enron sells hpl bammel american electric power buys houston pipe line american electric power thursday announced made major move expand wholesale natural gas business southwest agreeing acquire 2 4 bcf houston pipe line hpl along bammel storage field one largest storage fields north america enron aep said since details remain worked disclosing terms transaction time aep acquiring stock hpl expects complete deal next couple months hpl one two original pipelines joined enron chairman ken lay form company mid 1980 extensive 4 400 mile transportation gathering system southern texas 118 bcf bammel field located near houston ship channel market area 65 7 bcf working gas capacity known fast capabilities 1 4 bcf peak withdrawal rate 365 mmcf injection capacity adding hpl natural gas asset portfolio help us reach goal becoming top 10 gas trader marketer said paul addis executive vice president aep company currently second u electricity volume hpl enhance aep natural gas business multiple connections production areas texas numerous interconnects intrastate interstate pipelines position around houston premier provider natural gas aep headquartered columbus oh numerous power generation plants midwest southwest including number gas fired plants texas 1998 bought louisiana intrastate gas lig system john olson energy analyst sanders morris mundy houston said 55 years hpl enjoyed reputation one strongest pipelines country stand alone operation first class strong asset said hpl showing losses 50 million year recent years numbers meaningless enron using discounted transportation rates underpin marketing efforts olson said sale continuation enron move sell hard assets become soft asset player emphasizing trading far better trading one houston based risk manager sale hpl enron question rate return competition among intrastates texas fiercely competitive gas delivered houston ship channel game half cents shipper one multiple intrastates undercutting another try shave profit said enron recognized wanted speculated