I am very pleased to announce the following promotions that became effective 
February 1, 2001. 

Steve Montovano - Sr. Director to Vice President: Steve, as regional head for 
the Eastern Seaboard area, has developed a very effective team that has 
brought a very commercially focused approach to their efforts in that region. 
Steve and his team have developed a model approach to transactional support 
and origination that has made them an integral part of the commercial teams 
that work in his region. Steve's efforts have been recognized by all, 
particularly his commercial counterparts in the region.

Jeff Dasovich - Director to Sr. Director: As part of the Western States team, 
Jeff has helped to coordinate Enron's actions in response to California's 
energy crisis.  Throughout this crisis he has worked closely with Enron 
Energy Services, Enron North America and senior management of the company in 
a way that fully reflects Enron's core values.  He has provided and continues 
to provide leadership on complex issues involving business and litigation 
risk.  Jeff has also provided tremendous value to the business units on a 
number of transactions arising from the crisis. 

Lisa Yoho - Director to Sr. Director: Lisa has been a valuable member of the 
Eastern Seaboard team and , more recently has assumed responsibility for 
Enron Global Markets and Enron Networks. Lisa has been an integral team 
member in trying to establish a market for secondary rail transportation 
capacity and in helping to launch the company's efforts into  the 
agricultural commodity business. In  these and many other efforts in which 
Lisa has been involved, Lisa has consistently demonstrated substantive 
leadership and excellence.

Donna Fulton - Manager to Director:  Donna joined Governmental Affairs this 
past summer, and has made excellent contributions to our RTO efforts, the 
sale of Portland General, and various commercial endeavors ranging from gas 
matters to licensing of a hydroelectric project in California.  Her extensive 
experience before the Federal Energy Regulatory Commission has proven 
invaluable to the Office.  

Lara Leibman - Manager to Director:   Lara consistently has produced very 
high quality work across a number of industries and issues.  Most recently, 
she has developed both regulatory and technical knowledge on issues related 
to developing a secondary market for wireless spectrum.  This has enabled her 
to provide a valuable leadership role while working closely with her 
commercial counterparts in this and other areas.

Charles Yeung - Manger to Director:  Charles has been a key player in 
promoting changes to North American Electric Reliability Council (NERC) 
operating policies that affect the East Trading Desk.  His understanding of 
the NERC policies and leadership role in NERC committees and working groups 
has been essential to successfully advocating meeting the needs of Enron.

Allison Navin -  Legislative Coordinator to Manager.  Allison has been 
responsible for the research and tracking of key issues and legislation in 
the Washington, DC office as well as coordinating briefing and informational 
materials and has done an outstanding job  in the execution of all of her 
resposibilities.  In her new role, Allison will be an integral member of the 
federal advocacy team, working on a number of legislative and regulatory 
issues that will include broadband and e-commerce.

Ginger Dernehl - Executive Secretary to Administrative Coordinator:   Ginger 
has done an outstanding job in supporting and coordinating efforts for the 
Government Affairs-The Americas group for the past 4 years.  Her dedication 
and hard work have resulted in her success and her promotion to 
Administrative Coordinator. A special personal note on Ginger. Ginger, in my 
mind, exemplifies and embodies the best of  Enron's vision and values: She 
works hard, produces outstanding results for the group, posesses an attitude 
that is optimistic and fun-loving, and still does an extraordinary job of 
balancing the personal and professional. Ginger, to put it succinctly, is a 
treasure and I am very pleased and proud to recognize her accomplishments.

Joseph Alamo - Administrative Assistant II to Sr. Administrative Assistant:  
Joseph has been with San Francisco office for 1 1/2  years, during which time 
he has supported as many as five members of the Government Affairs teams.  
Joseph is uniformly recognized for his willingness to take on difficult tasks 
and his dedication to the company's efforts.  We thank Joseph for his work on 
behalf of Government Affairs and congratulate him on his promotion. 

     Please join me in congratulating each of these individuals that have all 
made significant contributions to this company's success. I have also 
attached an updated organizational chart.