings , retail branches and operations centers .
as part of this agreement , enron will provide commodity management , including
analysis and consolidation of approximately 30 , 000 annual utility invoices
currently processed through multiple operating groups , as well as overall
project management for energy infrastructure upgrades , designed to make
material improvements in the energy efficiency of many chase facilities .
" chase has taken a leadership position among financial institutions by
recognizing the financial and administrative benefits of working with enron
to consolidate its energy management processes ,  8 said lou pai , ceo of enron
energy services .  & our agreement effectively takes chase out of the energy
management business and enables them to focus more time and resources on
growing their successful financial services business . "
 & this transaction is another great example of chase  , s discipline and
initiative in creating significant value for our shareholders ,  8 said liz
flynn , head of chase business services .  & it again demonstrates the
effectiveness of chase business services , a shared services organization
created to improve service and lower costs for all of chase  , s operating
groups .  8
the chase manhattan corporation , with $ 406 billion in assets , is one of the
world  , s premier financial services institutions , with operations in 48
countries around the globe . chase has a top - tier ranking in all areas of
investment banking , private banking , trading and global markets activities as
well as information and transaction processing . chase is a leading provider
of financial solutions to large corporations , financial institutions ,
government entities , middle market firms , small businesses and individuals ,
and has relationships with more than 30 million consumers across the united
states through products and services such as credit cards , mortgages , online
banking , debit cards , deposit products and auto loans . through its newly
formed business unit , chase . com , chase is successfully creating new business
models for the internet economy . chase can be reached on the web at
www . chase . com .
enron is one of the world  , s leading electricity , natural gas and
communications companies . the company , which owns approximately $ 34 billion
in energy and communications assets , produces electricity and natural gas ,
develops , constructs and operates energy facilities worldwide , delivers
physical commodities and financial and risk management services to customers
around the world , and is developing an intelligent network platform to
facilitate online business . enron  , s internet address is www . enron . com , and
the stock is traded under the ticker symbol  & ene .  8