The news that we are buying the "Pliego" may be mis-interpreted that Enron is 
changing its posture and -- those crazy people in Enron South America are 
going back purchasing assets.

Mike wants to buy the document to analyze how Enron my be able to participate 
in this market. He has made it clear to the local officials that we do not 
intend to buy the distribution wires. Please pass the word if it comes up.

Jose

---------------------- Forwarded by Jose Bestard/ENRON_DEVELOPMENT on 
06/08/2001 11:41 AM ---------------------------


Michael Guerriero@ENRON
06/08/2001 07:25 AM
To: Joe Kishkill/SA/Enron@Enron, Orlando Gonzalez/SA/Enron@Enron, Keith 
Miceli/Corp/Enron@Enron, Brett R Wiggs/SA/Enron@Enron, Remi 
Collonges/SA/Enron@Enron, Britaldo Soares/SA/Enron@Enron, Jose 
Bestard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sergio Assad/SA/Enron@Enron, 
Buenos Aires Argentina - Office Staff, Maria Ines Granado/SA/Enron@Enron, 
Guillermo Atenor/SA/Enron@Enron, Diego Hollweck/SA/Enron@Enron, Bernardo 
Andrews/SA/Enron@Enron, Julian Poole/SA/Enron@Enron, Rodolfo 
Freyre/SA/Enron@Enron, Patrick Hansen/SA/Enron@Enron, Federico 
Cerisoli/SA/Enron@Enron, Roberto Volonte/ENRON@enronXgate, Guillermo 
Canovas/SA/Enron@Enron
cc:  

Subject: Epec Privatisation

We have just completed our review the Epec distribution assets and the final 
meeting with senior representatives of the Epec privatisation. We have 
concluded there is limited value in Enron pursuing the regulated wires 
business but also that there is potential value in Epec's generation assets 
such as the Rio Grande Peaking Unit and other commercial opportunities in 
Cordoba. To this end we are purchasing the distribution pliego of Epec to 
gather pertinent energy market information. 

In the next week you may see Enron being listed as a purchaser of the Epec 
pliego. To avoid any confusion,  particularly for our Argentine employees,  I 
am informing all of you of our commercial intentions are still to pursue the 
peaking assets and other commercial opportunities in Cordoba. 

Please let me know if you have any questions.

MFG