Today, Enron hosted a conference call to give investors a current overview of the company. Here's an update of what we discussed during the call.

We told investors that we're doing everything we can to protect their interests and to regain their confidence. Our focus remains on our credit quality, balance sheet and liquidity, which are essential for our continued success and expansion of our wholesale businesses.

It took more than a few weeks to get where we are today. Here's a snapshot of significant events that led to our current situation:

-- In hindsight, we definitely made some very bad investments in our non-core businesses over the past several years. Those include investments in Azurix, India and Brazil. They have performed far worse that we could have ever imagined when we made these investments;

-- Because of these bad investments, we've become over-leveraged as a company. The negative impact of those investments was exacerbated through the extensive use of debt capital both on and off our balance sheet;

-- We also entered into related party transactions that led to a loss of investor confidence, which has been very damaging;

-- We've been criticized for our lack of transparency and our hard-to-understand financial and operating disclosures; and

-- On top of it all, we discovered errors in our financial statements, as discussed in our 8-K filing last week, that required a restatement of previously reported earnings.

We've taken a new look at our businesses and have separated them into three areas: core businesses, non-core businesses, and businesses under review.

Core Businesses

Our core businesses remain strong and consistent sources of significant earnings and cash flows for the company. They're our competitive advantage. These include:

-- Natural gas pipeline businesses;

-- Gas and power businesses in North America and Europe;

-- Retail businesses in North America and Europe; and

-- Coal businesses in North America and Europe.

The events of the past few weeks have had a temporary negative impact on our projected fourth quarter profitability. It's too early to tell at this time what impact this might have on our operating results. We are considering these actions now so that we can quickly return to normal business in 2002.

I also remain optimistic that the actions we've taken over the past couple of weeks have addressed our customer and counterparty credit and liquidity concerns. According to our business unit leaders, we have definitely seen improvement in our counterparty relationships.

Non-Core Businesses

Our non-core businesses include our global assets group and our broadband division. We have invested more than $8 billion in these businesses, and the return from them has been dismal.

We have an aggressive program in place to exit these businesses and expect that the sale of these businesses will generate billions of dollars in cash that we can use to repay debt and reinvest in our core businesses. We already have more than $800 million in assets contracted for sale this year. They include CEG Rio, a gas LDC in Brazil; EcoElectrica, a power plant and LNG receiving terminal in Puerto Rico; and asset sales of offshore oil and gas properties in India. The approximately $2.9 billion Portland General sale is also on target to close in late 2002 pending regulatory approvals.

Businesses Under Review

These businesses are comprised of those operations outside our power and gas wholesale businesses and include global and industrial markets. While several of these businesses have very strong future prospects, we need to determine if their capital requirements and near-term growth prospects are sufficient enough in terms of earnings and cash generation.

Reviewing our businesses this way will help determine where we need to make reductions to our work force. More information will follow as soon as it becomes available.

Credit Rating/10-Q Filing

We continue to meet regularly with credit rating agencies and believe that our liquidity enhancements and scheduled asset sales will strengthen our balance sheet and maintain our investment grade credit rating. Our current credit ratings by the three major rating agencies are as follows:

-- Moody's at Baa3       "Under Review for Further Downgrade"

-- Fitch at BBB-             "Evolving Status"

-- S&P at BBB-              "CreditWatch Negative"

We also discussed our existing financial vehicles, including Osprey, Marlin and Yosemite, in further detail. We told investors that we will file our 10-Q five days late due to our current activities. It will be filed on Nov. 19.

We will continue to have updates with investors over the coming weeks as well as our frequent updates with you. The full transcript of our conference call will be filed with the Securities and Exchange Commission in the next few days. It will also be posted on our web site at www.enron.com/corp/investors under "SEC Filings."

In connection with the proposed transactions, Dynegy and Enron will file a joint proxy statement/prospectus with the Securities and Exchange Commission. Investors and security holders are urged to carefully read the joint proxy statement/prospectus regarding the proposed transactions when it becomes available, because it will contain important information. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus (when it is available) and other documents containing information about Dynegy and Enron, without charge, at the SEC's web site at www.sec.gov. Copies of the joint proxy statement/prospectus and the SEC filings that will be incorporated by reference in the joint proxy statement/prospectus may also be obtained for free by directing a request to either: Investor Relations, Dynegy Inc., 1000 Louisiana, Suite 5800, Houston, TX 77002, Phone: (713) 507-6466, Fax: (713) 767-6652; or Investor Relations, Enron Corp., Enron Building, 1400 Smith Street, Houston, TX 77002, Phone: (713) 853-3956, Fax: (713) 646-3302.

In addition, the identity of the persons who, under SEC rules, may be considered "participants in the solicitation" of Dynegy and Enron shareholders in connection with the proposed transactions, and any description of their direct or indirect interests, by security holdings or otherwise, are available in an SEC filing under Schedule 14A made by each of Dynegy and Enron.


Dan,

What is your opinion?  I do not think El Paso could bind Enron.
---------------------- Forwarded by Phil DeMoes/Corp/Enron on 03/26/2001
04:33 PM ---------------------------

Les Webber @ ENRON_DEVELOPMENT

03/26/2001 04:16 PM
To: Phil DeMoes/Corp/Enron@ENRON, Frank W Vickers/NA/Enron@Enron
cc:

Subject: EL PASO MERCHANT ENERGY - Elba Island Transaction

fyi.

Let's explore this before we try to include any language in the Southern
agreement.

