ML20217M255
| ML20217M255 | |
| Person / Time | |
|---|---|
| Site: | Trojan File:Portland General Electric icon.png |
| Issue date: | 12/31/1996 |
| From: | Lay K, Skilling J PORTLAND GENERAL ELECTRIC CO. |
| To: | |
| Shared Package | |
| ML20217M235 | List: |
| References | |
| NUDOCS 9708220098 | |
| Download: ML20217M255 (70) | |
Text
{{#Wiki_filter:_ _ _ _ _ _ _ _ _ ___ ____ ___ - =4 6 9 '$ , b DR DO 05 34 1990 ; Enron Annual Report to Shareholders and Customers
I Financia Higiights learin laliMember 31. UWIsn m ullwio. lu rrt ra hr amounto 1996 1995 1994 1993 1992 1991 ilevenues $ 13.289 $ 9,189 $ 8.984 $ 786 $ 6,415 $ 5.698 incorne liefore Interest. Minority Internt and lncome Tases $ 1,238 $ l.165 5 944 $ 798 $ 767 $ 715 Net income $ 584 $ 520 $ 453 $ 333 $ 306 $ 232 l~arnings per Common Share 4 Primary") $ 2.31 $ 2.07 $ 1.80 $ 1.55 $ 1.29 $ 1.03 l'ully Diluted' h $ 2.16 $ 1.91 5 1.70 $ 1.46 $ 1.21 $ 0.98 l Disidends l' aid per Common Share $ 0.86 $ 0.81 $ 0.76 $ 0.71 $ 0.66 $ 0.63 Total Av,ets $ 16.137 $ 13.239 $ 11.966 $ 10,312
$ 11.504 $ 10.070 Ikx1 Wlue per Conunon Share $ 13 81 $ 12.01 $ 10.94 5 10.01 $ 9.61 $ 8.16 Return on Aserage Shareholders' Equity nx2) 17.0 % 17.2 % 16.5 % 15.0 % 14.9 % 12.4 %
Capital Expenditures") $ 1,639 $ 947 $ 941 $ 962 5 687 $ 853 NYSE Price Range liigh $ 47 % $ 39 % $ 34 5 $ 37 $ 25 $ 19 % 1.ow $ 34 5 $ 28 $ 26 % $ 22 % $ 15 % $ 12 % Close December 31 $ 43 % $ 38 % $ 30 b $ 29 $ 23 % $ 17 % m rkmps s si riu 5u mait,w w so2I swr dare romars 50 21per darr !<dh JJerJhvrprate natWewv mow t.n rate kltsniment n n.ludeJ tmm the I'NI wmpatalum Awnye darrkdda n'eqwly and mwar from omhnwng operatwndelarr nira.w.hws ot.ms nrrr owJ m the warutarum of ihn mtw
- Iwtu.h eqwty mmtwnts QUARTERLY SHARE PRICES AND DIVIDENDS PER SH ARE Coimnon Stotk Comertible Preferred Stock Market Price Market Price Iliph low Dnidemt thgh lam Dnidend 1996 lint Quarter 1 40 $ 34 % $ 0.2125 5496 % $ 481 % $ 2.9010 Serond Quarter 42 % 36 % 0.2125 525 525 2.9010 Third Quarter 41 39 % 0.2125 525 525 2.9010 lourth Quarter 47 % 40 % 0.2250 620 555 3 0720 Totalicar 47 % 34 % $ 0.8ta'>
620 _ _ _ 481 % _ $ 11.7750 1995 First Quarter 1 31 $ 28 $ 0.2000 $ 398 $ 39:1 $ 233tki Snond Quarter 36 % 32 % 0 2im 491 454 2J304 Third Quarter 36 % 31 % 0.2000 477 454 23304 Fourth quarter 39 % 31 0.2125 502 462 2.9010 Totaliear 39 % 28 $ 0.8125 Sn2 39.1 $ !!3)922 1-nron common stock is traded on the New Yoik Simk Enhange under the ticker sy mbol. *ENE " . e finantialliighlightt. ..lmide Front Cmer Iinancial Review . .. ,2 3 Ilusiness Unit lbghlights.. #
.1 Management's Dhtussion and Analym . .. 2 4 letter to Shareholden and Castomen .. .. 2 lbard of Directon .. ..-.. .. 65 f nron Gas Pip (line Group /Enron Venturen Corp. . ...H Management Comnuttee .i6 i nron Capital & Trade Rnourtn/Enron Energy Seni(n . ..12 Principal Corporate Orlicen .. ..E6 j
i nron International.. .16 Principal Optraling Utficen .. .. 67 ( Exploration & Pnaluction/l nron Oil & Gas Company . ..20 Marketing Contacts . .. 68 j Enron Renewable Energy Corp.. .. 22 Shareholder information . ..llack Cm er _ ._m_ _ _ . - - - - - _ - - - - - . - - - - - - - - - --
