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Master Gas Agreement

June 16, 2000 Energen Resources Corporation In accordance with Fred Lagrasta's instructions, we are forwarding to you the attached draft of a Master Firm Purchase/Sale Agreement between Enron North America Corp. and Energen Resources Corporation for your consideration. Please do not hesitate to give me a call or e-mail me with your questions and or comments regarding the enclosed. Best Regards,

Wellstar

Theresa please take a look at the attached confirm and let me know if it is OK. I will forward it to the customer. As I need to attach an exhibit to the confirm I will need to fax it. Do you have a fax #? Thanks !!!!!!!!!!!!!!!!! !

GISB

Clarence, Attached is the final version of the GISB for your execution. I have incorporated changes as discussed with your counsel. If in agreement, with these revisions, please print two originals sign, and forward both to my attention for final signature. I will return an original for you records. Should you have any additional comments and or questions, please do not hesitate to give me a call. Best regards,

GISB

Further to our conversation, attached is an Amendment to the existing GISB concerning confirming party. Please print two and sign if in agreement and forward to my attention at the location below. I will provide you with an original for your records. Regards,

Proliance

FYI, John Grass and I spoke to Curt Hribernik this morning regarding various issues in the Master. There has been a change in their corporate structure such that it appears they may have stronger financial backing or at the very least a change. I requested they send documents reflecting ownership and name change. Curt indicated they would be able to provide a LC. I told him he and or his credit dept. would need to discuss these issues with you before we could continue. I will send you information when I receive same.

Enron LNG Holdings Lts.

I have prepared a master Firm Purchase/Sale Agreement for Enron LNG. Can you provide me with the name of person at Enron LNG I should direct this to? Thanks for you help.

Turlock Irrigation District

Kim, Attached is a draft of the Master Firm Purchase /Sale Agreement for Turlock. I trust you will e-mail same to your customer. If not, please give me a name and phone number and I will forward the agreement.

Gatherco, Inc.

Please send a credit worksheet for this company. This is an Appalachian producer, we buy from at fixed prices. They will never be purchasing from us. John Singer in the Dublin, Ohio office is the trader. Thanks

Analyst & Associate Program Update

I want to provide you with an update on current events and their potential effects on members of the Program. As the business units make decisions about the future course of the company, members of the Program will be affected. Where positions are eliminated, individuals are being given consideration for other opportunities available within Enron. Any information communicated to you regarding elimination of your position by the business units will have been coordinated with the Program in advance, and will be definitive. I know how anxious and frustrating these times are for everyone - they are for my team as well. The most accurate and timely internal source of information will be communication from the Enron Corp Office of the Chairman. At this point, no one is certain what the future may bring regarding our careers at Enron. I do know for certain that each of you is here, because you were selected from "the very best of the best". I appreciate your continuing patience and efforts. If you have any questions, please contact Ted Bland (35275), Terry Bosien (35230) or me (36671).

Happy Hour for Alejandra

Please join us this Wednesday night so we can spend time with Alejandra on her last night in Houston and wish her the best of luck on her move to El Paso, TX. When: Wednesday night, November 14, 2001 Time: Drop by when you can beginning around 5:30 Where: The Dog House Tavern (directions below) Hope to see everyone there!!! Address: 2517 Bagby From downtown: Head Away from downtown on Smith Street Take a Right on W. Gray Take a Left on Bagby The Dog House Tavern will be on your left - it is in a small shopping center on the corner of Smith and McGowen.

Clean Sweep

I am coming in this weekend to box up for the big move........ Please go through the large black file cabinet and the beige and purge, anything you don't want. There will be dumpsters along the floor tomorrow afternoon. I have your move packets and I will issue them later next week. There is a 6 Box MAXIMUM...... If you have more than that, the movers will only move 6 boxes. There will be 2 sets of drawers. If you have any other questions, please ask me.

Information, Please Read: UBSW Energy Migration

Attention UBS Warburg Energy Users: Please be aware that IT will begin migrations to UBSW Energy this evening. Please log off of your machines tonight. When you arrive in the morning, you will login with your Enron ID and password. You will be required to change your password immediately. You will also have an email in your Inbox tomorrow morning explaining your "next steps". If you have any questions, please call 3-1411. Thanks,

Saturday B-day Dinner

P.S. We are also getting together for a picnic at the Memorial Park around 1 PM on Saturday to celebrate this gorgeous weather. Let me know if you would like to join.... Cheers,

Francesco B-Day gift

Guys, Here are the people that have agreed to contribute $25 each for the Playstation 2 that I will go buy for Francesco today: Federico Pedro Massimo Biliana Vladi & Natasha Claudio Marco Mauro Pietro Farhad (Eltin and Paul I could not reach but I immagine they'll probably want to come in at the $25 level or some other) We should convene at some point tonight to sign the card and figure out when to give him the gift Playstation is $299 +tax and I will charge it on my credit card. Please reimburse me as soon you can. Thank You

Meeting, Tomorrow, January 29

Please join John Lavorato for a meeting regarding Gas Traders in ECS 06980 (the large conference room) tomorrow, January 29 at 10:00 am. Let me know if you have questions. Kim x30681

Lexis-Nexis Training: Houston & Worldwide / Dow Jones Training

eSource Presents Lexis-Nexis Training Basic Lexis-Nexis Basic is geared to the novice or prospective user. You will learn the basics of getting around Nexis.com. We will talk about news and company information available on Lexis-Nexis. Attend our Lexis-Nexis Basics Clinic: November 6 1:00 - 2:00 PM EB572 Due Diligence This session will focus on the specific company, public records, and other sources available on Lexis-Nexis that help you find all possible aspects of a company's business and strengths or liabilities. Attend our Lexis-Nexis Due Diligence Clinic: November 6 2:30 - 4:00 PM EB572 Seats fill up fast! To reserve a seat, please call Stephanie E. Taylor at 5-7928. The cost is $100.00 per person. No-shows will be charged $200.00. * Please bring your Lexis-Nexis login ID and password. If you don't have one, a guest ID will be provided. * * * eSource presents free Lexis-Nexis Online Training Using Placeware, an interactive web learning tool, you can participate in this training session from anywhere in the world. Basics Lexis-Nexis Basic is geared to the novice or prospective user. You will learn the basics of getting around Nexis.com and of the news and company information available on Lexis-Nexis. Attend our Lexis-Nexis Basics Online Clinic: November 14 10:00 AM Central Standard Time

IMPORTANT MESSAGE TO ALL EMPLOYEES PARTICIPATING IN THE ENRON CORP SAVINGS & ESOP PLANS

PLEASE READ THIS IMPORTANT INFORMATION CONCERNING THE ENRON STOCK FUND IN THE ENRON CORP. SAVINGS AND ESOP PLANS On Friday, January 11, trading of Enron stock was suspended on the New York Stock Exchange (NYSE). All Savings and ESOP Plan transactions, including 401(k) payroll contributions, involving this fund were placed in a pending status until trading resumed. As announced by Enron's Office of the Chair on Wednesday, January 16, Enron stock would now be traded Over The Counter (OTC). Upon receiving this information, work began immediately to develop a process that allows for OTC trades in the plans. On Thursday, January 17, Enron initiated a process to facilitate OTC trades of Enron stock inside the 401(k) and ESOP and all pending transactions were processed using Thursday's closing price. Now that trading has resumed, we urge you to review your investment elections to ensure that they are consistent with your investment goals. As things change, we will continue to update you. Enron Benefits Department