Les
---------------------- Forwarded by Les Webber/ENRON_DEVELOPMENT on
03/26/2001 04:22 PM ---------------------------

Les Webber

03/26/2001 03:52 PM
To: Daniel R Rogers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Dominic
Carolan/Enron@EnronXGate
cc: masseye@arentfox.com

Subject: EL PASO MERCHANT ENERGY - Elba Island Transaction

Gentlemen:

The following provision is contained in Enron's binding Term Sheet dated
October 13, 1999 with El Paso Merchant Energy:

"If Enron Americas nominates gas for transportation on the SNG pipeline
system, (i) Enron Americas or an affiliate thereof must have subscribed
(directly from SNG) to firm transportation on the SNG system for a term not
less than the lesser of ten (10) years or the then-remaining term of the
Agreement, (ii) the Elba Island Facility must be, and remain during the
duration of such firm transportation, the primary receipt point for such firm
transportation, and (iii) such firm transportation (in MMBtu per day) shall
be for a quantity equal to the quantity of gas (in MMBtu per day) nominated
in the Redelivery Notice to be redelivered to Enron Americas on the SNG
system ((i), (ii) and (iii) collectively, the "Firm Transportation
Requirement")."

Aside from the different possible interpretations of the language: "If Enron
Americas nominates gas for transportation on the SNG pipeline system ...", I
would like to understand your opinion on the ability of El Paso Merchant
Energy to bind Enron to enter into an agreement with a party who is not a
party to the agreement.  Is this legally enforceable?  After all, Southern
Natural Gas does not have a similar obligation.

If it were to be legally binding, under what terms and conditions would Enron
be obligated to enter into such agreement?  I am thinking in particular of
the fact that Southern Natural Gas has received authorization from the FERC
to enter into transportation arrangements at negotiated rates.  If we were to
locate a customer that could be accessed by means of a bypass pipeline at a
lower effective cost than the Southern Natural Gas full rate, would we be
entitled to hold out for a discounted rate with Southern Natural Gas?

Please call me with any questions you have as you proceed to develop your
response.

Regards.
Les


Indian State to Review Power Agreement With Enron Unit, AP Says
11/26/0 19:12 (New York)

     Houston, Nov. 26 (Bloomberg) -- The western Indian state of
Maharashtra will review its power agreement with Enron Corp.'s
Indian subsidiary after the price of electricity has almost
quadrupled, Associated Press reported.
     The second phase of an agreement with Dhabol Power Co., the
Indian unit of the Houston-based natural-gas and electricity
company, will be reviewed, AP reported, citing Maharashtra's chief
minister, Vilasrao Deshmukh.
     Enron was one of the first big foreign companies to enter
India after the Indian government opened up the economy to foreign
investors in 1991.

(AP 11/26)


---------------------- Forwarded by Don Miller/HOU/ECT on 10/28/2000 02:27 PM
---------------------------

"Daigh, John" <JDaigh@utilicorp.com> on 10/27/2000 04:04:11 PM
To: "'Don.Miller@enron.com'" <Don.Miller@enron.com>
cc:
Subject: RE: Wheatland

Don, I don't recall if I asked this before so please forgive me if I
have....

Does the warranty cover the DCS System?

>


Please see the attached file for the weekend notes of January 26th through 27th.

Thanks,  Bert


I have attached a draft of the letter to Midwest.


Attached please find our draft of our ERCOT business plan for your review.  If you have any comments please let me know by noon on Friday as I will be sending it along to Louise then.  Thanks, - Mike


Hi,

I was a guest in your hotel on December 30th through January 1st, 2002.  I wonder if I left behind a pair of cranberry colored womens' ankle length boots (sized 8.5)  My room number was 1965.  Please respond via e-mail or by telephone.  My work number is 713-853-5772.

Thanks


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how is everything in south florida?  things are busy here.  i am not storming
the campuses for sorority chicks, but that isn't a bad idea.  email me your
phone number again & i will try to write it down this time.


Approved

Vince Kaminski

"ECTHOU-DOMWEB1" <ECTHOU-DOMWEB1@enron.com> on 03/31/2000 09:38:08 AM
To: vkamins@enron.com
cc:
Subject: Class Request: XL97CHART-574 Excel 97, Charting, William Smith

Your approval is required for William Smith to attend the following class.
To grant approval, send a reply to "lpharr@enron.com" (NotesMail: LeRea
Pharr/HOU/ECT@ECT).
  Be sure to include employee's name and class number in reply.

Excel 97, Charting
Session Dates & Times:
  4/21/2000  8:30:00 AM-11:30:00 AM
Location: EB572
No Show/Participant Fee: $ 110.00

If you have any questions, please call the Technology Training Coordinator at
713-853-1816.


Michael:
How's your summer?  Are you in Delaware now?  I am going to set up a weekend
in DC in the Fall and I will probably do it around homecoming weekend.  I
want to try and set it up for most of the people will huge out with, but will
take other suggestions.  I will be sending out e-mails to everyone informing
them of the weekend.  Choby is going to set up a bar to rent out for Saturday
night.  In the past, you have sent me e-mails with a bunch of different
e-mail addresses attached to it.  If you could send me a list of the e-mails
you have for our friends that would be great.  Thanks for the help and lets
talk about this further.  Talk to you soon.
Ben


OK, forgot to attach the file!

 -----Original Message-----
From: 	Cabrera, Reyna
Sent:	Monday, November 19, 2001 10:20 AM
To:	Adams, Jean; Barry, Patrick; Benningfield, Robert; Berger, Larry; Blair, Jean; Blair, Lynn; Bodnar, Michael; Bryan, Randy; Buchanan, John; Cabrera, Reyna; Callans, Nancy; Carr, James; Clapper, Karen; Dasilva, Esther; Davis, Larry; Dykes, Tangie; Floyd, Jodie; Forbish, Sherry; Greaney, Chris; Hibbard, Scott; Janzen, Randy; Kowalke, Terry; Linhart, Joe; McDaniel, Janet; McEvoy, Christine; Miller, Kent; Minter, Tracy; Neville, Sue; Perry, Renee; Porter, Diana; Roobaert, Preston; Scurlock, Debra; Sturr, Kathy; Swett, Larry; Threet, Kay; Vaughan, Cara; Walden, Shirley; Washington, Kathy; Wilkens, Jerry; Woodson, Harry; Zadow, Raetta
Subject:	Packets ending November 2001

Attached is the list  of packets ending November 2001.  There are just a few packets, and so far, they are all on target.  Please note the following contracts have a different starting balance due to the performance of the package on the front side.