Business nit Highlights e Enron Oas Pipeline Group /Enron Ventures Corp. Enron Gas Pipeline Group (GPG)is pursuing market expansion in both new and mature service territo-rics through projects that delis er reliable energy supplies. GPG operates Enron's North American interstate and intrastate natural gas pipelines, which, combined with Enron's irternational pipelines, comprise one of the world's largest natural gas transminion systems, totaling nwre than 36.000 miles. Enron Ventures Corp. (EVC) provides worldwide engineering and construction services to both Enron and third parties and is poised for future growth. EYC engmeered and constructed the 1.875-megawatt Fas-fired mgeneration plant at Teesside. U.K., the largest of its kind in the world, and currently is manager of over $3 billion of engineering and construction projects on three continents. EVC also manages Enron's investments in clean fuels activities and in EO'IT Energy Partners. LP. Enron Capital & Trade Resources /Enron Energy Services Enron Capital & Trade Resources (ECT)is the largest purchaser and marketer of natural gas and the largest non-regulated w holesale marketer of electricity in North America. ECT markets natural gas lig-uids worldwide and manages the world's largast portfolio of fixed-price natural gas risk management contracts. The company offers physical and financial energy products and services in the U.S., the U.K., ! the Nordic countries and other European markets and is a leader in arranging new capital for the North l American energy industry. Enron Energy Services (EES) was recently established to pursue significant l I opportunities in the deregulating natural gas and electricity markets. As industrial, commercial and resi-dential consumers across the country are able to choose their supplier of natural gas and electricity. EES will offer Enron's innovative products and services to these new customers. Enron International Enron International (EI) provides a broad range of services for Enron's international activities, includ-ing project development, fuel supply and financing, and inanages Enron's interests in Enron Global Power & Pipelines LLC., which owns and manages operating pojects in developing markets. El's inte-grated infrastructure portfolio includes power plants, pipelin< s. ligaelied natural gas and gas liquids facilities, and its pot sfolio of development projects is valued at $20 billion. The company is significantly expanding its traditional international asset and infrastructure development business by also offering merchant and risk management services in emerging mark ets. Exploration & Production /Enron Oil & Gas Company Enron's exploration and production (E&P) operations are conducted by Enron Oil & Gas Company (EOG), one of the leading low cost, fast-track, independent E&P cominnies in the U.S. with a growing presence in international markets. EOG. which is majority owned by Lnron, has captured new opportuni- l ties by transferring its broad technical and management expertise to untapped exploitation projects ; around the world. In 1996. FOG increased its worldwide pmduction by 12 percent to 353 billion cubic feet of natural gas equivalents and replaced 201 percent of production on an all sources" basis, including S 164 percent through drilling additions. The company's proved reserves total more than 4.0 trillion cubic
, %g (af feet of naturalgas equivalents.
oG .~_ - T ar Enron Renewable Energy Corp. s Enron Renewahle Energy Corp. (EREC) was recently established to further position Enron as a world leader in the renewable energy market. EREC's activities include the development of solar and wind ener-gy power plants and the manufacture and sale of solar and wind gemration equipment. The company focuses on building relationships with host countries that prioritize aan energy projects for long-term infrastructure solutions. EREC has solar and wind energy development projects underway worldwide.
