Dear Colleague,

This note is to inform you that, effective January 3, 2002, PIRA Energy
Group will terminate delivery of the Energy Retainer Services, which we
have been providing Enron for almost a decade.  This action is based on
the instructions we received from your company last month. Your Online
password will be deactivated and your emails will cease.

We hope not only that you have found value and use from our comprehensive
fundamental analysis of oil, natural gas, and electricity markets, but that
you have enjoyed working with PIRA and its staff.  We have certainly
appreciated our close working relationship with Enron and we regret the
disruption. We certainly hope that we can restart a relationship with many
of you who will remain with Enron or move on elsewhere. Should it be the
case that you require continued delivery from, and Online access to, PIRA's
services, please respond to this email or contact Jeff Steele at
(212) 686-6808, or jsteele@pira.com.

To all of you, we wish you the best of luck in your future endeavors.

Regards,

A.J. Conley
Managing Director, Client Services
PIRA Energy Group
(212) 686-6808
ajconley@pira.com