#108129  Needs to withdraw 700,011 MMBtu
#108089  Needs to withdraw 499,999 MMBtu
#108091  Needs to inject      499,995 MMBtu

Thanks.

Reyna Cabrera
(713) 853-3072


please see attached


Rex: I just wanted to thank you once more for doing our tax return. We
realize that this is a very busy time of the year so thanks for your time. I
reviewed the return and everything looked great. Have a great time fishing.
Brad


Please use the following two files as your detail support for finanical
liquidations:

Previously, I believe you were given the capacity hedges file the
pricebasisindex file and the pricebasisindex_revised file.  All three of
these equalled the 3.7 million.  You should use the revised and the capacity
hedge file.  When you use the two files listed above, you will come up with a
variance going the other way of roughly $(817,385).  This amount should be a
"desk adjustment".  We have accounted for the variance in our current month
(0800) file and will simply reclass between the months.  Please shout with
any questions.
PL


we were thinking papasitos (we can meet somewhere closer to you this time)
again at around 8

Jason Bass <JBass@stdauto.com> on 02/21/2001 11:22:45 AM
To: Eric.Bass@enron.com
cc:
Subject: RE: My new work email

The new job is going great so far.? I am in training currently.? I will ask
Donnita about dinner. I think it should be fine, I just can't remember if
anything is planned as of yet.? What time and where would you want to go?

?-----Original Message-----
From: ? Eric.Bass@enron.com [mailto:Eric.Bass@enron.com]
Sent:?? Wednesday, February 21, 2001 10:12 AM
To:???? JBass@stdauto.com
Subject:??????? Re: My new work email

hey jason,

how is the new job?? shanna and I would like to know if you and donnita
want to do dinner again this friday? let me know

-e

Jason Bass <JBass@stdauto.com> on 02/21/2001 10:11:30 AM

To:
cc:
Subject:? My new work email

Just wanted to let you know my new work email address.

Jason


I'm out next week.  Chat with Mr. Goodell if this comes up again.

	From:  John M Singer @ ENRON                           04/04/2001 03:02 PM

To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: Delivered to Equitrans

I offered May/Oct to Dominion @ +48 cents for 3,000-5,000/day.  Neil said the
number was within reason. He is to let me know today or in the AM if he wants
to do the deal.
John


Yes.  At least now I don't also have lunch with John!

From: Suzanne Adams@ECT on 02/13/2001 10:35 AM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: EWS Brown Bag Lunch

Don't you have another meeting over at the allen center on Thursday at 11am?

	Kay Mann@ENRON
	02/13/2001 10:33 AM

		 To: Suzanne Adams/HOU/ECT@ECT
		 cc:
		 Subject: EWS Brown Bag Lunch

I want to go to this on Thursday.  I rsvp'd myself.
---------------------- Forwarded by Kay Mann/Corp/Enron on 02/13/2001 10:32
AM ---------------------------
   ENA Public Relations
From: ENA Public Relations on 02/12/2001 10:21 PM
Sent by: Enron Announcements
To: All_ENA_EGM_EIM
cc:
Subject: EWS Brown Bag Lunch

MARK YOUR LUNCH CALENDARS NOW !

You are invited to attend the EWS Brown Bag Lunch Series

Featuring OZZIE PAGAN

Topic:  East Power
Origination & Trading

Thursday, February 15, 2001
11:30 am - 12:30 pm
EB 5C2

You bring your lunch,            Limited Seating
We provide drinks and dessert.           RSVP x 5-7352


FYI - I will be out of the office for the two meetings on Wednesday this
week.  I will be working in Chicago Monday and Tuesday next week.  I will be
back in the office on Wednesday of next week.

Todd tells me that a logo has been selected.  Can you e:mail that to me?  If
not available electronically, I will see it when I am back in the office next
Wednesday.

If no one has stepped in to a look at hours spent on the confirmation process
and opportunities that may be presented there, I will do that when I am back
in the office next week.  My first move will be to sit down with Jeff
Sorenson who leads the confirmation group to put some meat around the hours
that James Scribner sent you.  When we look at numbers of confirmations and
compare several months of data we will be better able to identify which
activities were stressed by increased business and which activities seemed
to absorb increased business more easily.  I also think that Jeff will be the
best source of information about ideas on streamlining, opportunities to
simply life at Enron and perhaps create value externally.  All of the
advances made over the last several years (auto-confirm, the DECAF system,
auto-faxing, digitized signatures, document scanning, etc. ) in our confirm
group have been ideas generated by the business group and led by them for
implementation.  No doubt, Jeff has some good ideas on where to go next.
---------------------- Forwarded by Sally Beck/HOU/ECT on 07/25/2000 06:03 PM
---------------------------

	Enron North America Corp.

	From:  Sally Beck                           07/25/2000 06:03 PM

To: David W Delainey/HOU/ECT@ECT, John J Lavorato/Corp/Enron@Enron, Richard
Causey/Corp/Enron@ENRON, Kay Chapman/HOU/ECT@ECT, Kimberly
Hillis/HOU/ECT@ect, Sharron Westbrook/Corp/Enron@ENRON
cc: Brent A Price/HOU/ECT@ECT, Steve Jackson/HOU/ECT@ECT, Stacey W
White/HOU/ECT@ECT, Kristin Albrecht/HOU/ECT@ECT, Scott Earnest/HOU/ECT@ECT, D
Todd Hall/HOU/ECT@ECT, Michael E Moscoso/HOU/ECT@ECT, David
Maxwell/HOU/ECT@ECT, Sheila Glover/HOU/ECT@ECT
Subject: Key Contacts - Out of Office - July 26-28, July 31 and August 1

I will be out of the office from Wednesday, July 26 through Friday, July 28.
I am taking my older daughter on a preliminary look at colleges.  I will have
my cell phone with me -- the number is 713-417-1591.   My assistant, Patti
Thompson, will have hotel phone numbers where I can be reached as well.

