FW: An article from CBS.MarketWatch.com

-----Original Message-----
From: mspartalis@enron.com [mailto:mspartalis@enron.com]
Sent: Monday, January 14, 2002 12:47 PM
To: Phillips, George
Subject: An article from CBS.MarketWatch.com

This story was sent to you by mspartalis@enron.com with these comments:

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From CBS.MarketWatch.com, online at:

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12:52 PM ET Jan 14, 2002 Latest Market Overview <http://cbs.marketwatch.com/tools/marketsummary/default.asp?siteid=mktw&;dist=< <http://cbs.marketwatch.com/1.gif<;
Former Enron execs launch energy company

PHILADELPHIA (CBS.MW) - A group of former Enron executives, who left the now-bankrupt energy merchant in July, announced Monday that they've launched a new company to deliver energy risk management services.

Celeren will cater to small and medium-sized businesses and institutions, which the company said are often overlooked by the larger energy firms.

The Philadelphia-based company will offer risk management through the sale of energy outsource products and independent power generation services. Celeren also will offer long-term, fixed-energy related costs in contrast to the saving guarantees traditionally offered in the market.

"We took the concept of outsourcing for the Fortune 100 companies and privatized it and made it something available to smaller businesses," said Celeren President Thomas Brigger in an interview.

For its customers, Celeren factors in the total cost of energy to the business: the gas or electricity; improvements to infrastructure; the operation and maintenance of the systems; and the financing.

"We charge the customer a flat rate, and the risk that's involved becomes our problem at that point," he said. Celeren manages its risk through trading operations.

Celeren is looking for an equity partner to help expand the business in short order. The company expects to close its first deal by the end of next week.

Brigger, who was a regional manager at Enron Energy Services, is president and chief executive. Donald Parker, formerly regional director, asset risk management at Enron Energy Services, is chief operating officer. Mark Wood, James Creighton, and Ram Nathan make up the rest of the executive team. All three worked at Enron ( ENE <http://cbs.marketwatch.com/tools/quotes/detail.asp?view=detail&;symb=ENE<) in Enron Energy Services.

"Enron treated us very well, but they were making changes...that we didn't quite agree with," Brigger said. "We presented this idea to Enron, but they wanted to focus the business on larger companies. So, we moved on."

Celeren had hopes of having Enron as a trading partner, he said.

"The unfortunate part of Enron is that a lot of good things went down the drain with the bad," Brigger said. Among the bad was arrogance at the highest level of management, the difficulty in understanding the company's accounting practices - now under fire from federal agencies - and a lack of clear leadership, he said.

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1:46 pm ET Jan 14, 2002

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