KOMP Horticultural - Sale of Leased Plants

The KOMP Horticultural contract for the maintenance of leased floor plants has been cancelled. Plant maintenance is not being performed on the leased plants in the Enron Building on floors 3 through 49. Rather than removing the plants from the building, KOMP Horticultural has chosen to offer the plants to Enron employees for sale. On January 16th from 11:00 AM to 2:00 PM, KOMP will have a table on the south side of the plaza, by the up escalator, for those employees interested in purchasing a plant. At the time of purchase, KOMP will give a special sticker to place on the container of the sold plant (do not bring plants to the plaza for purchase). Plants will not be allowed to be removed from the building unless they have the KOMP sold sticker on the container. The following guidelines must be followed: ? Plants will be priced at $30 plus tax for floor plants; $10 plus tax for desk-top plants. ? Only potted plants in black plastic containers are for sale. Plants in chrome, bronze, clay or any other outside containers are not for sale. ? Employees must remove all plants from the building themselves. Building Services cannot make pick-ups or deliveries. ? Security will be inspecting plants to assure they have the appropriate sticker when they are removed from the premises. ? Payment must be in cash or a personal check made out to KOMP Horticultural. If you have any questions please contact Richard Hensch at ext. 35522.

EFCU Offers IRAs

Which IRA is right for you? Whether you are saving for a new home, college, or retirement, Enron Federal Credit Union offers Traditional, Roth, and Education IRAs to fit your needs. 12 Month Term IRA Certificate 2.75% APY 24 Month Term IRA Certificate 3.25% APY 36 Month Term IRA Certificate 3.75% APY IRA Savings 1.75% APY An IRA Savings Account can be opened with only $25, or open a Term IRA Certificate with $500.

Quick Tips for the UBSWE migration

As of start of business, Wednesday, February 6th, you will have been migrated to the UBSW Energy environment. Here are a couple of quick tips and reminders to get you going: ? You will log in with your Enron NT ID, this will not change ? You will be asked to change your password, follow the standard Enron rules ? Your desktop will look the same ? Email will not be affected until Day 1, on which you will have your new UBSWE email address ? All compliant data and email should be copied to the UBSWE environment no later than Midnight (CST), Thursday, February 7, 2002 (see Data Migration Protocol email for compliancy direction) ? No data or emails are to be deleted from the system If you have any questions or concerns, please contact the Resolution Center at x 3-1411

AT&T Cell phone service

FYI: Cell phone service will be terminated beginning tomorrow, 1/9/01. If you have not yet made arrangements for new cell service and would like to do so, please let me know. Thanks, Kathy

Ken Lay Resigns from Board

Ken Lay announced today that he has resigned from Enron's Board of Directors. His resignation is effective immediately. In a press release, Ken said, "I want to see Enron survive and successfully emerge from reorganization. Due to the multiple inquiries and investigations, some of which are focused on me personally, I believe that my involvement has become a distraction to achieving this goal." He added, "My concern is for current and former Enron employees and other stakeholders, and I feel that it is in their best interest for me to step down from the Board."

Ski Trip 2002

I talked to Orhan today and he is waiting to see if you are going skiing with us. I can get Orhan a roundtrip ticket for $205.00. I see you can get a roundtrip ticket on Southwest for $144.00. Are you boys in or out?

Layoffs

Last week was the hardest week that our office has ever experienced. When I look down the list of people who were laid off I see the names of some very talented people. Things have unfolded so quickly -- the reality of the situation is settling in for me, and probably many of us, today.

Daily Update

Today was a very difficult day for us as market uncertainty continued. Recent news reports, including The Wall Street Journal article today, have speculated about possible mergers, takeovers and equity investors as options that Enron is considering. The reason you have not seen us responding to these reports is that it is our corporate policy not to comment on market speculation. However, I will tell you that we are evaluating all options to protect the financial stability of this company. I will keep you updated on developments as they occur.

FYI: Path 15 Meeting Participants

All, I just received an email w/ a complete list of the attendees at the Path 15 Meeting. They represented the following companies: Aera Energy Aspen Environmental Group Berkeley Lab. Black & Veatch Corp. BPA - PBL CAISO Calpine CEC Central California Power CERS City & County of San Francisco Constellation CPUC CPUC - DSP CUE DENA DWR Dynergy EBMUD Electricity Oversight Board Enron FPL Energy IDA Corp. Energy LADWP Mirant Navigant Consulting NCPA PB Power, Inc. PG&E PG&E National Energy Group Pinnacle West SCD Energy Solutions SCE Scheverman Consulting SDG&E SMUD Socalgas USE WAPA Williams Energy Please let me know if you have any questions, Kourtney

New Counterparty

Gentlemen, Looks like we are going to add a new generator to our program very soon. We will be the SC for Bay Environmental Management, hopefully starting on the July 3rd flow date. They have 3mw in NP15, and their unit ID is NOVINV_1_RICHMD. I will keep you posted on the initial flow date. Thanks,

Management Changes

With Ken Lay's resignation, you undoubtedly have questions about Enron's management structure and what lies ahead for the company. The purpose of this communication is to begin to answer those questions and lay out the direction we plan to follow as we regroup and rebuild. First, the Creditors Committee has proposed that the Board of Directors retain an interim CEO to focus on the restructuring process. This is a positive sign that the Committee believes Enron will provide greater value as a viable ongoing business. The Enron Board of Directors has approved Stephen Cooper as interim CEO and chief restructuring officer. Steve is the managing partner of Zolfo Cooper, a corporate recovery and crisis management firm with more than 30 years experience leading companies through operational and financial reorganizations. Steve and his firm will work with members of Enron's current management to develop and implement a comprehensive plan to restructure the company and emerge from bankruptcy. As you know, Enron has entered into an agreement with UBS Warburg for the sale of NetCo, Enron's wholesale gas and power trading organization. In preparation for the transition of NetCo to UBS, Greg Whalley has resigned as president and COO of Enron to assume a position with UBS Warburg. We want to thank Greg and the NetCo employees joining UBS for their contributions to Enron and wish them great success going forward. In addition to engaging Steve, Enron has formed an Office of the Chief Executive. I will join Steve in that office as president and chief operating officer, and Ray Bowen will join us as executive vice president and chief financial officer. We will provide additional information regarding the roles and responsibilities of Enron's entire management team once those become more fully defined. Thank you for continuing to support Enron by performing your job everyday. The ongoing uncertainty about our future, coupled with the constant media scrutiny, makes this situation difficult for all of us. While no one can control the media, we can and will define our leadership and devise our strategy for moving ahead. And in doing so, we will build a more certain future for our company and our employees.

UBS HR Meeting - REQUIRED

Please plan to attend the local UBS HR Presentation given by Gabrielle Hagele and Chris Lue tomorrow, Thursday, 1/24/02 at 2:00 PM in the Mt. Hood Conference Room. The presentation will detail UBS Benefits and UBS HR Policies. Time is also set aside for Question and Answers. Several UBS HR required forms will be distributed during this meeting. These forms are required to process payroll and enroll in the benefit plans. If you are unable to attend this meeting, please contact me or one of the UBS HR personnel. See you then!