The following persons will be key contacts for trading operations while I am
out:

 Natural Gas Operations  Brent Price   x37647   (7/31 & 8/1:  Steve Jackson
x37070)
 Power Operations   Stacey White  x31870   (7/31 & 8/1:  Kristin Albrecht
x34763)
 Financial Products Operations Sheila Glover  x33210
 Coal, Pulp & Paper, LNG  Scott Earnest  x31746
 Weather     Todd Hall    x31957

 DPR      Mike Moscoso  x35242
 MPR      David Maxwell  x316983

I will be working in ENA's and MG's Chicago offices on Monday and Tuesday,
July 31 and August 1.  Patti has contact numbers for me at both offices.
Key contacts in Houston are those listed above, with changes noted for Gas
and Power Operations on July 31 and August 1.

I will be back in the Houston office on Wednesday, August 2.


<http://www.clickaction.net/partner/talbots/ads/101801/mss_3md_email4.gif>

Click here to change or remove your subscription. <http://www.you-click.net/Change-Remove/a10044a76815142a1a44341>   <http://www.you-click.net/Sense-HTML/a10044a76815142a44341>


Norma,

I am sending you preliminary rankings for my entire
group, based on the results of a meeting we held on Tuesday.
We have ranked Shalesh Ganjoo and Clayton, in case
it's still our responsibility.

Vince

Permanent goup members, manager and below:

Superior:

1. Martin Lin
2. Joe Hrgovcic
3. Tom Haliburton
4. Jose Marquez

Excellent

1. Paulo Issler
2. Robert Lee
3. Chonawee Supatgiat
4. Amitava Dhar
5. Alex Huang
6. Kevin Kindall
7. Praveen Mellacheruvu
8. Shanhe Green
9. Stephen Bennett

Strong

1. Lance Cunningham
2. Clayton Vernon
3. Youyi Feng
4. Yana Kristal
5. Sevil Yaman

Permanent goup members, directors:

Superior

1. Krishnarao Pinnamaneni

Excellent

1. Osman Sezgen
2. Tanya Tamarchenko
3. Zimin Lu

Satisfactory

1. Maureen Raymond

Associates, analysts

Superior

1. Shalesh Ganjoo
2. Gwyn Koepke

Excellent

1. Hector Campos
2. Kate Lucas
3. Sun Li
4. Roman Zadorozhny
5. Charles Weldon


Philippe spotted this too today and has asked Steve Horn to pursue.   We may
want to involve Robert in this from the employment perspective.

Good spot though.

Thomas D Gros@ENRON
11/28/2000 05:12 PM
To: Greg Whalley/HOU/ECT@ECT, Louise Kitchen/HOU/ECT@ECT
cc:

Subject: IT Consulting Firms

I raised the issue of ENW considering the purchase of a tech consulting firm
at a staff meeting several weeks ago.  Attached please find a quick and dirty
analysis of some of the key players.  You may note that Luminant is trading
below $1.  Please let me know if anyone is actively pursuing this
"intellectual capital" opportunity.

All the best,

Tom


---------------------- Forwarded by Darron C Giron/HOU/ECT on 10/05/2000
08:27 AM ---------------------------

Scott Crowell <scott.crowell@oracle.com> on 10/04/2000 06:45:00 PM
To: undisclosed-recipients:;
cc:
Subject: New email, address, and phone #

As many of you already know, I have taken a job outside of Oracle and am
now living in Dallas.  I will only have this email until Friday, October
6, 2000.  After that, please use:

scott_crowell@hotmail.com

I will send my new email address as soon as I get hooked up at the new
job.  My address and phone number in Dallas is:

4233 Travis Street, #29
Dallas, Texas 75205

214.521.8878

I will have the same cell phone for at least another couple of weeks,
and I will send that new number at a later date.

Scott

 - scott.crowell.vcf


Bonnie--could you call him and find out what this is about? Thx.

	Charles Cheek@ENRON
	12/18/2000 09:40 AM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc: Bonnie White/Corp/Enron@ENRON, Britt Davis/Corp/Enron@ENRON
		 Subject: Deposition

Should I suggest that he get in touch with you or Bonnie?
----- Forwarded by Charles Cheek/Corp/Enron on 12/18/2000 09:42 AM -----

	Bart Wulff <BWulff@cscwdal.com>
	12/17/2000 04:37 PM

		 To: "'ccheek@enron.com'" <ccheek@enron.com>
		 cc:
		 Subject: Deposition

Mr. Cheek:
I got your e-mail address out of Martindale.  I need to set up a corporate
rep depo to get information concerning an employee of Enron Capital and
Trade who lives in Dallas and offices in Houston.  Could you refer me to
whoever in your office would handle that, so I can set it up with a minimum
of inconvenience to all concerned?
Thanks,
Bart Wulff


Start Date: 4/23/01; HourAhead hour: 6;  HourAhead schedule download failed.
Manual intervention required.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042306.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 6 / Preferred:  29.00 / Final:  28.97)
  TRANS_TYPE: FINAL
  SC_ID: ARCO
  MKT_TYPE: 2
  TRANS_DATE: 4/23/01
  UNIT_ID: CARBGN_6_UNIT 1


Susan:
Sara and I would like to meet with you sometime on Monday to go over all
outstanding work items so we are aware of what can be accomplished before you
leave and what may need to be given to the other paralegals.  Can we do that
at 10 and can you send to us before then an updated list of your outstanding
work assignments? Thanks.

Carol


---------------------- Forwarded by Mike Grigsby/HOU/ECT on 06/13/2000 10:43
AM ---------------------------

"Hutcheson, Curtis" <Curtis.Hutcheson@COMPAQ.com> on 06/09/2000 12:18:43 PM
To: "'Mike Grigsby'" <mike.grigsby@enron.com>
cc:
Subject: Wireless Home Networking Consumer Profile & Market Forecast (Repo rt
# MD00-02MP

I think the Proxim solution is the way to go.  Compaq has partnered with
these guys.

You need: an ISA card for your desktop and a PC card for your notebook

Here is the link that gives an overview of the product:

http://www.proxim.com/symphony/learn/costben.shtml

Here is the best deal I found where they were in stock.  I believe you need
the last two items listed on the page.

http://www.proxim.com/symphony/learn/costben.shtml

Here is an overview report

 - C.DTF


Lynette Barnes has put the RTO filings, protests, responses, etc. on CD Rom.
Contact her for a copy.


