NOTE FROM THE EDITORS
The AmeriFlash Newsletter would like to keep you informed on global wholesale 
news as well, so we have added business highlights from Enron's original 
electronic newsletter, GlobalFlash, which was created by Enron Europe.

"What's on your Mind?"
If you have ideas or suggestions please forward them to Michelle Vitrella or 
Kathie Grabstald. 

FINAL DAY FOR THE PULSE

Today is the final day to provide feedback through the annual employee survey 
-- The Pulse.  As of Thursday morning, 56.5% of the ENA/EGM/EIM employees 
have taken part in the survey, which is an improvement from last year's 
participation rate of 49%.  However, we are behind the company average and 
most of the other business units.  Please take a few minutes today to provide 
much needed and confidential comments regarding Enron and your work 
environment.  The Pulse survey is located on the Enron intranet at 
survey.enron.com.

If you like competition, here is how the ENA/EGM/EIM participation rate 
stacks up against the other business units:

Enron Energy Services 96.88%
Enron Wind  89.96%
Enron India  89.47%
Net Works  77.78%
EE&CC   73.88%
NEPCO   64.37%
Enron South America 63.74%
Corporate Staff  63.52%
Company Average 61.10%
ENA/EGM/EIM  56.50%
Enron Broadband 55.89%
ETS (formerly GPG) 55.52%
Enron Europe  44.36%
APACHI  29.66%

Log on to survey.enron.com and make your opinions known.   

BUSINESS HIGHLIGHTS

OIL PRODUCTS
Congratulations to the US Oil Products Trading Team!  On October 4, 2000 they 
successfully completed a deal with a volume of 2,400,000 barrels with a 
Notional Value of $80,640,000.  This is the highest Notional Value associated 
with an EOL trade.

Kudos again for another great deal. They have done another large 
crack-spread, this time for 100,000 barrels per month for calendar 2001. This 
trade notionally values out at over $40 million and is the second largest 
transaction conducted to date on EOL.

STEEL
Steel Trading and Origination teams, headed by Greg Hermans and Tim 
Battaglia, respectively, have already defined a Hot-Rolled coil financial 
product.  The contract has been drafted and is currently being discussed with 
customers.

Financial Hot Rolled Steel will be posted on EnronOnline, allowing the steel 
industry to hedge their price exposure for the first time in history. The 
access to hedging products will help the steel industry manage technicalities 
and smooth cash flow.  Over time, forward price curves with transparent 
pricing should allow the steel industry to also benefit from improved access 
to capital.

The next challenge will be to educate the steel industry about financial 
swaps and derivatives as risk management tools.  The $300 billion steel 
market should provide an excellent growth opportunity for Enron.

PRINCIPAL INVESTMENTS
FuelCell Energy, Inc. recently announced that it has entered into an alliance 
with ENA.  FuelCell Energy and Enron will work together to develop and market 
FuelCell Energy's Direct FuelCellc (DFCc) products.  In connection with the 
alliance, Enron has invested $5 million in the common stock of FuelCell 
Energy.  Additionally, FuelCell Energy will issue warrants enabling Enron to 
purchase up to 1.3 million shares of FuelCell Energy common stock.  

Fuel cell developer Dais-Analytic Corp. also announced an alliance with ENA.  
As part of this alliance, Enron has made an equity investment in 
Dais-Analytic and will support market development, distribution and other 
field services for Dais-Analytic's fuel cell, humidity control and related 
products.  

ENA RESEARCH GROUP
What does the FX and Sovereign Risk Group within ENA,s Research Department 
do?  We provide forecasts of foreign exchange rates as well as revenue and 
cost escalators corporate wide for project valuation.  We advise the FX and 
interest rate desks on Central Bank policies of the G3.  In addition, we 
provide sovereign risk analysis on countries important to Enron's various 
business units upon request, as well as provide services related to the 
global macroeconomic outlook.  Our sovereign risk analysis is used in the 
development of the E-ratings in cooperation with the Risk Assessment and 
Control Group.  We have recently developed a presentation on &Fundamentals of 
Non-ferrous Metals8 as well as one on "Sovereign Risk8.  We also advise the 
fundamental analysis group within Enron Global Markets. 

What,s new from the Country Risk and Foreign Exchange Team? On October 13th, 
2000, we launched a new product called the Enron &International Monitor,8 an 
international economic review that will be published each Friday by the FX 
and Sovereign Risk Group.  The purpose of this product is to inform the 
foreign exchange traders as well as management about important international 
economic events and their impact on currency and financial markets.  Special 
emphasis is placed on potential central bank policy changes and the impact 
these changes have on interest rates and currencies.  We also monitor other 
key markets, with a special focus on oil, and its impact on consumer, 
producer and equity prices. The International Monitor can be found on the ENA,
s web site, by accessing 
http//ecthou-webcl1.nt.ect.enron.com/research/ForeignExchange/FXMain.htm.

