David,

Thanks for sending this to me, it looks good.  Does Mr. Frevert have the other points just in case further explanation is needed ?  I would not include them in his speaking points what you have is sufficient, but he probably needs the back ground just in case.

Let me know if I can do anything to help.

Regards,

Jon

 -----Original Message-----
From: 	Leboe, David  
Sent:	Monday, July 23, 2001 3:54 PM
To:	Mckay, Jonathan
Subject:	Canadian Gas slide and related talking points.  See below.  Let me know if you have any comments on Frevert's talking points.  Thanks.

Here is the slide including Canada Gas Volumes - 

 << OLE Object: Microsoft PowerPoint Slide >> 

Here are the talking points - 


North America Natural Gas Volumes - By Region

?	Enron has a very strong, well-established, broad-based North American natural gas business.  We deliver gas to over 2,000 customers at over 2,200 points across North America.

?	Volumes in each major region increased in the first quarter:
-	In the West, volumes in the second quarter almost doubled to 3.9 Bcf/d.  This increase has been in response to the unprecedented volatility and tight market for gas throughout much of the West.  The West is our smallest region, comprising approximately 15% of our North America gas business.
-	In Canada, our volumes in the second quarter of 2001 decreased 23% over the second quarter of 2000 to 5.8 Bcf/d due to fact that during 2000 we offered a fixed price Alberta gas product through EOL that our customers used to hedge commodity price risk.  With the Alliance Pipeline coming on-line in late 2000, our customers began making more extensive use of EOL's financial NYMEX-like products as an alternative.  During 2001, Enron did not offer this product in an effort to focus on higher margin products.  Our Canadian region continues its strong contribution to our total North America gas activities.  
-	In our Central region, second quarter volumes increased 11% over a year ago to 7.2 Bcf/d.  Our strong, broad-based presence in the region allowed us to grow our Central region business consistently over the last few years.  In addition, our alliance with Peoples' Gas to develop the Chicago hub has brought increased liquidity to the region.
-	In the East, our volumes in the second quarter of 2001 increased 29% over the second quarter of 2000 to 9.0 Bcf/d.  The East region is our largest region, comprising 35% of our North America Gas business.
-	Across all of our regions, EnronOnline contributed to the strong, overall increase in volumes during the quarter.

Background:

 << OLE Object: Microsoft Excel Worksheet >> 





David T. Leboe
Director, Investor Relations
Enron Corp. 

Office  713.853.4785
Cell  713.562.2160
Fax   713.646.3002
Pager  877.237.7732
david.leboe@enron.com