Lexis-Nexis Training: Houston & Worldwide / Dow Jones Training

eSource Presents Lexis-Nexis Training Basic Lexis-Nexis Basic is geared to the novice or prospective user. You will learn the basics of getting around Nexis.com. We will talk about news and company information available on Lexis-Nexis. Attend our Lexis-Nexis Basics Clinic: November 6 1:00 - 2:00 PM EB572 Due Diligence This session will focus on the specific company, public records, and other sources available on Lexis-Nexis that help you find all possible aspects of a company's business and strengths or liabilities. Attend our Lexis-Nexis Due Diligence Clinic: November 6 2:30 - 4:00 PM EB572 Seats fill up fast! To reserve a seat, please call Stephanie E. Taylor at 5-7928. The cost is $100.00 per person. No-shows will be charged $200.00. * Please bring your Lexis-Nexis login ID and password. If you don't have one, a guest ID will be provided. * * * eSource presents free Lexis-Nexis Online Training Using Placeware, an interactive web learning tool, you can participate in this training session from anywhere in the world. Basics Lexis-Nexis Basic is geared to the novice or prospective user. You will learn the basics of getting around Nexis.com and of the news and company information available on Lexis-Nexis. Attend our Lexis-Nexis Basics Online Clinic: November 14 10:00 AM Central Standard Time

New curve fetch file

Due to the change of servers and moving of all ERMS databases to the new locations old curve fetch files are not working properly. I got our IT guys to fix the file you gave me. Everything looks OK now. I got the new file attached. Let me know if you have any questions. Vladi

Access Card Information

Dear Colleagues, We know you have many questions about your new benefits plan, payroll issues and other changes that will occur over the next few weeks. Human Resources and Communications are preparing a thorough Q&A, which we will send to you tomorrow and will regularly update as more information is available. Meanwhile, please read the announcement below from Security about how you can obtain a new UBS Warburg access card that will allow you to enter our new office space after Friday. I am confident that you share my enthusiasm about our new opportunity. We look forward to working along side each of you in the coming days. David Oxley Head, Human Resources

YOU HAVE 48 HOURS - Message from Louise Kitchen

It appears that the following email may not have been clear. You have to copy all documents yourself. This is my cheat sheet if it helps: H Drives: 1. Each person will have to move any data over personally from the old H drive (which is now Z:) drive to their new H drive. 2. The Z: drive (old H:) will be removed from UBS employees on Thursday night. O Drives: 1. For the old O or M drives go to O:\ESTATE\ O (or M ? pending location of data) and copy to the new common O. The Estate O and M will be removed from UBS employees on Thursday night. Do not delete anything and only copy information which is complies with the policy. Please make sure that those people who are not in the office are contacted and comply. Louise To: All Enron Employees Transferring to UBS Warburg Energy (or its affiliates) Under the terms of the various agreements among certain Enron entities and UBS AG, certain Enron data and documents may be provided to UBS. To ensure compliance with those agreements, Enron's document retention policy, as well as directives of various investigative agencies, the attached protocol regarding the process for migration of any information or data to UBS has been developed. Please review the protocol carefully. Then, complete the attached Certification and return it, with attachments, to Linda Guinn at EB 3829a no later than February 11, 2002. Questions about this matter may be directed to Michelle Cash at (713) 853-6401 or Francisco Pinto-Leite at (713) 345-7942 . Protocol Document and Data Copy Instructions Certification Document

3 - URGENT - TO PREVENT LOSS OF INFORMATION

Critical Migration Information: 1. Your scheduled Outlook Migration Date is THE EVENING OF : October 23rd 2. You need to press the "Save My Data" button (only once) to send us your pre-migration information. 3. You must be connected to the network before you press the button. 4. If a POP-UP BOX appears, prompting you to "ABORT, CANCEL OR TRUST SIGNER" please select TRUST SIGNER. 5. Any information you Add to your Personal Address Book, Journal or calendar after you click on the button will need to be manually re-added into Outlook after you have been migrated. 6. Clicking this button does not complete your migration to Outlook. Your migration will be completed the evening of your migration date. Failure to click on the button means you WILL NOT get your Calendar, Contacts, Journal and ToDo information imported into Outlook the day of your migration and could result in up to a 2 week delay to restore this information. If you encounter any errors please contact the resolution center @ 713-853-1411

Confidentiality Agrmt w/ NBPL

Bill, Please review this draft CA for Northern Border Pipeline. They are reviewing possibly taking a financial interest in TW's Sun Devil Pipeline project. If possible, please let me have your comments today. thanks

PSA and Confirm Form

For those of you beginning to work with our PSA and Confirm form, the provision guaranteeing lease payments in the event savings are insufficient is in the Additional Provisions document in FormsBank styled "Project Savings Deficit Payments". This provisions may be added to Section 5 of the Confirm if it is part of your deal. (You will need to convert the language to "plain English.") I am recommending to the Product team that this be added back into the form itself since all of the marketing materialI've seen references a savings guarantee. I attach a copy of these Additional Provisions below.

SoCalGas letter re BCAP GIR(v1).DOC

Attached is a letter from SoCalGas concerning the effect of Tuesday's Commission decision on its current BCAP filing. There should be a significant number of changes to the BCAP filing that we will see early next year. Dan

SoCalGas Unbundling

The CPUC published the SoCalGas unbundling order yesterday however due to Outlook problems I was unable to distribute it until today. Attached is a direct link to the order for your review. Since I'm using the website link to Outlook to send this e-mail, please let me know if you can't open the attachment and I will send it again when Outlook is back up in Omaha. The order is about 163 pages in length so if you don't have a good copier and want a hardcopy please give either myself or Blair a call and we will provide it for you. Significantly for Transwestern is the section on Intrastate Transmission Capacity and the Open Season process. This can be found on pages 41-58 with the Open Season discussion on pages 44 and 45. On pages 126 and 140, the commission directs SoCal to include an additional 375mm/d of backbone (including receipt point) capacity in the open season process. This is important because it includes the 50mm/d at Needles (per SoCal's exhibits in the system adequacy docket). In the Comprehensive Settlement, Appendix B, North Needles is listed as having capacity of 750mm/d of Primary Access Rights from Transwestern. It would be my recommendation that we need to encourage SoCal to revise this Appendix B as directed by the Commission to include the 50mm/d as capacity with Primary Access Rights from Transwestern as they had previously indicated in the Systems Adequacy Proceeding. SoCalGas was directed to file an Advice Letter to establish tariff revision to implement this order within 15 business days of the effective date (December 11,2001). Assuming two holidays for Christmas and New Years Day, this would make their filing date January 3, 2002. If we all agree that we need to encourage SoCal to add the 50mm/d as part of the open season process, then this needs to be done prior to their Jan. 3rd filing. Steve/Lorraine, please let me know if I can be of assistance. Following their filing, interested parties have 20 days to file a protest and/or comments on an Advice Letter filing (January 23, 2002). Please review the order or pertinent portions and advise of any comments you may have for our response. I'll be in the office this week and on vacation between Christmas and New Years Day however I can be reached at home anytime. My home number is (402) 330-3860. gh

