enron net works it is becoming increasingly clear that the development of ecommerce will have
a significant and continuing impact on the conduct of business in a broad
array of industries . through enrononline , enron has quickly become a major
catalyst for the transition to the web in the gas and electric industries .
enrononline has been an enormous success since its launch . since launch , we
have completed 67 , 043 transactions on line , with a total dollar value of over
$ 25 billion . enrononline is now the largest ecommerce site in the world .
we believe that the competitive success of enrononline is due to one very
specific reason . in addition to providing a web - based platform for
transactions , enron acts as principal to provide direct liquidity to the
site . we stand ready at all times , in any market conditions , to buy and sell
at the posted price . this converts a  & bulletin board  8 ( the more typical
ecommerce concept ) into a true market . there are very few , if any ,
competitors that can provide this capability .
we are increasingly convinced that this competitive advantage can be
dramatically expanded to other products and other geographies . if we are
correct , this could provide an enormous new opportunity for growth for enron .
accordingly , we are initiating a major new effort to capture this
opportunity . effective today we are creating a new business , enron net
works , to pursue new market development opportunities in ecommerce across a
broad range of industries . it is likely that this business will ultimately
be our fifth business segment , joining transmission mike
mcconnell , chief operating officer ; and jeff mcmahon , chief commercial
officer . these individuals will comprise the office of the chairman for
enron net works and remain on the executive committee of enron corp .
replacing greg whalley as president and chief operating officer of enron
north america is dave delainey , who will also join enron  , s executive
committee .
global technology will remain intact but will now be a part of enron net
works . it will maintain all of the same businesses and services as it did as
an enron global function . philippe bibi will remain the chief technology
officer for all of enron corp . and continues to be responsible for the
development of worldwide technology standards and platforms .
enrononline , headed by louise kitchen , will also remain intact and will now
be a part of enron net works . the success of enrononline enables us to
utilize this site as a model as we explore other markets . in addition , the
following individuals are included in enron net works along with their
current ecommerce initiatives : harry arora , public financial securities ; jay
fitzgerald , new markets identification ; bruce garner , metals ; and greg piper ,
pulp and paper .
over the next several weeks we will complete staffing and organizational
design and will provide full details on this exciting new business
opportunity .