As you are all probably aware, FERC staff will be conducting a visit to Enron 
next Monday to discuss EOL and electronic trading's role in the energy 
markets.   Dave Forester, Kevin Presto, and Phillip Allen will be giving 
presentations about the EOL platform, power trading, and gas trading, 
respectively.

In preparing for the meetings, the issue of which agency, CFTC or FERC, 
regulates the EOL platform and any energy related financial products sold by 
Enron (everyone agreed that physical deals through EOL were FERC 
jurisdictional) came up.

It is unclear about Enron's current position.  While there is a strong case 
that both the EOL platform and any energy related financial products are 
regulated by the CFTC, some people believed that Enron had previously 
informed FERC that they were the "appropriate" agency for the energy related 
financial products.

We do not intend to make an issue of this topic with the FERC staff on 
Monday, but rather wanted to make sure that everyone was on the same page 
going forward.

Please let me know if we need to have a meeting to bring this to closure.

Jim