As evidenced by an exceptionally strong performance in the second quarter, 
Enron,s wholesale energy businesses in North America and Europe continue to 
experience tremendous growth.  The opportunities to continue to grow our 
natural gas and power businesses have never been better and it is critical to 
Enron,s future success that we remain focused on expanding these businesses 
and maintaining the strong momentum we have in these markets.

It is equally important that we continue to develop new businesses outside of 
gas and electricity, which can make significant contributions to our earnings 
growth.  We have made significant progress in developing these businesses in 
North America, Europe, and most recently in our new Net Works business unit.  
Included in these global businesses are our efforts in crude and products, 
coal, emissions, insurance, currency, equity trading, interest rates, credit 
trading, paper and pulp, and metals.

While significant progress has been made in these efforts we need to 
accelerate the growth of these new businesses while continuing to 
aggressively expand our core gas and electricity businesses in North America 
and Europe.  In order to accomplish these two objectives and to capitalize on 
the increasingly global opportunities in these new businesses we are today 
announcing the formation of a new business unit ) Enron Global Markets.  This 
new business unit will focus on markets and commodities which are global in 
scope, but outside our traditional gas and power markets.  This new core 
business unit will operate in parallel with and in close coordination with 
the North American and European businesses.

Enron Global Markets will be headed by Mike McConnell, President and Chief 
Executive Officer, and Jeff Shankman, Chief Operating Officer.  They will 
report to Mark Frevert who will be Chairman of Enron Global Markets.  Mark, 
Mike and Jeff will comprise the Office of the Chairman for Enron Global 
Markets.

Included in this new business unit and reporting to the Office of the 
Chairman will be the following businesses and their leaders:
- Global Crude and Products:     John Nowlan
- Coal:         George McClellan
- Currency, equities, interest rate and agricultural trading:  Gary Hickerson
- Insurance and weather:      Jere Overdyke

Enron,s metals business and Enron Credit.com will remain the responsibility 
of Enron Europe. The Paper and Pulp business will continue to reside in North 
America. 

With the departure of Mike McConnell from Enron Net Works, we are pleased to 
announce the following appointments in that business unit:
- Jeff McMahon: President and Chief Operating Officer
- Louise Kitchen: Chief Commercial Officer
- Philippe Bibi:  Chief Technology Officer

Jeff, Louise and Philippe, along with Greg Whalley,  will comprise the Office 
of the Chairman for Enron Net Works.

With Jeff Shankman,s departure from Enron North America,s natural gas 
operation, all of Jeff,s direct reports will report to John Lavorato.

We are also pleased to announce the following changes to the Enron North 
America Office of the Chairman.  John Lavorato will join the ENA Office of 
the Chairman as Chief Operating Officer.  Dave Delainey will assume the role 
of President and Chief Executive Officer.  Mark Frevert will retain his role 
as Chairman of Enron North America in addition to his role as Chairman of 
both Enron Global Markets and Enron Europe.

Please join us in congratulating everyone in their new assignments and in 
supporting the new Enron Global Markets organisation.