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Enron buys 3 N.J. plants
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October 30, 1998: 1:02 p.m. ET
Utility company unit to pay Cogen Technologies $1.1B for 50% stake
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NEW YORK (CNNfn) - Enron Corp. said Friday its Capital & Trade Resources subsidiary has agreed to acquire Cogen Technologies Inc.'s stake in three New Jersey power plants for $1.1 billion.
Enron, the Houston-based natural gas and electricity concern, said the unit also will assume approximately $350 million of Cogen debt as part of the deal.
Enron Capital & Trade (ECT) will own a 50-percent interest in the natural gas-fired plants. The companies expect the deal to be completed in early 1999.
Kenneth Rice, ECT chairman and chief executive, said the deal will "provide opportunities to expand capacity in one of the most energy-intensive and power-constrained regions in the United States."
Cogen Technologies, a privately owned Houston-based power company, sells electricity to Consolidated Edison Co. of New York, Jersey Central Power & Light and Public Service Electric & Gas Co. of New Jersey.
Enron (ENE) shares were up 7/8 at 53 in midday trading. 
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Enron
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