02-02-00 Enron Energy Services, a subsidiary of Enron Corp., and The Chase Manhattan Corporation announced a ten-year, $ 750 mm energy management agreement. Enron will provide energy management services for 860 of Chase's facilities nation-wide, including office buildings, retail branches and operations centres.
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 recognising the financial and administrative benefits of working with Enron to consolidate its energy management processes," 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," said Liz Flynn, head of Chase Business Services. "It again demonstrates the effectiveness of Chase Business Services, a shared services organisation created to improve service and lower costs for all of Chase's operating groups."

The Chase Manhattan Corporation, with $ 406 bn 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 mm 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.

Enron is one of the world's leading electricity, natural gas and communications companies. The company, which owns approximately $ 34 bn in energy and communications assets, produces electricity and natural gas, develops, constructs and operates energy facilities world-wide, 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.