In Monday,s Executive Committee meeting we discussed the need for a common 
statement to use in response to questions about last week,s power price 
spikes and Enron,s performance.  That statement follows.  Media inquiries, as 
always, should be referred to Mark Palmer (ext. 3-4738).

&We are fully performing on all of our commitments. Many of the facts are 
still being gathered.  This information will determine, in part, our 
contractual commitments.*  Accordingly, discussion are ongoing with certain 
of our counterparties to determine our obligations and the proper course of 
action.  We are and will continue to be in regular contact with customers.  
We have made various arrangements with our customers to address the recent 
price spike including purchasing (or arranging to purchase) power for them 
or, in some cases, purchasing our obligations back from them directly.

We do not publicly discuss daily or weekly financial performance of specific 
businesses.  However, we operate our power business, as we do all other 
commercial functions, within strict, Board-directed value at risk limits.  
Our focus is on maintaining a balanced portfolio and not &swinging for the 
fences8 during periods of volatility.8



 *Many of the facts are still being gathered.  This information will 
determine, in part, our contractual commitments.  Accordingly, discussion are 
ongoing with certain of our counterparties to determine our obligations and 
the proper course of action.