Letter To Sharenoiers . n . anc customers . 4 here is so much extraordinary change We are proud to be a leader in a great indus-l poing on in the energy industry right try.11ut we believe our achievements so far are
)
now that we thought we'd provide a just a prologue to n new and enormously cxcitmg quick overview of w here we think our industry stor) that is unfolding on the energy landscape. is heading and how Enron is positioned Ibr this in North America, the morrment to derrgu-new environment. late the gas and electric utilities has begun. , We'll begin with who we are. Enron is one Deregulation is coming, incritably and day by day. of the largest integrated natural gas and elec- The result will be the opening up of a huge new tricity companies in the world. We are the top D00 billion ayear market. 1 natural gas and electricity wholesale manketer In thr other watern industrialnations a relat. In North America, and the most successful ed reahty is underway: state owned and private developer of cnergy infrastructure in the world. monopolics aregiving way to prirate competition. Our employees are fir st class operators of nat- In the developing mld, new marlets are ural gas pipelines, oil and gas properties, gas emerging as governments turn toward privati:a-liquid facilities, power plants and other energy tion, npecially in the arras <f tclemmmunications, assets around the world. We're also becoming transportation - and energy. one of the largest international suppliers of A political scientist would sum up these wind and solar renewable energy. changes as the retreat of socialism and the advance of free markets, And that's true as far as it goes, liut it doesn't quite capture the pro-j found practicalimpact of these developments. Deregulation at home and privatization
. Enron's net income was $584 mil- reflecting the convergence of natural lion, or $2.31 per share in 1996, a 12 gas and electricity markets, abroad mean that monopolies will be broken percent increase compared to 3520 - up - new markets will be liberated - and million, or $2.07 per share in 1995.
- Since the beginning of 1990, consumers will be able to reap beneti s so big The results reflect the first year of our Enron's total return to shareholders Enron WO0 initiative, which includes has been 234 percent. outperfonning that they w.d l actually improve the quality of achieving a minimum double digit ,
both the S&P 500 return of 135 per, life of individuals here and around the globe, growth in annual earnings per share cent and theindustry average return We beliese that deregulation is the third each year and compound grewth in of 43 percent. earnings per share of 15 percent per rnajor event in the history of electricity. The year from 1996 through 2000. . Enron increased its dividend for fint took place the day a genius named Edison the sixth consecutive y ear, this time created an electrical circuit, flicked a switch
. Our common stock price reached by 6 percent to 90 cents per share.
and the light went on. The second was what fol-a high of $47%, closing a' $43% in~ 1996. Enron's 15 percenuotal return '
- Shareholdersapprovedthe7n, I wed: Ihe lighting of towns and cities across
' to shareholders underperformed, for posed merger of Enron and lYrtland the country by companies that evolved, Ibr only the second time in nine yens, GeneralCorporation that is pending some good reasons at the time, into the large
- he S&P 500 return, w hich was 23 regulatory approval. Due to the finan. I .
percent, and our peer group return, cial strength of this transaction, credit state and federally regulated utilities of today, which was 34 percent The latter was agencies have placed Enron on credit The third major event is happening now { driven partly by gas merger activity, watch with positive implications. - the deregulation of those utilities and the L
, x-,. opening up of the entire U.S. electricity mar-
4...tmmmmein-: w. ket, for the first time local consumers, from ' factories to mom and pop stores to suburban homeowners and city apartment dw ellers, will hase something they never expected to base: - k* a-Choice. New suppliers of electricity. This will y' lead to new services, new powibihties for con-servation, cleaner energy, new products that will save the consumer money - and lower electric rates. In fact, we believe that when deregulation , fully comes, competition will reduce consumer electricity bills by 30 to 40 percent. A cut that big would be comparable to a national tax cut of $70 to $80 billion a year.
- That would make a real ditTerence to fam-ilies. It would make a serious ditTerence to _ _ . , I l busincues. And it would be a true boon to the U.S. economy, equal to or greater than our total 1996 revenues Kenneth L t.ay. Chairman and Chief ExecutNe Omcer, left. and l The Ibrce of the future isn't only the open. of $13 bilh.on - with potential net income of-ing of markets, it is also their fantastic grow th. about half or more of our total 1996 net income cruet operatng omcer.
