Enron Signs $1.3 Billion Energy Management Pact With Eli Lilly

Enron Energy Services

, a unit of

Enron

(ENE)

, signed a 15-year energy management agreement with drug maker

Eli Lilly

(LLY) - Get Report

.

The agreement, which is worth $1.3 billion, makes Enron the manager of electricity and natural gas supplies for Eli Lilly facilities in Indiana. Enron will also perform operations and maintenance to increase the pharmaceutical company's energy efficiency.

Enron, which is based in Houston, slid $1.51, or 2.1%, to $69.49 in recent

New York Stock Exchange

trading. Lilly, which is based in Indianapolis, dropped 18 cents, or 0.2%, to $75.77.