Mr. Martin L. Cuilla
Trader
Enron Capital & Trade Resources Corp.

Dear Mr. Cuilla:

"The New Face of Risk: Energy Strategies for a Changed World" is the
theme of CERA's 21st Executive Conference, to be held on February 11-15,
2002 in Houston, Texas.   This event will be particularly timely and
important in light of the recent major events transforming the global
energy landscape.  I wanted to extend my personal recommendation that
you join us in Houston to exchange ideas, interact with peer level
senior decision makers, and gain new insight and strategies for the
energy future.

The full agenda and on-line registration can be found on our website at
http://www.cera.com/ceraweek .   As you can see we have a particularly
distinguished and exciting group of influential energy leaders speaking
at this year's event. 

CERAWeek 2002 will offer thought leadership and perspectives on the
major new risks and challenges facing energy decision-makers, including
the implications of the profound changes that the world has witnessed
over the past months.  Among the key topics and questions are:

* The new geopolitics -- what are the implications for energy security,
global investment, sanctions, and stability?

* Markets in turmoil -- what are the prospects for oil, natural gas and
electric power prices and asset valuation?

* Deregulation -- what will be the responses to the new threats to
workable competitive markets? 

* Industry structure and competitive dynamics -- How are companies
positioning and aligning themselves for the new world?

Our focus is on all key regions and energy sectors--oil, natural gas and
power.  We have introduced four focused integrated tracks that reflect
themes running across the industry.  These include Technology, Finance,
Market Strategy, and Environment.

The conference is the centerpiece of CERAWeek 2002, a full week of
senior level meetings designed to foster exchange and learning, as well
as informal interaction and networking.  Last year's participants
included some 1700 executives from 47 countries -- including over 400
CEOs, Presidents and Ministers.

Two- and Four-day passes are available, as well as enhanced Online
Premium digital access to the event.  For the latest agenda updates and
special announcements, or to enroll, please visit our website at
http://www.cera.com/ceraweek .

I look forward to seeing you at CERAWeek 2002.

Sincerely,

Daniel Yergin 
Chairman, Cambridge Energy Research Associates 


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