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El Paso Energy Will Detail Plan to Enter Telecom Sector

February 05, 2001|Reuters

El Paso Energy Corp., which completed its acquisition of Coastal Corp. last week to create the fourth-biggest U.S. energy company, will release details of its telecommunications strategy today, a move that some analysts believe could boost its stock. El Paso will join the ranks of natural gas and electricity marketing companies such as Enron Corp., Dynegy Inc. and Williams Cos., which say the marketing and trading skills they have honed in deregulated U.S. energy markets can be transferred profitably to telecommunications. El Paso has revealed very little so far, but Greg Jenkins, head of El Paso Global Networks, said in September that the company planned to invest $1.5 billion to $2 billion over the next few years to establish a foothold in the new market. El Paso has scheduled a news conference today, followed by a meeting with analysts that will continue Tuesday. On Friday, El Paso shares rose $1.64 to close at $63.34 on the New York Stock Exchange.

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