Energy experts are predicting the global of $584 rnillion. That's the size of the 1mtential. demand for energy will, over the next twenty In the industrial nations ur continue to sei:e 3 ears, increase by approximately 50 percent. '7portunitics. A fiw years ago, we completed They further forecast that the demand Ihr clean the first independent power plant in the U.K., energy - natural gas, renewables and electric, and currently it pmvides about 4 percent of all ity - will grow at one and a half times the rate the electricity used in that country. We are the of growth Ihr overall energy - and perhaps first non-Nordic company to go into Norway double the rate of growth Ihr oil and coal. and market electricity in that newly deregulat-Earnings Per Share So the landscape is not only changing and ed market, which represents about 12 percent w au% shifting. it is expanding. And Enmn is moving of all the electricity supplies of continental to stake the biggest claim on the landscape. We Europe. In both cases u e were in early because 2 ai believe we have positioned ourselves as no be pushed for change befbre it was a icality -
- 2 01 other company in the w orld to benefit from the and when it came, we were there. We also are ,,
changes that have come - and are coming. working as part of a consortium to construct a In the U.1 ur are moringpru ard in a state large, clean power project in Italy, and we are by state adiance to support deregulation and the turnkey construction contractor and 50-quicken its pace. We are thrging local business percent owner of a power project in Turkey, relationships that will help us move first and in the drirkping uorld nr continue to more fast when deregulation comes. And, knowing as marActs open - and nr continue to open them. a in the Philippines. where growing and severe 5" 95
- that in the future many of our customers will not be indu3try pmfessionals but small con. energy shortfalls had workers scheduling shifts
,, sumers, we have launched a national advertis. around brownouts and the economy had ing campaign to tell the public who we are and stalled, we helped solve the problem by build-what we have to offer. ing two fast track power plants. The country As part of our overall eflbrt we have started now has reliable electricity and is enjoying a new stand-alone retail business that five years stmng economic growth.
from now will, we believe, generate revenues i J
l in India we have gone forward with the ing the deregulation of the wholesale natural first major private foreign investment energy gas markets in the 1980s - and in the pmcess project in that country's history. The $1 billion we became the largest wholesale marketer of
- Phase One power project in Dabhol, just south natural Fas in the country.
of Mumbal (formerly Bombay), will provide in the early 1990s, we pushed for the , 1 electricity for the entire state of Maharashtra, deregulation of the wholesale electricity mar. '
$'nD* the most industrialized State in India - with kets - and now we are the largest wholesale Phase Two providmg even more electricity and marketer of electricity in the country.
the first liquefied natural gas (LNG) receiving Now we are taking the lead in moving for tM facility in the country. This will be one of the deregulation of the retail electricity and natur. l m largest natural gas power plants in the wodd. al gas markets, and once again we've set a high We will, quite literally, work with our cus- goal: To become the largest retailer of electrici-tomers to bring electricity to people - to chil. ty and natural gas in the U.S. Ill dren and schools and hospitals - that have And our ambitions don't stop at these never had it before. shores. In the next five to ten years we hope to For a while the project got difficult - at become the largest provider of electricity and one point the government canceled the project natural gas in Europe. e4 os u - but it wound up fine. We stayed the course, Our confidence is rooted too in our expe-restarted talks - and at the end we negotiated rience, it was barely twelve years ago that we a new agreement that resulted in a bigger and took the building blocks of two sizable but dis. better project than the one w hich veas canceled. tinctly different companies, and began to in Argentina, we are an owner and the change the history of the industry. When, in operator of the largest natural gas pipeline in 1985, we merged llouston Natural Gas and South America, which we have expanded InterNorth into a company with $2 billion in approximately 26 percent since it was priva. market value, our debt to total capitalization c.pa.i ne .non ..-
, , tized and sold to us in 1992. During 1996 we was 73 percent, We moved to build otT of our completed and put into operation the first existing assets to grow new businesses. The western-developed independent power project resuh. at year end 1996 we were a company in China. We also have operating pipelines in with $11 billion in market value and a 38 per-
- um Colombia and Bolivia, and are developing a cent debt to total capitalization.
sery large pipeline and power plant projects to We have achieved this growth by constant-sene the enormous Brazilian market. ly changing and recreating our company, in l in this time of extraordinary promise and 1996. 40 percent of our net income was derived potential. Enron is convinced the correct view f rom new businesses that didn't exist ten years is the long view: Ins est time and resources now, ago. And these are businesses we created, such plant seeds that will bear fruit, bohter market as specialized energy financing, wholesale elec-os 9e et, development etTorts. cultivate change, grow the tricity marketing, natural gas risk management a co m .a otw company, in doing these things we not only and international infrastructure development.
' [*"
- s enhance our future position and create markets That's why we always say we live in the E Em Wnawat 5 rnron Captal & Trade for which Enron will be a major supplier - we
~
future. Because we have. And our shareholders
- m cas e-o, curs also create growth opportunities for our have profited from it.
employees and improve the communities and You should know the philosophy that , u m ,m.rm.simna countries where we live and work. guides us, it's simple, really. Deregulation We know from our own history that our means greater freedom. Freedom means con-greatest opportunities for growth have always sumer choice. Choice means competition. come during periods of significant industry Competition demands creativity - new prod-change. Enron was one of the leaders advocat. ucts and solutions, new savings and services.
