Gentlemen,

In relation to the planned visit to London, Washington DC and Houston by Nick 
O'Day and myself over the next week to discuss regulatory issues in Japan and 
our plan for a competitive Japanese market, please find attached the latest 
draft of the report produced by the Brattle Group. We are very interested in 
hearing your comments on the ideas in this paper and how they relate to 
Enron's experience and policy in general. 

Best regards
Mark Crowther
Public Affairs
Enron Japan