From Kevin Hannon, Jim Hughes and John Lavorato

Our efforts to move our South American merchant business model to look like our North American and European models has been evolving quickly.  In the volatile Brazilian power market, Enron is poised to start-up the first merchant plant in the near future.  We are working on several structured transactions and are at the forefront in working with Brazilian regulators to create a viable deregulated power market.

To continue our positive momentum in South America, we have decided to change the leadership of the merchant business.  We have asked Orlando Gonzalez to become President and CEO.  In addition we have asked Brett Wiggs to join Orlando in the office of the chairman as Chief Commercial Officer.

Joe Kishkill has been involved in the South American business for many years and will be exploring other opportunities within Enron.  We would like to thank Joe for his contributions.  

Please join us in congratulating Orlando and Brett on their new duties.