That's our philosophy. 0ur operating style by early in the next decade. And these busi- D w end aate fin dumars)
- our corporate culture - is marked by a nesses - which we were not in five > cars ago hunger for markets, a passion for competition, - are on track to generate 40 percent of our a talent for anticipating trends, a gift for think- net income five years from now,
, ing 'outside the box' and a willingness to take So that's who we are, how we see the new 55 disciplined risk. We attempi to create opportu- world of energy and why we think we are nities and to invest in the most promising of poised for extraordinary growth. them, while always keeping our eyes on the We intend to continue the Enron experb prize: increasing shareholder wealth. ence - get in early, push to open markets, Our past and future means of keeping our position oursch'es to compete, compete hard culture is also simple: liire the best, from the when the opening comes. We are cominced most expec..aed pipeliners and power plant that as more of the world opens up to competi- g, , g, , , , operators to the brightest graduates of the tion, companies such as ours will win. se esse w em.m most demanding colleges and universities. We've been called visionaries, and we Give them authority and responsibility, lift appreciate the compliment. But the fact is, we unnecessary bureaucratic demands, build in like what's real. If we are visionaries it's in the financial incentives, establish structures that sense of people who are seeing what's coming, y,,,, ,,,,,,, promote creativity and independence, Our and how fast it's moving, and what it means, c.pis i n.ti. people have been called the thought leaders in and what's coming next. the industry because they've watched the We believe we are reinventing the ener. industry shift and accurately interpreted the gy bu6s. We'it not the biggest - yet. We're u opportunities inherent in that shift. " not the most protitable-yet. But we're chang- as We believe we have the best employees in ing energy possibilities - by expanding them. the business. They are why Fortuae magazine We ask you to keep your eye on us - on this year called us the most innovative compa- the company that sees a future in which when ny in America - for the second time in a row you're talking energy, you're talking Enron.
- and the most admired company in our industry for the fourth year in a row.
We expect to achieve compound annual growth in earnings per share of at least 1$ percent f ** **
- from 1996 through theyear 2000. We expat mini- Nenneth L Lay mum double digit earnings per share growth every Chairman and CEO year during that time. Tot.l Retun To Sh rsholders, Our infrastructure business currently has three large power projects valued at $3 billion ,j [
'1 sooo. sees in construction. Three more power projects, m targeted to start in 1997, are valued at over $1 Jeffrey K. Skilling billion.They're part of a backlog of more than President and COO
$20 billion in high quality projects. ,3 o Dur wholesale and retail electricity mar. March 4,1997 keting activities are oft to a tremendous start.
. So are our LNG infrastructure projects, which P.S. We hope you enjoy the images from our o are working to deliver clean natural gas to new advertising campaign that are spread India. the Middle East and Puerto Rico. throughout this year's annual report. And we Each of these new businesses, as well as hope our vision for the energy business ,g, our renewable energy business, is targeting a becomes your vision, too. is sap 500 m p.m net present value of at least $1 billion or more
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y ,. , From Wt Bob Cullert account nron Gas Pipeline Group (GPG)/ ENRON O A8 PIPELINE QROUP director marketog, Florca Gas g y g g .g) g g g gpg gg g; Transmtssion (FGT). Davd somck, piani manager. and eng Snawial and op rating resub meet cuemer neea we increadng pWu(~ Jason McGuire. pnnc pai buyer. in 1996 and made significant progress on future livity and maximizing operating efficiencies, fueis suppy both of Flonda growth strategies. The companies reported Northern Natural Gas Cony Powr Capmaton (FPCL can' ngs before interest and taxes in 1996 of (Northern). which senes the upper midwest docuss plans to corwert four too-megawatt turtmes at the $570 million compared to $442 million m 1995 market, completed two significant expansion FPC Intercession City plant excluding $83 million in non-recurring 1995 projects in 1996. Northern added 109 million from No. 2 fuel cel to natural fourth quarter charges. GPG's interstate natural cubic feet per day (hthicf/d) of firm capacity in gas transported by FGT' i ncmd W1 ho@p vol- its hlinnesota market and increased [wak day unes to 9 billion cubic feet per day (ikf/d) and dehveries by 108 hihtcf/d in towa. Illinois and - embarked on significant expansion programs. Wisconsin. The company also announced l'eak EVC, v,hich provides engmeering, construction Day 2000, an expansion project that will , and consulting services to pipelines and power increase firm peak day transportation service by plants worldwide and serves as a platfonn for 350 hthief/d. starting in 1997. This comprehen-future growth, also had a strong > ear in .1996 sive five-year market project supports the grow-and increased its significant backlog of projects. ing residential, commercial and industrial sec-t ___ __ _ .__ . _ _ _ _ _ _ _ _ . . . _ _ _ _ -
