Former Enron executives launch new energy venture

PHILADELPHIA - Several former Enron executives launched a new company Monday to market energy services to small and medium-sized businesses.<br> <br> Celeren Corp. was negotiating the final details of an expected $15 million agreement with its first customer, a New York company, and expected to announce that deal by the end of next week, said Thomas A. Brigger, president and chief executive officer.<br> <br> The company is also negotiating with potential investors, looking for a $5 million equity partner in what Brigger called a &#34;tough market for venture capital, equity investment.&#34;<br> <br> Brigger, Celeren chief operating officer Donald S. Parker and others left Enron in July to start organizing their new venture, well before the Houston-based energy trader rocked the financial world with its Oct. 16 disclosure of a $638 million third quarter loss and its bankruptcy filing on Dec. 2.<br> <br> Brigger had been Mid-Atlantic regional manager for Enron Energy Services&#39; outsource fulfillment operation, and Parker had been Mid-Atlantic regional director of asset risk management.<br> <br> &#34;The group we were with, Enron Energy Services, was doing very well. Our group had nothing to do with accounting,&#34; Brigger said.<br> <br> He said Celeren will focus on small to mid-sized businesses and institutions often overlooked by large energy conglomerates.<br> <br> &#34;Enron liked large Fortune 100 companies with 400 sites, we like a single site or a reasonably placed location. Generally our prototype is a company that spends about $1 million a year on energy services, though $10 million doesn&#39;t bother us,&#34; Brigger said.<br> <br> Celeren plans to offer services in which customers pay a flat monthly payment over the life of the agreement, and Celeren then takes the responsibility for obtaining the energy - electric or gas - on the market and delivering it.<br> <br> In addition to the customer expected to be announced next week, Brigger said several more, whose names he declined to disclose, were &#34;in the pipeline.&#34; <br> <br>

http://accesswdun.com/article/2002/1/200125