Prisma Energy International
| Company type | Subsidiary |
|---|---|
| Industry | Energy |
| Predecessor | Enron International |
| Founded | 2003 |
| Fate | Sold to Ashmore Energy International Ltd. in 2006; renamed Ashmore Energy International in December 2006 and abbreviated to AEI in May 2007 |
| Headquarters | Houston, Texas , United States |
Area served | Worldwide (15 businesses across 11 countries) |
Key people | Ron Haddock (Executive Chairman and CEO), John W. Ballantine, Philippe A. Bodson, Lawrence S. "Larry" Coben, Dr. Paul K. Freeman, Henri Philippe, Robert E. Wilhelm, Brent de Jong, Patrick S. Kenney |
| Products | Natural gas transmission pipelines, oil and liquids pipelines, electric transmission and distribution networks, electric power generation |
Number of employees | 6625 (circa 2006) |
Prisma Energy International Inc. was created in 2003 as a former Enron Corporation subsidiary to hold and oversee the majority of Enron's international assets, which were formerly identified as "Enron International." Prior to its official establishment, the entity was internally referred to as "InternationalCo." Enron's initial bankruptcy restructuring proposal from early 2002 included a comparable entity named "OpCo Energy," which was intended to encompass Portland General Electric and the energy trading division—both of which were subsequently divested. During Enron's 2001 bankruptcy liquidation process, Prisma was sold in 2006 to Ashmore Energy International Ltd., a subsidiary of Ashmore Group Plc.
Prisma was incorporated offshore in the Cayman Islands with its main office located in Houston, Texas, functioning as a holding company for fifteen gas and electricity enterprises. Its subsidiary, Prisma Energy International Services LLC, employed approximately 125 individuals primarily based in Houston, while the assets overseen by Prisma involved an additional workforce of about 6,500 employees worldwide. Following the 2006 acquisition, Prisma merged with Ashmore Energy International Limited but retained the Prisma name. In December 2006, the company was renamed Ashmore Energy International and later abbreviated to AEI in May 2007.
Scope of operations
Prisma oversaw international energy assets concentrating on natural gas and electricity transportation, distribution, and generation, including approximately:
- natural gas transmission pipelines
- oil and liquids pipelines
- electric transmission and distribution networks
- 1,903 megawatts of electric power generation capacity
- a customer base of four million LPG and electric power consumers
- operations spanning fifteen businesses across eleven countries
Enron bankruptcy
As part of Enron’s final reorganization plan, Prisma Energy International was intended to become an independent entity. Creditors who incurred losses totaling roughly $63 billion anticipated recovering between 17 and 22 cents per dollar through a combination of cash payments and Prisma stock during Enron’s dissolution. Prisma conducted business through three main divisions: natural gas, power distribution, and power generation across four continents. Its natural gas operations involved processing and supplying liquefied petroleum gas (LPG) in Bolivia, Brazil, Colombia, and South Korea. The power distribution segment included Elektro Eletricidade in Brazil, serving 1.8 million customers. Power generation assets were situated in Europe and South America. Although originally planned as a spin-off, Prisma was ultimately sold to a unit of Ashmore Group in September 2006 amid ongoing bankruptcy proceedings.
Board members
Prominent members of the board comprised:
- Ron Haddock, Executive Chairman and CEO
- John W. Ballantine
- Philippe A. Bodson
- Lawrence S. "Larry" Coben
- Dr. Paul K. Freeman
- Henri Philippe
- Robert E. Wilhelm
- Brent de Jong
- Patrick S. Kenney