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tors in Northern's market area. With 17,000 miles of pipeline, Northern's cunent capacity is ) 4.1Ikf/d. Inton Gas Pipeline Group has contin- sitiam that have incn ased supplies on l Tramw estern Pipeline Company ually reim ented its approach to a Transwestern Pipeline for delivery into 1 i luth west coast and midwest markets. j, (.I.ranswestern), a 2,700-mile system uhich tra- l order changing North American market in to stay competitive. With Other examples include capital-ditionally sened California markets, responded ' pipelines that sene mature senice izing on the expanded Ilorida Gas to customer demands for increased flexibility by territories, the company has Trammiwion system by delisering l embarked on innovative comtruction record volumes into the Florida mar- ; l providing a maximum I ikf/d of eastward Let and reaching agrtement with j
- capacity or 1.5 Bcf/d of capacity moving west. l the and senice traditional projects regulator) while process to foregoing Northern Border Pipehne customers l !
, The 9 stem's ability to mme San Juan Basin gas uork directly with customers on rate on a rate case settlement, Faining j . ! to Texn intrastate markets and bevond to mid. and capa(ity release iwues. needed rate certaint) as the pipeline j i Examples of these pro-active ini- gears up for expamion into the continent markets has been enhanced by expan-l t atives include expansiom and acqui- I Chicago market area.
- sion of the San Juan lateral, w hich now provides l__ '
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255 MMcf/d of 3dditional capacity under firm { contracts. Transwestern further expanded its tium acting as turnley contractor for a $600 mil- ! I j flexibility by purchasing pipeline and compres- tion,478. megawatt natural gas power project in sion facilities at Ia Plata. Colo., prmiding yet Turkey; and, is participating in the mersight of o.. pi, un. o, opf ; I another new link to access San Juan Basin gas. construction on a $1.4 billion 551 meganatt oil Enron Venture. j income Before { As coastal communities in florida experi- gasdication power project in Italy. In addition. inter..i a T u.. a
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ence sigmlicant growth, Florida Gas LYC has a $3 bilhon backlog of engineerint and g Trammission Company (FGT) continues to comtruction projects, which will be initiated t'oordinate timely natural gn deliseries with mer the next year. * ; customers to meet the market \ increased ener- EVC will continue to support the growth . gy needs. The pipeline's deliserability was of Enron and manage the company's imest- i boosted to 1.5 Bcf/d through a recent major ments in its clean fuels operatiom and in EOTT l system expansion. Energy Partners, LP., a crude oil transporta- ! Northern Border Pipeline company tion and trading business. EVC also will contin-(NBPI)is poised to prmide additional capaci- ue to compete for third-party construction ! u % % : ty to Canadian natural gas producen. NBPL opportunities utilizing its breadth of expertise .
, , , , l has started preliminary work on an apprmi- as a turnkey comtruction manager and project - w j mately $800 million expamion and extension consultant while dev-loping a new platform for project, w hich will bring 700 MMcf/d of new future growth.
gas from Canada into the midwest market area. The project is scheduled to be in senice in November 1998. With 970 miles of . Enron Ventures Corp was the pipeline, NBPL has a current capacity of 1.7 j **S "0" ""d P "' a manager aunng constructon or y' agey (y g,wMN 1 . Bcf/d. With the new expamion, NBPL will i j tne 357-mdo centragas naturai i enhance its position as the largest deliverer of gas pnue wstem ,n ccaomraa. ; natural gas f. rom Canada to the U,S. pp g Agq n} p. e r-u, a trst step' in a tircader natonal energy pan to deber natural gas m yy @ W-ENRON VENTURES CORP, ND --. to rnaor consumer markets w.p n EVC is a leader in engineering building -Q V and managing energy projects worldwide. The company sened as the owner's engineer and , project manager for a $217 million. 357-mile ,; natural gas pipehne in Colombia; is in a consor. 4 M' *
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