What Enron Did Right

A great editorial in the Wall Street Journal today. Manager's Journal: What Enron Did Right By Samuel Bodily and Robert Bruner 11/19/2001 The Wall Street Journal A20 (Copyright (c) 2001, Dow Jones & Company, Inc.) This is a rough era for American business icons. Subject to the vagaries of age (Jack Welch), product failure (Ford/Firestone tires), competition (Lucent, AT&T), technology (Hewlett-Packard and Compaq), and dot-bomb bubbles (CMGI), managers and their firms remind us that being an icon is risky business. The latest example is Enron, whose fall from grace has resulted in a proposed fire sale to Dynegy. Once considered one of the country's most innovative companies, Enron became a pariah due to lack of transparency about its deals and the odor of conflicts of interest. The journalistic accounts of Enron's struggles drip with schadenfreude, hinting that its innovations and achievements were all a mirage. We hold no brief regarding the legal or ethical issues under investigation. We agree that more transparency about potential conflicts of interest is needed. High profitability does not justify breaking the law or ethical norms. But no matter how the current issues resolve themselves or what fresh revelations emerge, Enron has created an enormous legacy of good ideas that have enduring value.

MARKETING AFFILIATE RULE: Standard L Notice No. 45

Attached is the Forty-Fifth Revised List of Potential Marketing Affiliates for the Enron Corp. pipelines. The list of "Potential Marketing Affiliates" on page 1 has been revised to Add: ERMT Corp. The list of "Exempt Potential Marketing Affiliates" on page 3 has been revised to Add: Juniper Energy L.P.

Switzer v. Chevron, et al

Kathy, You helped me on this before. Plaintiffs are now pressing for a deposition on December 5 of a Rule 30(b)(6) corporate representative of TW in this matter in Houston at Susman, Godfrey's office. You have already sent to me a list of contracts that might be relevant. Bill Rapp got a telefax just recently on this from a Wes Hahn, who is apparently acting as a consultant/expert in this case for defendants. Hahn has suggested that he appear as TW's corporate rep in this matter. Hahn advises that he was an officer of TW and Enron "at the time that this contract was in force and when it was terminated." I guess he means the processing contract between plaintiffs and Chevron that was terminated around 1996 when Chevron sold the Leedey plant to Dynegy. Let's talk tomorrow about how many contracts we have, how long they might take to review for privileges, etc., who would be the right corporate representative for TW, and so forth. If you can think of anyone else who should be involved, please let me know. Given that Becky Zikes has actually worked for TW some years ago as a contract administrator, I'm going to ask her to attend our conference, as well as Barbara O'Banion, who just recently joined the Unit as a contract legal assistant. I look forward to speaking with you tomorrow. Britt P.S. : Dari, I included you because a processing plant was involved and thought you might be interested. Do you want to be kept in the loop?

factor

Jay, the factor change has completed, go to the rpt_west_formulas table and make changes in Factor column where necessary, run the following: O:\Fundy_Ops\IT\Report\West Summary\EXE\westsummary.exe see if the result is what you want. Let me know. Yan

Alas...

As they say, "All good things must come to an end." Unfortunately, this is hardly ever more true than in the IT consulting realm. I have been informed that as of this Friday (11/30/2001), my assignment here at Enron comes to an end. Obviously, Enron's current economic uncertainty predicated the need to alleviate any and all "excess baggage" (read: consultant/contractor costs). I truly have enjoyed my time here in the Gas Fundamentals group. I have definitely learned a great deal from everyone, and hopefully have helped others to do the same. I leave my contact information below, in hopes that if there is anything I can do for you in the future, you will not hesitate to get in touch with me (especially to let me know what time to be at Front Porch! ;-). All kidding aside, this has been a great overall experience for me. From now until Friday, I will be involved in handing off all projects/initiatives that I have been a part of (or directly responsible for). If there is anything needed of me (between now and then), feel free to give me a call (x5-8885) or stop by (ECS 06836) prior to Friday. Thanks for everything, and I wish everyone the best of luck in their future endeavors. Sincerely,

Medicine Bow Tie-In Capacity

Dear Medicine Bow Shipper: We received notification that the 6th segment to gate valve 5 providing a total firm capacity of 519 Mdth/day was approved by FERC yesterday and is available for transport. The contract effective date for this additional capacity will be on Monday, November 5. We plan on filing the request for the final segment of additional contacted capacity to gate valve 4 today or Monday. Based on conversations with many of you, it appears the 192 Mdth/day of additional (572 Mdth/day total) capacity on Medicine Bow provided by this last segment commissioning will be sufficient to accomodate your transportation requirements until the entire project goes into service (anticipated late this month). For the month of October, the capacity contracted was approximatly 90% utilized, and we anticipate even greater utilization for November. While a few of you have mentioned possibly having production in excess of your contract, it appears that the remaining shippers will have underutilized capacity and no additional capacity will be necessary until the Loop goes in service. Following the last segment approval notice, I will continue to update you on the progress and timing for the entire Loop in-service for your information and planning. Please call me if you have any questions.

Enron Update

This has been a tough couple of weeks. I hope that these daily communications on new developments are helping you understand what's happening with our company. Here's a rundown of events from last week: We executed a commitment letter with JPMorgan and Salomon Smith Barney that will provide us with additional secured credit lines worth $1 billion. Our Northern Natural Gas Company and Transwestern Pipeline Company will support these assets. We now have received a total of $4 billion in credit lines, which we will use to pay off short-term commercial debt and maintain liquidity. Our Board of Directors elected a new member to the Board - William Powers, Jr., the dean of The University of Texas School of Law in Austin, Texas. - The Board also established a Special Committee, to be chaired by Dean Powers, that will conduct an in-depth review of the transactions between Enron and entities connected to related parties. The committee is authorized to take any actions it deems appropriate. The Securities & Exchange Commission (SEC) opened up a formal investigation into related party transactions that have been the subject of media reports and the subject of the SEC's formal inquiry. As I've said before, we welcome this and look forward to working with the SEC to put this matter behind us. Moody's lowered our credit rating one level, from Baa1 to Baa2. Standard & Poor's (S&P) lowered our credit rating one level, from BBB+ to BBB. Fitch lowered our rating from BBB+ to BBB-. All agency ratings are investment grade. Even with what's happening with our company, we have kept running our business as usual, and here's few examples to show you that we are, indeed, doing just that: EnronOnline did 5,866 transactions with 302 counterparties on Friday. Transaction counts remain higher than average. EES signed a three-year fixed price agreement with Home Depot to supply power to 115 of its stores in California and 68 stores across Texas. EES also has exclusive rights to develop energy management proposals for all Home Depot facilities west of the Mississippi. EES also signed a three-year energy management agreement with Memorial Sloan-Kettering Cancer Center's four New York City facilities. Serious issues have been raised in the media and investment community that have put our credibility and reputation as a company in question. We're taking an introspective look at our business dealings, our core values and our organization as a whole. We're doing everything we can to deal with the issues that are affecting our company. And that's where you come in. Look around you. Look at the excellence that you and your team represents. That's the reason we hired you - you're the best. Now, more than ever, work for Enron and especially for each other. Thank you for your continuing support of our company and each other.