---------------------- Forwarded by LaCrecia Davenport/Corp/Enron on
12/18/2000 09:24 AM ---------------------------

Virendra Patel@ECT
12/18/2000 08:39 AM
To: LaCrecia Davenport/Corp/Enron@Enron
cc:

Subject: Power


Allison Bakke
5576 Lawton Ave
Oakland, CA 94618
allibakke@hotmail.com

To Mr. Ken Lay,

I'm writing to urge you to donate the millions of dollars you made from selling Enron stock before the company declared bankruptcy to funds, such as Enron Employee Transition Fund and REACH, that benefit the company's employees, who lost their retirement savings, and provide relief to low-income consumers in California, who can't afford to pay their energy bills.  Enron and you made millions out of the pocketbooks of California consumers and from the efforts of your employees.

Indeed, while you netted well over a $100 million, many of Enron's employees were financially devastated when the company declared bankruptcy and their retirement plans were wiped out.  And Enron made an astronomical profit during the California energy crisis last year.  As a result, there are thousands of consumers who are unable to pay their basic energy bills and the largest utility in the state is bankrupt.

The New York Times reported that you sold $101 million worth of Enron stock while aggressively urging the company's employees to keep buying it.  You have a moral and civil obligation to return this money through the funds set up to help repair the lives of those Americans hurt by Enron's underhanded dealings.

Sincerely,

Allison Bakke


-----Original Message-----
From: IssueAlert@SCIENTECH.COM [mailto:IssueAlert@SCIENTECH.COM]
Sent: Monday, October 22, 2001 1:36 PM
To: ISSUEALERTHTML@LISTSERV.SCIENTECH.COM
Subject: Enron's Departure from Core Business Takes a Toll on Performance

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October 22, 2001

Enron's Departure from Core Business
Takes a Toll on Performance

By Will McNamara
Director, Electric Industry Analysis

  <http://secure.scientech.com/rci/wsimages/will100border_copy.jpg>

[News item from Reuters] Enron Corp. (NYSE: ENE) stock sustained further heavy losses on October 19 as investor confidence in the former Wall Street favorite remained at a low ebb after it reported its first quarterly loss in over four years. The energy giant's stock was off $3.32 or 11.45 percent at $25.68 per share at mid-day trade on Oct. 19, making a cumulative loss of 28 percent for a week in which it reported a third-quarter loss of $638 million. As of early morning trading on Oct. 22, Enron shares were priced at $21.99, a reflection of new developments (including a new Securities and Exchange inquiry) that have caused uncertainty about the company among investors.

Analysis: Enron's first financial report since the departure of former CEO Jeffrey Skilling in August has not done much to once again instill investor confidence in the company, which has experienced one of its most turbulent years in recent memory. While Skilling cited personal reasons for his departure, many analysts suspected that a significant drop in Enron's share price and financial losses in its diversified businesses also played a role. At the time of Skilling's departure, Enron's stock had tumbled to a 52-week low. However, based on the new 3Q report, it now appears that Enron's downward turn may be continuing despite the return of Kenneth Lay to the company's top spot. In essence, Enron's financial problems have been caused by businesses that the company has established as a way to diversify from its core focus on wholesale power sales. It appears that Enron is learning a costly lesson-namely that investors are not responding favorably to the company's innovation, especially if bottom line performance is in any way compromised. The road ahead may remain uncertain for Enron, as a good number of unresolved issues and a new Securities and Exchange Commission (SEC) inquiry into financial dealings of its chief financial officer continue to overshadow the company.

Let's first establish the financial losses that Enron has reported in the third quarter. As noted, as a whole the company reported $638 million in losses, after taking $1.01 billion in charges associated with several of its non-core businesses. When we break down the losses, it becomes clear that Enron is struggling with its operations in three businesses: water, broadband and the retail power market. Specifically, Enron reported $287 million in charges from Azurix, its water and wastewater business; $180 million in charges related to the downsizing of its broadband operations (including severance costs and losses on inventory sales and customer contracts); and $544 million in what the company is calling "investment losses." Evidently, about half of the $544-million figure is related to Enron's investment in NewPower Company, the retail electricity and natural-gas provider that Enron launched about two years ago with partners America Online and IBM. Enron owns 45 percent of NewPower. In addition, Enron's debt to total capitalization ratio reportedly will increase to about 50 percent, although Lay says that pending asset sales may reduce that amount to 40 percent by the end of 2002. However, it is important to note that Enron's 3Q recurring net income (before the write-offs) did increase 35 percent to $393 million, or 43 cents a diluted share, and revenue in the quarter rose to $47.6 billion from $30 billion in 3Q 2000.

The losses associated with NewPower are particularly interesting. As one of the leading investors in the company, Enron drove NewPower's aggressive business focus on retail residential power sales, despite ongoing concerns about the development of retail competition across the United States. NewPower went public last year at an opening price of $21, and in the early days of its initial public offering was trading above that price. However, the company's stock has experienced a devastating drop in value, and is currently priced at $1.25. NewPower is not scheduled to release its own 3Q financial statement until early November, but it is expected that the company will continue to incur significant losses for the foreseeable future. Specifically, NewPower recently reiterated its earlier expectations of a 3Q loss of $65 million to $70 million, or $1.12 to $1.20 a share. Third-quarter revenue reportedly will be slightly lower than the $60 million to $65 million that the company had forecast in August.

In analyzing NewPower's 2Q financial losses (see IssueAlert from 8/8/01 at www.scientech.com/rci <http://www.secure.scientech.com/IssueAlert>), I argued that the company is really struggling from a mix of positive and negative factors in its efforts to become the leading retail energy provider in residential and small business markets in the United States. On the positive side, NewPower has recently secured a large number of new customer accounts, most significantly from its purchase of customers and related assets from AES Corp. and DTE Energy. These purchases prompted an impressive growth spurt for NewPower, and the company reportedly now has a customer base in 22 markets in 10 states. However, the bad news for NewPower is that its losses continue to widen, apparently resulting from a combination of weather factors and financial hits absorbed in several of the states in which the company operates. This dichotomy does not appear to be getting any better, and the company's stock has continued to drop as a result.

