HIGHLIGHTS

FULL YEAR PERFORMANCE SUMMARY

Wholesale Services: Income before interest, minority interests and taxes 
(IBIT) of the wholesale group increased 72 percent in 2000 to $2.3 billion. 

Commodity Sales and Services: The 160 percent increase to $1.6 billion in 
Commodity Sales and Services IBIT for 2000 reflects Enron,s broad-based 
success in building energy franchises across North America and Europe. For 
the full year, Enron,s North American natural gas business led the group,s 
increase both in volume levels and profitability.

In 2000, Enron completed its first full year of deploying EnronOnline, which 
quickly became the world,s largest web-based e-commerce site. During the 
year, Enron executed 548,000 transactions online with 3,000 customers, 
totaling $336 billion of gross value. In addition to expanding the market 
reach of 1,200 wholesale commodity products, EnronOnline,s internal features 
have enabled very significant expansion in scale, efficiency, information and 
liquidity. These sustainable competitive advantages contributed to both the 
expansion of Enron,s existing wholesale businesses as well as the growth of 
new businesses.

Physical volumes in 2000 increased for gas and power in every major region 
where Enron operates, including:
Total Wholesale:
 * a 59 percent total increase in wholesale volumes to 51.7 TBtue/d;
 * an 82 percent increase in natural gas volumes to 28.3 TBtue/d; and
 * a 62 percent increase in power volumes to 633 million megawatt hours. 
North America:
 * a 77 percent increase in natural gas volumes to 24.7 TBtue/d; and
 * a 52 percent increase in power volumes to 579 million megawatt hours.
Europe and Other:
 * a 131 percent increase in natural gas volumes to 3.6 TBtue/d; and
 * a 372 percent increase in power volumes to 55 million megawatt hours.

Assets and Investments: The Wholesale Assets and Investments business 
reported $889 million IBIT compared to $850 million last year. The earnings 
reflect contributions from Enron,s asset operations comparable to 1999 
levels. Relative to last year, Enron experienced an increase in the total 
value of its merchant investments and lower gains from sales of energy assets.

Enron also announced increased earnings target for 2001 to $1.70 - $1.75 per 
share.

 
IN THE NEWS

"At the same time, Enron Corp. nearly doubled its market value to more than 
$60 billion, roughly equal to Walt Disney Co. and double the market 
capitalization of Compaq Computer Corp.  Enron is the largest Houston 
company, ranked  by annual revenue.  Compaq is second." -- Houston Business 
Journal (January 12-18)

NUGGETS & NOTES

Quotes from the Office of the Chairman

"It's WA-T-ER not "wadder"!" - Nicki Daw, Executive Assistant to Mark 
Frevert-EWS

"Help me, help YOU!"  -Liz Taylor, Executive Assistant to Greg Whalley-EWS

"You're the Boss, Applesauce!" - Kay Chapman, Executive Assistant to Dave 
Delainey-EA

"John's always in a good mood!" - Kim Hillis, Sr. Admin. Assistant to John 
Lavorato-EA

"Yes, I have moved and my new location is..." - Cathy Phillips, Executive 
Assistant to Mike McConnell-EGM 

"You Got It!!!!" - Jennifer Burns, Sr. Admin. Assistant to Jeff Shankman-EGM

"When's the sunny weather back? I left England for this!!!" - Sue Ford, 
Executive Assistant to Jeff McMahon-EIM

"........well you know we are tight on space!" - Marsha Schiller, Executive 
Assistant to Ray Bowen-EIM

Congratulations! to Jody Pierce, manager in Business Analysis & Reporting and 
wife Tara.  They are the proud parents of Joseph Michael Pierce II.  He was 
born December 31and weighed 7lbs. 4oz. 

Congratulations!  to Scott Earnest, director for EGM Global Products, and 
wife Lanette Earnest, ENA Tax.  They are the proud parents of Nicole 
Mackenzie Earnest.  She was born January 17 and weighed 6 lbs. 8 oz.

WELCOME

EGM New Hires
Bob Beyer - Manager - Weather Risk Management Marketing (Chicago)
Partho Ghosh - Manager - Weather Risk Management Marketing
Gray Calvert - Associate - Weather Risk Management Structuring
Sandeep Ramachandran - Manager - Weather Risk Management Trading
Huy Dinh - Staff - Weather Risk Management Data Acquisition/Trader Support


LEGAL STUFF

The information contained in this newsletter is confidential and proprietary 
to Enron Corp. and its subsidiaries.  It is intended for internal use only 
and should not be disclosed.