Please email Leann Walton if you would like to receive the International 
Monitor weekly by email, or if you would like us to email you the first two 
issues.  Visit our web site at http://home.ect.enron.com/ - Select 
Departments / Research.  You will find also many useful links to other web 
sites here relevant to Enron,s businesses.

NEWS FROM GLOBALFLASH

Enron Launches Financial Plastics & Petrochemicals Derivatives on EnronOnline
Enron is to start trading a new range of financial swap contracts for the 
plastics and petrochemicals industry on www.enrononline.com, the company,s 
free, real-time Internet-based trading platform. This is the first time that 
these derivative products, designed to help clients better manage the price 
volatility which characterises the multi-billion dollar industry, have been 
made available on the Internet in Europe.

Gas Deliveries in Germany
Since 1 October 2000, Enron has been the first and only non-incumbent player 
to be able to serve customers within Germany by delivering gas to three local 
utilities, those of Heidelberg, T_bingen, and Bensheim.  Carsten Haack who 
closed the first deal with Heidelberg and was in charge of negotiation of the 
transport did mention that the procedures are still complicated and lengthy 
and that the terms and conditions for future agreements will need to be 
easier, more transparent and standardised. Helge-J_rgen Beil from the 
Frankfurt office who closed the gas deals with the municipalities of T_bingen 
and Bensheim said that these deliveries are encouraging but do not guarantee 
the future yet.   Another positive aspect is that Enron's continental gas 
trading team was able to do the first gas trade within Germany with some of 
the gas Heidelberg contracted for but could not take on.

Liquid Fuels Group Launches Tanker Freight Forwards
Scott Moncrieff, a director in the group, has with his team introduced tanker 
freight forward contracts on to EnronOnline, to offer a standardised hedging 
contract in today's highly volatile tanker market, currently worth in excess 
of US$ 10 billion per annum.

And on the Dry-Side......
Pierre Aury, Chris Connelly and their team introduced a similar on-line 
forward freight swap in June and to date, have traded contracts with a 
notional value of US$ 8 million, equivalent to 20 million metric tonnes of 
combined physical and financial contracts.  The routes are  from Colombia and 
South Africa to Rotterdam, which are key routes for coal transport.

WELCOME

Transferred Into ENA/EIM/EGM
ENA ) Johnny R. Palmer/Staffing Resources, Anna Briggs/Principal Investing, 
Carol Coats/Human Resources
EGM ) Andrea Hauser/US-GP Products Trading

New Hires ENA/EIM/EGM
ENA ) David Jones/East Origination, Marnie Lamb/Merchant Finance, Mathew-Joy 
Noveena/Tax, Reynaldo Romero/Gas Assets Oper Mgmt, Mary Symes/West 
Origination-Portland 
EGM ) Brad Lawson/Financial Operations, Sandeep Ramachandran/Weather Trading

IN THE NEWS

&Enron delivered very strong earnings growth again this quarter, further 
demonstrating the leading market positions in each of our major businesses,8 
said Kenneth L. Lay, chairman and CEO of Enron. &Our wholesale and retail 
energy businesses have achieved record-setting levels of physical deliveries, 
contract originations and profitability. We operate in some of the largest 
and fastest growing markets in the world, and we are very optimistic about 
the continued strong outlook for our company.8  --- from Enron's 3rd Quarter 
Earnings Press Release

NUGGETS & NOTES

&I,m looking for some high velocity capital.8  -  Brian Redmond, 
President/HPL, Managing Director/Assets/Upstream Origination-ENA

&Can I get this NOW?8 - Gary Hickerson, Managing Director/Equity Trading-EGM

"I like the innovative ways that Enron does things. They take a refreshing 
approach to the stagnant steel industry." - Kevin O'Donnell, Director/Steel 
Trading

CONTEST

The cut off date for The Name This Newsletter Contest is Friday, November 3.  
Keep the ideas coming!

TEASER

In your cellar there are three light switches in the OFF position. Each 
switch controls 1 of 3 light bulbs on the floor above.  You may move any of 
the switches but you may only go upstairs to inspect the bulbs one time.  How 
can you determine the switch for each bulb with one inspection? Please send 
answers to michelle.vitrella@enron.com, the winner will receive AMC Movie 
passes.