In an effort to alleviate some of its financial woes, NewPower recently revised an existing master netting agreement with Enron Corp. and several of its subsidiaries. The revised agreement essentially lowers the amount of cash collateral that NewPower is required to post to the Enron subsidiaries through Jan. 4, 2002. With the lowered financial obligations that it must make to Enron, NewPower believes that it will have sufficient financial resources to conduct its business in the near term until it secures ongoing asset-based financing.

However, from Enron's perspective, the losses associated with NewPower (and, by the same token, the losses in water and broadband) have contributed to a steady drop in its own stock price. The message is clear: The businesses that Enron plunged into as a way to diversify have tainted the company as a whole. Further, what some analysts perceived as brash hubris on Enron's part has not translated into measurable profits, and consequently Wall Street has reacted by sending Enron's stock to a level that is about half of where it was a year ago. The individual sectors that Enron has pursued are all unique, but they share the common denominator of taking Enron away from what was a successful core business. Further, they are similar in that Enron aggressively sunk large sums of capital into new business lines for which it arguably had unrealistic expectations for growth. The problem with Enron's bandwidth unit is that the company has faced an unanticipated excess of fiber-optic lines, which has prevented the demand for the division's services from materializing as anticipated. The problem with Azurix, which has been losing money since its formation in 1998, is that privatization of the water sector has not materialized as quickly as Enron and other companies anticipated. In addition to these problem areas, Enron also faces challenges related to its investments in India (where it is locked into a legal battle with the state government) and California (from which Enron has yet to receive full payment for previous power sales).

In addition to the losses outlined in the 3Q report, there are new issues that are brewing at the start of this week. First, the SEC has requested that Enron provide information regarding "certain related party transactions." Not much additional information is presently available about this inquiry. However, it is probably connected to earlier reports about concerns related to the dealings of Enron's Chief Financial Officer Andrew Fastow, who up until very recently had run a limited partnership that bought assets from Enron. Ken Lay has said that Enron will cooperate fully with the SEC's request. In a separate development, several mutual funds (including AIM Constellation that once held large positions in Enron) have either liquidated or reduced their holdings in the company, which has further weakened Enron's stock value. Portfolio managers of the mutual funds have cited concerns about Enron's ability to balance its new businesses with its core strength as an energy trader.

The present challenge for Enron is to convince investors that the company remains on solid ground despite the losses. Thus, Lay has been quick to reiterate that earnings from the company's energy and gas-pipeline business are still strong. Further, Lay says that the charges reported in the third quarter should be seen as a way to "clear away issues that have clouded the performance and earnings potential of our core energy businesses." Nevertheless, the fact remains that Enron has invested huge amounts of money toward its diversification effort, and in addition to water and broadband the company has invested into the steel and pulp and paper sectors as well. Thus, several questions remain at this juncture. Are the losses reported in the third quarter only a temporary setback for Enron that will clear the way for the company to return to a primary focus on its core business of energy trading? Or, will the losses continue into the fourth quarter and 2002? Moving forward, will Enron once again reshape its business model and eliminate the various businesses to which investors have reacted less than favorably? Only time will tell as the industry continues to watch the developments at Enron, which is clearly a company in the midst of another wave of change.

An archive list of previous IssueAlerts is available at
www.scientech.com <http://secure.scientech.com/issuealert/>

We encourage our readers to contact us with their comments. We look forward to hearing from you. Nancy Spring  <mailto:nspring@scientech.com>

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SCIENTECH's IssueAlerts(SM) are compiled based on the independent analysis of SCIENTECH consultants. The opinions expressed in SCIENTECH's IssueAlerts are not intended to predict financial performance of companies discussed, or to be the basis for investment decisions of any kind. SCIENTECH's sole purpose in publishing its IssueAlerts is to offer an independent perspective regarding the key events occurring in the energy industry, based on its long-standing reputation as an expert on energy issues.

Copyright 2001. SCIENTECH, Inc. All rights reserved.

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----- Forwarded by Steven J Kean/NA/Enron on 03/14/2001 05:51 PM -----

	eserver@enron.com
	03/14/2001 09:44 AM

		 To: "Steven.J.Kean@enron.com" <Steven.J.Kean@enron.com>
		 cc:
		 Subject: <<Concur Expense Document>> - March 2001

The following expense report is ready for approval:

Employee Name: Michael Terraso
Status last changed by:  Automated Administrator
Expense Report Name: March 2001
Report Total: $3,155.41
Amount Due Employee: $3,155.41

To approve this expense report, click on the following link for Concur
Expense.
http://nahou-wwxms01p


-----Original Message-----
From: 	Soyal, Tara
Sent:	Thursday, June 28, 2001 8:55 AM
To:	Shoemake, Lisa; Makkai, Peter; Rogers, Benjamin; Thomas, Paul D.; Campbell, Larry F.; Willis, Cory; Philip, Willis; Stepenovitch, Joe
Cc:	Jablonski, Stan; Lopez, Susan; Terech, Henry; Garcia, Nina; Grubbs, Harry
Subject:	RE: Building Tour

Please note:   This tour is scheduled for tomorrow - June 29, 2001, not July 29th.  Sorry for the confusion.

 -----Original Message-----
From: 	Soyal, Tara
Sent:	Thursday, June 28, 2001 8:22 AM
To:	Shoemake, Lisa; Makkai, Peter; Rogers, Benjamin; Thomas, Paul D.; Campbell, Larry F.; Willis, Cory; Philip, Willis; Stepenovitch, Joe
Cc:	Jablonski, Stan; Lopez, Susan; Terech, Henry; Garcia, Nina; Grubbs, Harry
Subject:	RE: Building Tour

The Enron Center South building tour is scheduled for Friday, July 29, 2001.  Please meet down in the PLAZA near the round security desk promptly at 3:30 p.m.  Hardhats and safety glasses will be available at that time.