Moving Friday 11/16/01

Most of you already know, but the move is taking place this Friday 11/16/01. Please be sure you are packed by 3:00 PM on Friday and have everything labeled. They are moving both Power and Gas, so I am not sure what time the building will be open on Sunday or if it will be open at all. I will get back to you with that information by Thursday. If you have any questions or need help with anything, please let me know. Thanks!

Overview of Investor Conference Call

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 inter= ests and to regain their confidence. Our focus remains on our credit qualit= y, balance sheet and liquidity, which are essential for our continued succe= ss 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:

OPS meeting

We have conference room 6716 from 3:00 to 4:00 each day for OPS. I have not inspected the room to see if it will accommodate our entire group. Thanks,

Database Migration

Hi All, Reporting has been migrated to a new (it's own) database server and access to the old server has been disabled to ensure the currency of data. HOW THIS MIGHT AFFECT YOU: If you use tools that link to the Report Settings database, the 'pipeline' DSN on your PC will need to be updated to point to the new server. Specifically this applies to anyone utilizing a Access database to link to the database tables. RESOLUTION: We will be targeting known users (Justin's Group and Jay) tomorrow. However if you experience problems as a result of this change please contact me. Thanks,

hello

All, As many of you already know, I decided to take a position at EES, so this week suppose to be my last week in the Gas Fundamentals Group. It is a pretty satisfactory feeling to the reporting team and myself that we are able to contribute to the success of gas trading by providing over 100 reports every day. I certainly appreciated all your help, cooperation and friendship. Needless to say it was a great experience to work with you all. At Dave Dronet's request I'll stay one more week to transit my responsibilities to Kim Alexsander next week. Kim will lead the reporting team and continue provide the excellent support to you all. The reporting team is in good hands. Even after I move to another group, I am just a phone call away, I'll let you know my new phone # and continue to help you wherever I can. Thanks....

when you have a second

take a look at the saturday weather forecast for new orleans. my family is having a big outdoor party and my mother is considering canceling it b/c we could have rain. i know you are busy but you are the weather master. so if you have time, let me know what you think. thanks,

Your Role in Computer Virus Protection

As you are aware, there have recently been a number of virus attacks released and spread across the Internet. Although Enron continually readdresses and updates its virus protection procedures, new viruses will continue to be released and pose a threat to Enron's computing environment. Therefore, it is very important that all Enron employees understand their responsibilities in helping Enron stay virus free. If you receive a file via Email or any other means and you are unfamiliar with the sender or the purpose of the file, please do not automatically open/launch the file. One of the key elements of a virus attack is the innocent nature of its delivery. Viruses can cause a significant amount of damage, including data loss and service outage. Viruses such as the Melissa, ILOVEYOU, AnnaKournikova, and the recent Nimda virus, caused organizations billions of dollars. Sometimes new viruses can breach the environment before the virus scanning software has been updated to detect & quarantine them. Every employee in the Enron organization has a responsibility to keep our computing environment virus-free. If you believe you have a file that looks suspicious, delete it or contact your Resolution Center to obtain their assistance. North America Resolution Center - x31411 ETS Solution Center - x54745 European Resolution Center - x36777 EES Help Desk - x 39797 Prevention & Detection = PROTECTION!

YOU HAVE 48 HOURS - Message from Louise Kitchen

It appears that the following email may not have been clear. You have to copy all documents yourself. This is my cheat sheet if it helps: H Drives: 1. Each person will have to move any data over personally from the old H drive (which is now Z:) drive to their new H drive. 2. The Z: drive (old H:) will be removed from UBS employees on Thursday night. O Drives: 1. For the old O or M drives go to O:\ESTATE\ O (or M ? pending location of data) and copy to the new common O. The Estate O and M will be removed from UBS employees on Thursday night. Do not delete anything and only copy information which is complies with the policy. Please make sure that those people who are not in the office are contacted and comply. Louise To: All Enron Employees Transferring to UBS Warburg Energy (or its affiliates) Under the terms of the various agreements among certain Enron entities and UBS AG, certain Enron data and documents may be provided to UBS. To ensure compliance with those agreements, Enron's document retention policy, as well as directives of various investigative agencies, the attached protocol regarding the process for migration of any information or data to UBS has been developed. Please review the protocol carefully. Then, complete the attached Certification and return it, with attachments, to Linda Guinn at EB 3829a no later than February 11, 2002. Questions about this matter may be directed to Michelle Cash at (713) 853-6401 or Francisco Pinto-Leite at (713) 345-7942 . Protocol Document and Data Copy Instructions Certification Document

roll call for skiing

hi everone! I'm trying to get a feel for who may be interested in a south lake tahoe ski shindig. I looked into the place we rented 2 (?) years ago (when cooper flew down from portland via reno on the snowiest day of the year) and it is available as soon as March 8. Yeah, not that soon (maybe this will give the sky a chance to bear snow). Between 12 people, 2 nights, a hottub, fireplace, heavenly company, etc. it would cost about $40/person for the weekend. Let me know what weekends on/after March 8 would work for you and how many people including yourself may like to come. let it snow let it snow let it snow!

Market Data real time data / subscriptions and Publications

Cooper: Here is a list of all services Market Data will support moving forward. Please prioritize the list and add any systems that have been missed. Thank you,

Final Benefits Memo

In order for UBS Warburg to timely process your paycheck, I am requesting that all employee's accepting offers return any outstanding forms to my new desk location at 05852 on the 5th floor of ECS (Look for the Hamburg Flag) by noon this Friday 2/01/02. This will prevent any benefit deductions from having to be "Double Deducted" on future checks. Please attach a deposit slip or voided check stub to your direct deposit form. Attached below are the forms needed for payroll/benefits, in case you did not turn these in at Orientation. Lastly, please verify that your EHRonline home address is showing your current home address because all live checks will be mailed to your home residence. Thanks, Tony Jarrett

EEMC NEPOOL PGE&T

Hi Richard, Who would be a good contact regarding contract settlement between EEMC and PGE&T in NEPOOL? Apparently, EEMC should be receiving $$ from PGE&T. Thanks,

I'm Safe Now

I'm finally finished with Defensive Driving. What a complete waste of my time!! I passed though. Can you imagine failing and having to take it again?!! I think I'd rather just pay the extra insurance than sit through that again. It turns out that I only had about 20 minutes left to watch. If I'd known that I would have finished it yesterday. Have you decided what you want to do tonight? I had a great nap, so I'm up for whatever you want to do (within reason that is). Gotta go Canada's calling. Robin

PS

I had to look for something in my sent mail earlier. At least half, if not more, of the emails I send are to you! !

