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Industry News

Dynegy Gets Enron's Northern Natural Gas Pipeline

LCG, Jan. 4, 2002--Dynegy Inc. said in a news release issued late last night that Enron Corp. has agreed to turn over the Northern Natural Gas and will provide transition services until June 30.

Enron will have until June 30 the option to repurchase the pipeline from Dynegy.

Chuck Watson, Dynegy's chairman and chief executive, said "We acquired the pipeline under the terms originally agreed upon by the two companies, with the exception of the date extension."

In November, when Enron was in its free-fall, Dynegy made an offer to purchase the dying giant for $8.4 billion. As pat of the deal, Dynegy paid Enron $1.5 billion for preferred stock convertible into ownership of the pipeline.

Dynegy said in its statement that the settlement over the pipeline doesn't affect the larger lawsuits, each company against the other, over the failed merger.

Northern Natural Gas is a 16,500-mile pipeline system running between Texas and the Midwest, providing transportation and storage services for its customers as well as transportation between other interstate and intrastate pipelines in the Permian, Anadarko, Hugoton and Midwest areas.

" This action ensures continuity of quality service to the customers of Northern Natural Gas and stability for the outstanding employees who have run the pipeline carefully and safely over many years," said Stan Horton, chief executive of Enron Transportation Services Co.

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