Please note:  No sandals, open-toe or tennis shoes/sneakers allowed.  Hard-soled shoes only.

Thank you.

 -----Original Message-----
From: 	Shoemake, Lisa
Sent:	Wednesday, June 20, 2001 2:27 PM
To:	Soyal, Tara
Subject:	Building Tour

We would like to set up a tour of the new building for June 29, 2001 for the following people.
1. Peter Makkai
2. Ben Rogers
3. Paul Thomas
4. Larry Campbell
5. Corry Willis
6. Willis Philip
7. Joe Stepenovitch

If you have any questions please let me know.

Thanks
Lisa x39194


So I'm working some magic for Friday.  I think we are going to play a private
men only club for free (except for caddie fees).  I figure the downside is
that we get pummled and left for dead.  I'll let you know.


My  trading operations team, under the leadership of Mary Solmonson, is
sponsoring a working session on Thursday and Friday, June 15 and 16 in the
ballroom at the Rice.   Mary leads the team that manages Global Databases,
our global contract, counterparty and facilities databases that create the
common platform that facilitates the consolidation of information for credit
aggregation, risk exposure, customer information, feeds to SAP for financial
reporting, etc.    In addition to managing these databases, Mary has
harnessed information from these databases in a new way to create an
effective prospecting tool for use by originators and traders.  This tool can
help measure and increase coverage by industry segments.  This project,
Entelligence, has been endorsed by Greg Whalley and Jeff Shankman and is
currently under development for delivery later this quarter.

We invite you to speak to the group of Enron employees from offices worldwide
who will attend the working session next week.  Please let me know if you are
interested and if June 15 or June 16 fits your schedule.

Thanks for considering this speaking opportunity.


I'll see what I can do.

Will

 -----Original Message-----
From: 	Semperger, Cara
Sent:	Tuesday, June 26, 2001 5:52 PM
To:	Smith, Will
Subject:	RE: One more piece of the puzzle to help me test

The problem continues,  I could pull up the schedules in Scheduling, but they are all routed, so I rescheduled the entire day of June 15, which is the day I will test, and when I did,  I queried scheduling for the 15th, and when the schedules came up they show no mw's but do show a route, but only for the 16th.

I don't know why that is happening. I am trying to get my sheet re-set up for the 16th of june, to try all over again.

Can you see if you all can get me clean unrouted Palo Verde data for June 16th???

 -----Original Message-----
From: 	Smith, Will
Sent:	Tuesday, June 26, 2001 12:08 PM
To:	Semperger, Cara
Subject:	RE: One more piece of the puzzle to help me test

Cara,

QA is currently testing a fix to the problem you are having.  It should be released to stage soon.  I will let you know.

Regards,
Will

 -----Original Message-----
From: 	Semperger, Cara
Sent:	Tuesday, June 26, 2001 1:49 PM
To:	Smith, Will
Subject:	One more piece of the puzzle to help me test

I cannot get RT position manager to run in TestP,  which will show me the total of MWH that are unrouted.

I get this error message when I try.

c

 << OLE Object: Picture (Device Independent Bitmap) >>


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Attention: Mr. Kenneth L. Lay. Chairman & CEO, Enron Energy, Houston
Dear Mr. Lay:
Please find the attachment of the NXE Energy Executive Summary Report prepared by Dr. M. X. Francois, The Director of the Fluid Mechanics Laboratory of the French National Scientific Research Agency (CNRS). The Submission of this and all other information is of course confidential.
The report combined with conversation's held with Dr. Francois recommends that because of the success of the "Alpha" Prototype testing we should proceed with an Industrial "Beta" model with certain modification's to the circuit piping system design, and insert a turbine and generator after completing sizing and a designed computer model.
Again wishing you and Enron the best,
NXE Energy
David Taylor, Co-Founder & CSO
Telephone (toll free) 877 696-0800
Cell Phone : 415 722 2846
 - cogen_exec_sum4.doc


Yes. They are actually antique windows that I found at an antique store and
decided to feature in the cabinet.  It is really fun to visualize something
like that and then make it happen. It happens a whole lot faster than Int'l
Project Finance too!!


-----Original Message-----
From: 	Scholtes, Diana
Sent:	Tuesday, July 10, 2001 2:14 PM
To:	Swerzbin, Mike
Subject:	FW: That just sucks!
Importance:	High

 -----Original Message-----
From: 	Cutsforth, Diane
Sent:	Tuesday, July 10, 2001 1:13 PM
To:	Freeman, Scott; Runswick, Stacy; Scholtes, Diana; Wilson, Susie; Gang, Lisa
Subject:	FW: That just sucks!
Importance:	High

 -----Original Message-----
From: 	Runswick, Stacy
Sent:	Tuesday, July 10, 2001 1:04 PM
To:	Semperger, Cara; Cutsforth, Diane; Scholtes, Diana
Subject:	That just sucks!

 -----Original Message-----
From: 	Freeman, Scott
Sent:	Tuesday, July 10, 2001 12:55 PM
To:	Runswick, Stacy
Subject:	Stacy's first

Scott Freeman
Enron Summer Analyst
West Power Trading Desk
Work: 503-464-3911
Portland Cell: 503-701-1163
Austin Cell: 512-294-7692
Home: 503-236-6204


I have gotten MSDW to reduce our borrowing rate from FF+85BP to FF+75 BP.
I have accepted the schedule and returned it to them and copied legal on the
schedule.
Sheila
---------------------- Forwarded by Sheila Glover/HOU/ECT on 03/07/2001 11:17
AM ---------------------------

	From:  Sheila Glover                           03/07/2001 11:16 AM

To: Theresa T Brogan/HOU/ECT@ECT, John Greene/LON/ECT@ECT, David J
Vitrella/HOU/ECT@ECT, Selena Gonzalez/HOU/ECT@ECT, Aneela Charania/HOU/ECT@ECT
cc:
Subject: Enron's Rates

Fyi...

