Azurix Corp. was the water services division of Enron Corporation, formed by purchasing Wessex Water in 1998. Headquartered in Houston, Texas, United States, Azurix was part-floated on the NYSE stock exchange in June 1999, with Enron retaining 35% ownership. The company owned and operated facilities in North America (mainly Canada), Europe, and South America.
The company was formed with an IPO of $800 million and an opening stock price of $22.00, which fell to $2.00 within two years. The business was a disaster for Enron, and in April 2001 Enron announced it would break up Azurix and sell its assets. Enron eventually sold Azurix North America and Azurix Industrial Operations to American Water Works for $141.5 million. The company was run by Rebecca P. Mark until her resignation in 2000; upon her resignation, John L. Garrison became Chairman and CEO.
Azurix was also part of a consortium (with SAUR) that won a concession in Mendoza in June 1998.
Azurix created Waterdesk.com, an online eBusiness website that provides transactions online for the water industry in Europe. The weather was featured for the United States within these portals was done by Freese-Notis Weather with a series of maps outlining conditions for users. Additional news feeds were provided with a series of headline news sections by Comtex news services.
Exchange users were to utilize accounts online for the exchanging of water rights contracts as financial instruments. Additionally, the intent was also to provide risk management for water contract buyers and sellers. This area represented an expansion of EnronOnline to the water business. Some companies in the energy business also rely on water contracts for operations.
Azurix also created Water2Water.com for Latin American businesses to do business with Azurix online. Right before Rebecca Mark's departure, a pilot program in the Lower Rio Grande was commenced.