Here's what I have:  I'm sure I'm on time in some time zone somewhere.  Tim 
Belden is due back from vacation on Monday.  The West desk would not give me 
any valuation estimates until Tim returned.

EES

PTR, Phase I  
Enron was the only party that raised the issue of the UDCs imposing an 
artificial cap on the PX credit for direct customers (RAP '98).  The CPUC 
shined us on. Later, we ensured that it became part of ARM's case in PTR 
Phase I. The way the "cap" worked, the UDCs would not pay ESPs the full PX 
credit when prices were high -- they would pay a credit that, when added to 
the other bill components, did not exceed the frozen rate for the direct 
access customer, thereby costing ESPs potentially a lot of  money.  It was 
clear in the previous CPUC direct access decisions that UDCs had no right to 
cap direct access credits. Because of our good case and the fact that the 
UDCs believed the chance of such high PX prices was LOW, the UDCs settled 
with ARM on this issue in 1999.

2000 NPV estimated by Dennis Benevides: $30 - 40 million
% Attributed to Enron's Efforts: 90%

Green Credit Legislation
Enron and other green suppliers began work in 1998 to extend the credit given 
for sales of green power. The credit was scheduled to end by 2002. In 1999, 
the money specified in AB 1890 was being depleted rapidly and Green Mountain 
took the lead in pressing for legislation. We actively supported Green 
Mountain by lobbying legislators and other interest groups, working with 
envrionmental organizations, and spearheading legislative amendments.  
Although this bill became wrapped up in the San Diego crisis and ISO/PX 
issues, the green credit portion of the bill remained intact.  We had also 
decided jointly to propose a ten-year credit and were very pleased and 
surprised that it survived into the final bill.  Governor Davis is expected 
to sign the bill. 

2000 NPV estimated by Dennis Benevides: $50 million
% Attributed to Enron's Efforts: 25%

RAP '99
Enron, through ARM, has successfully made its case that retail procurement 
and retail sales costs should be removed from the Distribution Charge that 
all customers pay.  Direct Access customers would receive a credit on their 
bills in addition to the PX credit. Enron was the first party to raise these 
issues as part of RAP '98 and got a Commission decision in that case to 
determine the credit in RAP '99.  In RAP '99, Enron chose to use ARM to 
litigate the case as a cheaper alternative.  Hearings were completed in the 
Spring of 2000.  ARM has negotiated settlement rates with certain parties and 
has convinced the Assigned Commissioner to draft his own decision to 
counteract the unfavorable ALJ decision. An additional credit of from $0.25 
to $0.30/MWh is expected.  The decision will be voted out within the next two 
months.

2000 NPV estimted by Dennis Benevides: $1 - 5 million
% Attributed to Enron's Efforts: 75%

ECT

FTR Release April 1, 2000
I have spearheaded the release of firm transmission rights in CA since I 
joined the Company in 11/96.  Our long and painful fight with creeping 
nodalism culminated with the release of some, but not all, FTRs in April of 
this year.  ENA actively participated in the auction and became the largest 
single purchaser of FTRs.  The new congestion management approach, which 
Enron also spearheaded, will require 100% release of FTRs, but will not take 
effect until next year. This valuation looks only at the FTR release in 2000.

2000 NPV estimated by Tim Belden: To be determined 9/17/00
% Attributed to Enron's Efforts: 90%


ISO Price Caps
ENA was long in the market in the West and had millions at risk when lower 
price caps began to be discussed in CA in mid June.  Government Affairs, 
working with Dave Parquet and others, was instrumental in significantly 
delaying the movement to lower price caps, thereby giving ENA time to move 
out of those positions.  The following events happened in 2000.  We entered 
the year with a price cap of $750, having fought to raise it to that level in 
1999.  In March 2000, the ISO considered lowering the price cap to $500 but 
voted to leave it at $500, because they believed at the time that market 
power had been adequately mitigated.  After the four very high-priced days in 
June, the ISO considered lowering the price cap to $250 with a vote on June 
22, but the vote failed by ONE VOTE. Instead, the Board lowered the price cap 
to $500.  The Board voted again on July 1 to lower the cap and again the vote 
failed by ONE VOTE.  Finally, on August 1, the Board approved the $250 price 
cap, effective August 7.  In June, Government Affairs intitiated an all-out 
lobbying effort to convince Board members and their constituents to oppose 
lower price caps.  We also lobbied interest groups, banks, venture 
capitalists, NYMEX and others to weigh in on this issue with individual Board 
Members and the Board itself, going so far as to set up a special arrangement 
with the ISO staff to allow interested parties to address the Board 
telephonically. 

2000 NPV estimated by Tim Belden: To be determined 9/17/00
% Attributed to Enron's Efforts: 80%


New Market-Oriented Board Member
The ISO recently held Board elections for the first time.  Government Affairs 
actively sought market-oriented individuals to run for the Board and replace 
those that do not support competitive markets.  Enron was successful in 
getting about five to run.  The Members selected or confrmed by the EOB have 
been held up and we do not yet know the outcome of those Board seats.  
However, one seat of interest has been decided.  Dave Parquet suggested a 
potential municipal representative who was extremely market-oriented (Michael 
Wood, City Attorney for the City of Pittsburgh).  Government Affairs worked 
with him closely to decide which seat to run for, help him prepare his 
application, suggest lobbying tactics, assist in lobbying and support him 
with other Board Members.  He won the election and became a Board Member in 
early September.  This effort is significant, because the munis voted nearly 
100% in support of lower price caps. The position he took was one of those 
votes.  All other things being equal, we have now added a vote on our side 
that could be instrumental in defeating further efforts to impose lower or 
additional price caps, given the close votes that have taken place thus far.

2000 NPV estimated based on Tim Belden's Pice Cap Assessment: To be 
determined 9/17/00
% Attibuted to Enron's Efforts: 100%