---------------------- Forwarded by Sheila Glover/HOU/ECT on 03/07/2001 11:12
AM ---------------------------

Joseph Marovich <Joseph.Marovich@msdw.com> on 03/07/2001 09:41:32 AM
Please respond to Joseph.Marovich@msdw.com
To: Sheila Glover <Sheila.Glover@enron.com>
cc:
Subject: Enron's Rates

Hi Sheila,

Attached is the most recent fee schedule (All done away trade ticket
fees waived).  Please send us a signed copy at your earliest
convenience.

I spoke with the manager of our Finance area, but he was on his way to a
meeting.  He asked me to give him a call with you later if needed, but
explained that the reason the Libid (Libor rate from 2 days ago - 12.5
bps) rate is calculated off a Libor rate from 2 days ago is strictly
standard practice in the industry.  If you would like to follow up on
this, he will be back any time after 11:00 AM EST, and I can patch him
in on a call.

Regards,
Joe
 - Enron_pricing_2-1-01.DOC


I'm sorry Bob - AMPS
---------------------- Forwarded by David W Delainey/HOU/ECT on 02/09/2001
06:03 PM ---------------------------

David W Delainey
02/09/2001 06:04 PM
To: Robert P Virgo/HOU/ECT@ECT
cc:
Subject:

Bob, please give me an update on our progress on this item and the viability
of the technology.

Regards
Delainey


Here are some thoughs on how we would account for the Offsystem Storage.

Facts
NNG moves 100,000 dts from physical inventory to Offsystem inventory. No accounting entry made to the G/L.
I will look into Form 2 physical reporting changes.

Offsystem inventory is reduced  2,000 dts to reflect in-kind fuel reduction.

Case 1	In-Kind is replaced by simple purchase from 3rd party, NNG incurrs the cost.
Debit 803 (Gas Purchases) or 858 (Fuel exp)		2,000 * cost of gas
	Credit A/P						2,000 * cost of gas

Case 1 books all transactions outside of operational storage.  Reducing the Offsystem storage will cause UAF to increase, however purchasing gas for Operational Storage and not recording it to Operational Storage will offset the UAF increase.

Case 2	In-kind is replaced by Operational Storage, NNG incurrs the cost
Debit 816 (Storage Fuel exp)		2,000 * MIP
	Credit 812 (Storage Fuel Credit)		2,000 * MIP

Debit 808 (Storage Withdrawal)		2,000 * MIP
	Credit 1174 (Encroachment)		2,000 * MIP

Case 3	In-kind is replaced by Operational Storage, Tracker incurrs the cost
Debit 816 (Storage Fuel exp)		2,000 * MIP
	Credit 812 (Storage Fuel Credit)		2,000 * MIP

Debit 808 (Storage Withdrawal)		2,000 * MIP
	Credit 1174 (Encroachment)		2,000 * MIP

Debit 1823 (Storage Fuel Tracker)	2,000 * MIP
	Credit 805 (Storage Fuel Recovery)	2,000 * MIP


Here is the editted version of the amendment.

 -----Original Message-----
From: 	Thorne, Judy
Sent:	Friday, October 26, 2001 8:58 AM
To:	Perlingiere, Debra
Cc:	Zivley, Jill T.; Nemec, Gerald
Subject:	FW: Aspect Amendment
Importance:	High

Debra,

Jill is ready to finalize the Aspect Amendment and send it to them today to sign.  I have editted the amendment that you provided to include the new pricing as well as the Keep Whole language.

Please review the revised pricing section and advise if we can remove the "DRAFT" from the amendment and send it to the customer(s) to sign.

Thanks,
Judy

 -----Original Message-----
From: 	Perlingiere, Debra
Sent:	Monday, September 17, 2001 4:55 PM
To:	Thorne, Judy
Subject:	Aspect Amendment

 Judy attached is the Aspect Amendment as discussed.   The  first paragraph has been revised to reflect the assignment to ENA.   Article 2. now states term dates.  Concerning Articles 3.1 and 3.3, Gerald would not agree to "one sentence". Finally, I  included a provision regarding changes to working interest (see # 9), and incorporated meter number on Schedule I.  Please let me know if you have any other questions and or changes.

Debra Perlingiere
Enron North America Legal
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron
713-853-7658
713-646-3490 Fax


Hi, Diomedes.  I just tried to reach you on your cell phone (713.539.6731)
for Jeff.  Could you please give him a call at your earliest convenience?
713.853.6894 is his number.  Thanks, SRS


Dave,

What do you know about the NWPL meter 300 (Camas Jr.)? It makes up a fair amount of Portland area load.
It's my understanding that this is industrial, possibly paper mills, but I don't have much more info yet.
If this is a customer you are familiar with, let me know.

Thanks,
Jason


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&The future is something which everyone reaches at the rate
of 60 minutes an hour(whatever he does, whoever he be.8  - C.S. Lewis

Watch the Enron Building lobby on Tuesday, April 24th, from 11:30am to 1:00pm
for information on innovative and futuristic technology!

Featuring:
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Special Afternoon Workshop - 1:30pm to 3:30pm
"Images of Enron in 20208 with Dr. Peter Bishop & Amy Oberg
Join Amy Oberg with EES and Dr. Peter Bishop, Chair & Professor of the
University of Houston's Future Program,
to imagine Enron in the year 2020.  Attendees will actively engage in this
participatory workshop with the final summary
to be shared with Mr. Skilling's office.  "Futures tools" will be utilized to
consider Enron's characteristics, culture,
businesses and the world environment and participants will explore how the
future might play out for Enron.
The results of this session will be shared with Mr. Skilling's office.  RSVP
to Jessica at x31918 - space is limited

Word of the Day
prescience \PREE-shuns; PREE-shee-uns\, noun:
Knowledge of events before they take place; foresight.


I spoke to Harry Collins, one of our emissions lawyers, and he said there
should be no problem trading emissions with a governmental entity on the
emissions auction website, as long as they can trade emissions generally.  If
you have any specific questions, call Harry Collins at x39692.