OutDated Book IDs

Please review the attached file. The books listed for each trader are marked for removal from the portfolio. If you are currently using one of these books or will be using it in the future please highlight the book id in YELLOW. If the book is no longer used please highlight the book id in BLUE. When you have finished please return the file to me. Thanks for your help,

Post IDs

Virendra, Here are the book ids and post ids of the three books that we are having to manually override each night. These books are all set up in RiskTrac and are officialized in Portcalc. BOOK ID 11/09/00 POST ID INTRA-NORTHEAST-BAS 941776 INTRA-CNT-GULF-PHY 941701 INTRA-CNT-GULF2-PHY 941767 If you need any more information let me know. Thanks for your help. Robin x57478

5 Day Loss Explanation

Chris, Here is our explanation of the 5 Day loss violation. Let me know if you need any more information. Due to a forecast for mild November weather, futures prices have fallen sharply over the last five days. Nymex futures prices have fallen a total of $0.68 over the last five days. The Gas desk's loss is primarily driven by a long price position held by the Financial desk, which averaged 7, 295 contracts over the same period. Robin

Back at Work

Dawn, Doesn't it suck to be at work and know that someone else is out of the country? I just want to let you know how much I suffered while you were gone. I realize now just how bad you must want out of this group. Without you or Jennifer there was no real conversation the whole week!! Chris just works quietly. Jason interrupts the quiet with inane comments that I have no idea how to respond to. And Anne...well I can't even explain that. Let me digress for just a moment to talk about work. Nothing really happened. All was quiet. If anyone was upset about anything they didn't tell me about it. I did get an email from Frank Cernseck(or how ever you spell his name). It seems we took too much as broker fees in July. I haven't researched it, but from what Victor tells me that's an adjustment that needs to be made on last day P&L. I'm sure I'm not telling you anything you don't know. Just wanted to let you know I'm glad you're here and I'm not. Hope you enjoyed your trip. Robin

PWR-GAS-LT-MGMT-PRC

Gary/Susan, It came to our attention yesterday that the PWR-GAS-LT-MGMT-PRC book is included in the POS-GAS-TRD portfolio. This book is officalized by Jenny Latham and the position is not reported on the benchmark. Therefore, I don't believe it should be included in the POS-GAS-TRD portfolio. Also please ensure that this book is not included in the AGG-GAS portfolio. Thanks,

GD-NEW-PRC

Gary/Susan, It seems that the criteria in the GD-NEW-PRC0 portfolio was deleted. Please add this back so that we can pull positions into the benchmark. If you have any questions give me a call. Thanks,

Spreadsheet Format

Kathy, I spoke with the system administrators today and they gave me several more guidelines for the text files. 1) The Book ID must be an existing book (Please use the same book id every day). Also please Sort the Book Id by risk type (ie IMCan-Erms-xl-GDL, then IMCAN-ERMS-XL-PHY, then IMCAN-ERMS-XL-PRC.) 2) The Master Deal Id must be a unique number per line. 3) The reference date must be in the following format D-MMM-YY. 4) MTM Value Amount must be a NUMBER. If there is no position please use a zero. 5) The GROSS POSITION and DELTA POSITION must be a value. No commas, no dashes, no links, and no #REF errors. Again if there is no position please use a zero. The guidelines apply to all text files that must be loaded into GRMS. If you have any question, please give me a call. Thanks,

FT Can Positions

Kathy, Here is the FT Can Position including the Exotics file. Let me know how it looks. I'm having trouble getting the IM position to pull in, so if I don't send you a file soon just assume I'll plug the numbers to match the excel file that Brian saved in the directory. Thanks,

Benchmark Process

David, Here is a short list of what it takes to pull positions into the benchmark. 1) Once a book is officialized it must be loaded into GRMS BEFORE the positions can be pulled into the benchmark. 2) With everyone officializing books around the same time the GRMS que is overloaded and positions are very slow to be loaded into GRMS. 3) GRMS processes books in the order that they are officialized. If one of your books is officialized behind either the Nymex, Power, or Canadian books your book will not be loaded into GRMS until these books are finished. This process can take up to 45 minutes to complete. 4) I have to manually create text files for deals that they system is not designed to handle. These files must then be loaded into GRMS. 4) I have to manually override Post-IDs that for one reason or another do not come in automatically or that come in incorrectly. 5) The benchmark query takes approximately 15 minutes to complete. The more books that are officialized, the longer the query takes. 6) When books are unofficialized and reofficialized, this effectively sends that book to the back of the GRMS que. This means that the entire process must be started over. 7) Now that plugging positions is no longer an option, I have to spend time researching any variances that arise between the GRMS position and the ERMS position. 8) If the book admin and I cannot solve the problem, then I have to contact the GRMS support team. Since this usually occurs after their regular hours it takes a while before they can get back in touch with me. 9) I cannot query new data while I'm researching variances or on the phone with GRMS support because I need access to the information that is currently in the bench. 10) Finally, this is a massive file therefore we frequently get errors and have to shut down. Even if the spreadsheet has been saved and no data is lost it still take about 10 minutes just to shut this file down and reopen it. If you have any more questions let me know. Robin x57478

NYISO - MIS Outage - October 17, 2001 - Reminder Notice

market_relations@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List: *****Reminder Notice************ Dear Market Participants On October 17, 2001, the NYISO web servers will be upgraded. This will require both software and hardware changes. While these changes will be transparent to the users, these changes will require that the MIS system be unavailable for approximately 60 minutes. The outage will begin at approximately 11:35 AM. Market Participants planning on submitting HAM transactions or modifying Day Ahead bids should act accordingly. The NYISO will minimize the duration of the outage as much as possible as we recognize the inconvenience caused by system outages. Ultimately, these changes will result in a more stable environment and provide enhanced services that the current web servers are unable to perform.

October 28th billing

RBowers@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List: Billing for October 28, 2001 settlements was started at 17:24 this evening. With an estimated bill run time of 5 hours, advisory billing statements should post by midnight. Regards,

Lexis-Nexis Training: Houston & Worldwide / Dow Jones Training

eSource Presents Lexis-Nexis Training Basic Lexis-Nexis Basic is geared to the novice or prospective user. You will learn the basics of getting around Nexis.com. We will talk about news and company information available on Lexis-Nexis. Attend our Lexis-Nexis Basics Clinic: November 6 1:00 - 2:00 PM EB572 Due Diligence This session will focus on the specific company, public records, and other sources available on Lexis-Nexis that help you find all possible aspects of a company's business and strengths or liabilities. Attend our Lexis-Nexis Due Diligence Clinic: November 6 2:30 - 4:00 PM EB572 Seats fill up fast! To reserve a seat, please call Stephanie E. Taylor at 5-7928. The cost is $100.00 per person. No-shows will be charged $200.00. * Please bring your Lexis-Nexis login ID and password. If you don't have one, a guest ID will be provided. * * * eSource presents free Lexis-Nexis Online Training Using Placeware, an interactive web learning tool, you can participate in this training session from anywhere in the world. Basics Lexis-Nexis Basic is geared to the novice or prospective user. You will learn the basics of getting around Nexis.com and of the news and company information available on Lexis-Nexis. Attend our Lexis-Nexis Basics Online Clinic: November 14 10:00 AM Central Standard Time

Meeting Schedule w/Cinergy

Ben, Good Morning! I work for Joe Toussaint and I'll be making your travel arrangements and scheduling the meetings for January 3. I wanted to check with you before I scheduled the flights. Please call me at your earliest convenience. I'll be leaving the office today at Noon. Thanks!

Friday Afternoon pizza and refreshments

doris and i would like to invite you over for pizza and refreshments this friday 9/28 at my home in the woodlands. We live near the sterling ridge shopping center where the woodlands parkway intersects Kuykendahl road. I can forward directions upon request, our address is 39 North Heritage Hill Circle, 281-419-4831. Please let me know if you have time to stop by beginning at around 5:30p.m. thanx, charlie costenbader

NYC Marathon Update

The New York City Marathon will take place as scheduled on Sunday, November 4, 2001. The following are items of special interest: HOTELS Prices have been reduced at selected New York City Hotels. Please check www.nycmarathon.org for complete hotel and airline information.

