Editing Enron (section)

====Overseas expansion====
Enron, seeing stability after the merger, began to look overseas for new possible energy opportunities in 1991. Enron's first such opportunity was a [[Teesside power station|natural gas power plant]] utilizing cogeneration that the company built near [[Middlesbrough]], UK.<ref name=":3" /><ref name=":1" /> The power plant was so large it could produce up to 3% of the United Kingdom's electricity demand with a capacity of over 1,875 [[megawatts]].<ref>{{cite web|url=http://www.engineering-timelines.com/scripts/engineeringItem.asp?id=991|title=Teesside Power Station |publisher=Engineering Timelines |access-date=July 27, 2016}}</ref> Seeing the success in England, the company developed and diversified its assets worldwide under the name of Enron International (EI), headed by former HNG executive [[Rebecca Mark-Jusbasche|Rebecca Mark]]. By 1994, EI's portfolio included assets in The Philippines, Australia, Guatemala, Germany, France, India, Argentina, the Caribbean, China, England, Colombia, Turkey, Bolivia, Brazil, Indonesia, Norway, Poland, and Japan. The division was producing a large share of earnings for Enron, contributing 25% of earnings in 1996. Mark and EI believed the [[water industry]] was the next market to be deregulated by authorities. Seeing the potential, they searched for ways to enter the market, similar to PGE.

During this period of growth, Enron introduced a new corporate identity on January 14, 1997, and from that point adopted their distinctive tricolor E logo. This logo was one of the final projects of legendary graphic designer [[Paul Rand]] before his death in 1996, and debuted almost three months after his departure.<ref>{{Cite news|url=https://www.bostonglobe.com/arts/2015/04/08/looking-back-designs-paul-rand/hjnIvMIwXxYThxjmDXhnZM/story.html|title=Looking back at the designs of Paul Rand – The Boston Globe|last=Feeney|first=Mark|date=April 8, 2015|work=BostonGlobe.com|access-date=March 7, 2018}}</ref><ref>{{Cite book|url=https://archive.org/details/conspiracyoffool00kurt/page/137|title=Conspiracy of fools : a true story|last=Eichenwald|first=Kurt|date=2005|publisher=Broadway Books|isbn=9780767911795|edition=1st trade paperback|location=New York|pages=[https://archive.org/details/conspiracyoffool00kurt/page/137 137]|oclc=62936217}}</ref><ref>{{Cite news|url=https://designobserver.com/feature/the-smartest-logo-in-the-room/6237|title=The Smartest Logo in the Room|last=Bierut|first=Michael|date=February 11, 2008|work=Design Observer|access-date=March 7, 2018|language=en}}</ref>

In 1998, Enron International acquired [[Wessex Water]] for $2.88 billion.<ref>{{Cite web|url=https://www.theguardian.com/business/2002/nov/05/corporatefraud.enron|title=How Enron's great water adventure ended in tears|date=November 5, 2002|website=The Guardian|access-date=July 27, 2016}}</ref> Wessex Water became the core asset of a new company, [[Azurix]], which expanded to other water companies. After Azurix's promising [[Initial public offering|IPO]] in June 1999, Enron "sucked out over $1 billion in cash while loading it up with debt", according to [[Bethany McLean]] and Peter Elkind, authors of ''[[The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron]]''.<ref name=mclean>{{cite book|author-link1=Bethany McLean|last1=McLean|first1=Bethany|first2=Peter|last2=Elkind|title=The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron|publisher=Portfolio|year=2003|isbn=1-59184-008-2| url=https://archive.org/details/smartestguysin00mcle}}</ref>{{rp|250}} Additionally, British water regulators required Wessex to cut its rates by 12% starting in April 2000, and an upgrade was required of the utility's aging infrastructure, estimated at costing over a billion dollars.<ref name=mclean />{{rp|255}} By the end of 2000 Azurix had an operating profit of less than $100 million and was $2 billion in debt.<ref name=mclean />{{rp|257}} In August 2000, after Azurix stock took a plunge following its earnings report,<ref name=mclean />{{rp|257}} Mark resigned from Azurix and Enron.<ref>[[Kurt Eichenwald|Eichenwald, Kurt]]. [https://archive.org/details/conspiracyoffool00eich/page/362 ''Conspiracy of Fools: A True Story'']. Random House, 2005. pp. 362–364.</ref><ref>Smith, Rebecca and Aaron Lucchetti. [http://expressindia.indianexpress.com/fe/daily/20000829/fco29065.html "Rebecca Mark's Exit Leaves Enron's Azurix Treading Deep Water"] {{Webarchive|url=https://web.archive.org/web/20140222195613/http://expressindia.indianexpress.com/fe/daily/20000829/fco29065.html|date=February 22, 2014}}. Originally in: ''[[The Wall Street Journal]]''. August 28, 2000.</ref> Azurix assets, including Wessex, were eventually sold by Enron.<ref>Grigg, Neil S. [https://books.google.com/books?id=C_KenysXGuEC&pg=PA76 ''Water Finance: Public Responsibilities and Private Opportunities'']. John Wiley & Sons, 2011. p. 76.</ref>