Thought you might find the attached document of interest.  Niles is one of our key sell-side analysts.

Regards.

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

-----Original Message-----
From: Niles, Ray [EQRE] [mailto:ray.niles@ssmb.com]
Sent: Thursday, October 11, 2001 2:31 PM
Subject: REPORT - THE POWER INDUSTRY: LESSONS FROM OTHER CYCLICAL
INDUSTRIES


REPORT - THE POWER INDUSTRY:  LESSONS FROM OTHER CYCLICAL INDUSTRIES

*	We recommend reading our attached report.
*	We interviewed six analysts who cover cyclical commodity industries.
These include: airlines, chemicals, oil/refining, paper and forest products,
semiconductors, and semiconductor equipment.
*	What are the lessons for the Power industry?...Where are we on the
cycle?
*	The answer lies in the relationship between capacity and pricing.
*	Although we do not draw a conclusion here, we will be analyzing the
factors which answer these questions. 
*	We think you will find the framework we've established useful in
thinking about these issues.

 <<Commodity Cycles.pdf>>  <<Commodity Cycles.doc>> 


                                                  
Raymond C. Niles
Power/Natural Gas Research
Salomon Smith Barney
(212) 816-2807
ray.niles@ssmb.com

s
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