More Lincoln Questions

Here are some more questions. These guys are only bidding on Lincoln, so all of these should be just Lincoln questions. Thanks again for your help with these. Ben

ENRON -- Information requests resulting from Gleason site visit

Here are the questions from Allegheny regarding the Gleason plant. We will try and answer these tomorrow, so please write down your answers to each question and fax back to me at (713) 646-8863. Thanks for your help with these questions. Ben

New Albany

There is an amendment to the TVA Interconnection Agreement in the due diligence files that is not signed by TVA. Was one ever signed? Please advise ASAP. Zisman

Question 2

Jon: Here are some more questions regarding the Caledonia plant. Your assistance with these questions would be greatly appreciated. Please send your answers back to me when completed. Again, thank you for your help. Regards,

Genco

Dave: I was talking with my brother-in-law who is Kinder/Morgan's VP of Corp Development and they would be interested in talking with us about contributing their 5,000 MW's of generation into a JV/Partnership to lead into a public offering. We are still under several different CA's with them, due to our past conversation's regarding generation. With our previous discussions, Rich Kinder had suggested to Kevin Hannon if Enron would be interested in buying the whole Orion Project, but at that time ENA was only interested in the first couple of projects, due to the delivery of the turbines. In light of our past discussions and KMI's desire to exit the generation business, this JV would give them the perfect "exit strategy". Also, it would give us a better growth strategy, with respects to our talks with other parties. I know that bringing in a potential third party would complicate the deal structure, but I think that it would build a much better growth story to Wall Street. If you think this would be a good idea, I can begin to set up a meeting as soon as possible with Kinder/Morgan. Thanks! Ben

Genco Meeting

The meeting has been switched to 2:00pm over near room 3125 - TBA. Let me know if this doesn't work for any of you. Thanks Ben

Recommendation

I will be getting out my Rice application on Tuesday the 21st, so if your able to complete the recommendation form before or on Tuesday I would greatly appreciate it. I leave for a Christmas vacation on Wednesday and wanted to get it out before I left. Thanks again for taking the time to write this recommendation for me. Ben

Yo!

What's Happenin'? Did you catch the interview on Fox? The babe who interviewed me was sooooooooo hot that all I could think of was how good she must taste.

Program Changes

As you know, this is an unprecedented time in Enron's history. We must adapt our employee programs to fit the immediate needs of our company during this time of transition. It is especially difficult to announce the immediate suspension of the following programs. ? ClickAtHome - Enron has suspended the ClickAtHome program. The program will no longer accept new participants, PC orders, or Internet service orders. Orders submitted and confirmed prior to November 20, 2001 will be honored. Enron will also discontinue subsidized Internet service. Effective January 1, 2002, employees who are currently subscribers to subsidized Internet service will be switched to the regular commercial rate of their service provider and be responsible for the entire cost of the service. ? Matching Gifts and Volunteer Incentive Program (VIP) - Enron's Matching Gift program and VIP grants have been suspended indefinitely. As we consider the immediate needs of all employees during this trying time, it is appropriate that we discontinue the dollar for dollar match for charitable contributions as well as cash donations recognizing employees' volunteer hours with non-profit organizations. Matching Gift or VIP submissions received prior to November 20 will be honored. We regret that we have had to make these changes. We must continue to look for ways to reduce operating expenses through this transition period.

Jeff Skilling on CNN this weekend

You will have several opportunities in the next few days to see a taped interview with Jeff Skilling on The Players segment of "Business Unusual," a program that captures the insights of the world's prominent corporate leaders. "Business Unusual" will appear on CNN networks in select regions around the globe. Jeff will discuss why Enron is destined to be the world's leading company, developing a culture that rewards change, the principles of a "loose/tight" organization and more. Broadcast Schedule: CNN Saturday, May 19 11:30 a.m. Pacific Standard Time Sunday, May 20 5:30 Central Standard Time (a.m. and p.m.) CNNfn Monday through Friday, May 21-25 7 p.m. and 10:30 p.m. Central Standard Time CNN International Europe: Saturday, May 19, 1130 CET Sunday, May 20, 1930 CET Asia: Saturday, May 19, 1030 HK Latin America: Saturday, May 19, 930 BA Sunday, May 20, 1030 BA

IMPORTANT-To All Domestic Employees who Participate in the Enron Corp Savings Plan

If you are a participant in the Enron Corp. Savings Plan, please read this very important message. We understand that you are concerned about the timing of the move to a new Savings Plan administrator and the restricted access to your investment funds during the upcoming transition period scheduled to take place beginning at 3:00PM CST on October 26 and ending at 8:00AM CST on November 20. We have been working with Hewitt and Northern Trust since July. We understand your concerns and are committed to making this transition period as short as possible without jeopardizing the reconciliation of both the Plan in total or your account in particular. Remember that the Enron Corp. Savings Plan is an investment vehicle for your long-term financial goals. The Enron plan will continue to offer a variety of investment opportunities with different levels of risk. As always, we advise you to review your overall investment strategy and carefully weigh the potential earnings of each investment choice against its risk before making investment decisions that are aligned with your long-term financial plans and your risk tolerance. For that reason, it is critical that ALL trades among your investment funds be completed by 3:00 PM CST Friday, October 26 before the transition period begins.

Gray Davis

Bri, What's the deal with this Gray Davis guy? What's your opinion on him? He's pretty much out to lunch on this whole energy crisis thing. I was wondering how the citizens of California viewed him. Hope everything is going well with Kim, Kendall and yourself. Talk to you soon. Send an updated picture if you have one. Kevin

GISB/EISB Workshop Nov. 9

Please see attached. While I am not opposed to the formation of the ESIB, I have several concerns based on preliminary indications that the EISB will publish a "standardized" contract for wholesale power transactions. I'd like to avoid a third or even fourth (if you consider ERCOT still to be a viable option) U.S. based wholesale power agreement. As it appears that the formation of EISB is going forward, and has FERC endorsement, it might be worthwhile to attend this workshop. Please let me know your thoughts.

Workstation Upgrade

What: Workstation upgrade for security enhancements and standardization efforts When: Schedule as below How: Small updates will be performed at login; other larger updates can be performed at your convenience. This message box will be presented at the end of the upgrade process and provides important information for the larger updates. If you have any question or issues with this update, ETS users should call the ETS Solution Center at 5-4745 and all others should contact the Resolution Center at 3-1411. Desktop Architecture Tentative schedule for update: Houston Floors Begin after 12:00 noon on ECN 1 - 10 (except 6) Thursday, October 11 ECN 11 - 15 (except 14) Monday, October 15 ECN 16 - 20 Wednesday, October 17 ECN 21 - 28 (except 24) Friday, October 19 ECN 33 - 38 Monday, October 22 ECN 39 - 43 (except Gas Control) Wednesday, October 24 ECN 46 - 50 Monday, November 5 All (including trading floors) Wednesday, November 7

Short Form WSPP Collateral Annex

Attached please find the short form collateral support annex to the WSPP Agreement which we are planning to propose at the WSPP Collateral Annex meeting. Please let me know if you have any comments. Thanks, Shari

Reference

Liz: I'm interviewing at Constellation tomorrow and was planning to use your name as a reference. I'm sure you don't mind, but wanted to give you a heads up. The position is a regulatory attorney w/ David Perlman. Regards,

Approval required

Elizabeth, Julia, Mark, Jeff, and JoAnne, Per the discussion with Alan Aronowitz and Nony Flores to include Global Markets in the project, they have decline due to time constraint in gathering requirements. However, if they decide otherwise, they can be added during the elaboration phase. In going forward, I will need approval from you all to begin the project. Instead of a written signature for the Statement of Work - Trading Agreements Project, send me your approval via email. Please copy Betty Broadfoot when sending your approval. Thanks,

Power Trading Audit Report

The Power Trading audit, executed by Andersen, has been completed. The attached Final Report has been reviewed with key process owners and issues were discussed with appropriate personnel, both during the audit and at the Closing Meeting. Final Reports will also be reviewed in detail with Wes and Sally on a periodic basis. EAS will follow up with you regarding implementation of corrective actions for High Priority Items If you have any questions, please contact me at ext. 5-4554. Thank you. Mechelle Atwood Director, Enron Assurance Services Enron Wholesale Services

Mandatory Set-Off Language

Elizabeth, please call me to let me know how you want to proceed on this. I reviewed with Mary last week the set-of language for the trading forms in light of Robert Anderson's review and suggested revisions. Mary had reviewed the language with your outside counsel and for reasons, most of which I did not necessarily follow to be honest, they were not agreeable to Robert's suggested revisions (other than the "without limitation" language (which I note has now been inserted only in part, and therefore may still problematic, in that it refers to being without limitation to either party's rights, which would include the defaulting party's right to object to the enforceability of the entire set-off provision or to assert some alternate form of set-off arrangement)). I agreed with Mary that I would again review that matter with Robert. I have again reviewed the matter with Robert, and he remains concerned with the language as is, since the triangular set-off as proposed without also dealing with the issue of mutuality, which is fundamental to the concept of set-off, results in a contractual agreement (assuming that we get past the privity and consideration issues), to call something "set-off" that fundamentally is not set-off. Robert's concern is that if the issue of mutuality is not addressed the current language could be viewed by a court not as set-off but as an assignment of a third obligation as security, that may be unenforceable for various reasons, including non-perfection. Robert also makes the following points: 1. His suggested revisions already are a compromise from what he believes would be required in a more detailed provision addressing these complex issues; 2. To the extent that we introduce triangular set-off that may not ultimately be enforceable, we are running the risk of the entire clause not be allowed by the courts, and therefore having no right to set-off; 3. As drafting points, the "without limitation" language still provides the defaulting party with an argument to avoid the entire arrangement, and there is no specified date for the currency conversion; 4. In terms of the issue of consideration, it is an issue of contract formation, which is fundamental to a contractual right of set-off; 5. In terms of when the mutuality of the obligations arises, he is agrees that it would be best that it arise form inception, but he thought that would be difficult to sell commercially, and therefore setled on default but prior to elected termination. In short, Robert's point is that even with his revisions he would have concerns, but without his revisions he has serious concerns around enforceability, and it is difficult for me to simply ignore his advice given both his reasoning and my experience with Robert's advice. In terms of where to go, I think there are the following solutions: 1. We can see this as a Canadian issue, and therefore incorporate Robert's changes in the Canadian forms only - physical and financial; 2. We can have Robert speak to your outside counsel and see if they can't come to some common ground on more universal language; 3. We can leave the matter as is for all forms. (I am more comfortable with 1 than 3.) Why don't you give me a call. I am sure we all want to move past this and, ackowledginging the risks, simply need to agree on a definitive approach. Peter.

short term PPA template

Dear Elizabeth; As per Mark Haedicke's request, please be kind enought to provide me with the short term PPA template that Enron uses in North America and Canada. Mark asked me to compare the US/Canada and the Brazilian versions for clients who do not have a good credit history and, as consequence, will not enter into a Master Power Trading Agreement type of document. Thanks and Regards,

STRIDERS

Dear Brownie Parents, Your Brownie should bring home an entry form for STRIDERS, a Girl Scout track and field day, from the troop meeting today. Please return is ASAP, or by 11/13 at the latest. If you will not be attending, please let us know too. Any questions, please call Joy 713-660-8764. Thanks!

IMPORTANT-To All Domestic Employees who Participate in the Enron Corp Savings Plan

If you are a participant in the Enron Corp. Savings Plan, please read this very important message. We understand that you are concerned about the timing of the move to a new Savings Plan administrator and the restricted access to your investment funds during the upcoming transition period scheduled to take place beginning at 3:00PM CST on October 26 and ending at 8:00AM CST on November 20. We have been working with Hewitt and Northern Trust since July. We understand your concerns and are committed to making this transition period as short as possible without jeopardizing the reconciliation of both the Plan in total or your account in particular. Remember that the Enron Corp. Savings Plan is an investment vehicle for your long-term financial goals. The Enron plan will continue to offer a variety of investment opportunities with different levels of risk. As always, we advise you to review your overall investment strategy and carefully weigh the potential earnings of each investment choice against its risk before making investment decisions that are aligned with your long-term financial plans and your risk tolerance. For that reason, it is critical that ALL trades among your investment funds be completed by 3:00 PM CST Friday, October 26 before the transition period begins.

Follow-up on VEPCO

Elizabeth, Hope you had a wonderful Thanksgiving-weekend. Just wanted to follow-up on my messages on your voice mail re. our call with VEPCO and subsequently, with Kevin. It seems that there might be some agreement with VEPCO with regards to moving to an hourly index. Kevin said he needed to hear from you and the higher-ups that our potential exposure resulting from audits was something we needed to address, and he would then take the resulting positions on his books (without being penalized over potential MTM downside). Please give me a call when you have a moment so I can fill you in, and we can discuss the feedback we need to provide internally and to VEPCO (they're expecting something by tomorrow - Tuesday, 11/27/01) Please feel free to call me at any time. Regards,

Enron response to Market based rates issues

Christi will be holding a conference call tomorrow, Wednesday, November 28 regarding the above subject. Details are listed below. Also, please confirm your participation via e:mail to me.

Spring Singles League

I received info for the Spring 2002 Singles League. League will not start until February, but the roster and team fee have to be postmarked by Dec. 28th. I'm leaving to go out of town on Dec. 19th, so I will need to know before then if you are planning on playing again. Also, we will all need to pay our 2002 HTA membership dues ($20 for the year). Let me know if you need me to fax you a form. Cindy Madi

WARNING: Your mailbox is approaching the size limit

This warning is sent automatically to inform you that your mailbox is approaching the maximum size limit. Your mailbox size is currently 90247 KB. Mailbox size limits: When your mailbox reaches 75000 KB you will receive this message.To check the size of your mailbox: Right-click the mailbox (Outlook Today), Select Properties and click the Folder Size button. This method can be used on individual folders as well. To make more space available, delete any items that are no longer needed such as Sent Items and Journal entries. You must empty the Deleted Items folder after deleting items or the space will not be freed. To turn Journaling off, click Tools | Options | Journaling Options and de-select all items. See client Help for more information.