Thank you for your participation in the Pulse survey this past October.  We 
achieved our highest response rate ever, with more than 1,400 ETS employees 
(63%) participating in this important feedback process. 

The survey results, too, are very encouraging.  Most elements improved and 
ETS, strengths continue to be in the area of our employees, just as Enron as 
a whole has been recognized by Fortune magazine for our employees and 
management.  ETS received high marks from employees for the following areas:

   People are treated with respect and dignity - 76%
   Information from management is believable - 74%
   Supervisors deal fairly with everyone - 72%
   Teamwork is encouraged - 71%
   Employee benefits are satisfying - 68%
   ETS is well-managed - 66%

I am pleased with these results, because I believe they exhibit a strong 
belief in Enron,s core values, Respect, Integrity, Communication and 
Excellence.  These results are indicative of the quality of ETS employees at 
all levels.

In this recent survey, just as in 1999, workload was a concern, with 39 
percent of survey participants saying they believed they did not have enough 
time to complete all of the work required of them.  While we have made some 
strides at alleviating this concern as compared to the December, 1999 and 
June, 1999 surveys, I believe that we can do better still by shifting 
resources as business needs change, eliminating unnecessary work and more 
effectively using technology.  I would also encourage you to consider the 
variety of training and development offerings available in the areas of 
workload planning and management.  

You also voiced concerns with communication across departments.  I take your 
concerns very seriously and will ensure that ETS focuses on further 
improvements in this area.
 
A summary of what we heard from ETS employees has been added to our intranet 
site.  Click on the following URL to view our survey results:   
http://www.ots.enron.com/etc/PulseSurvey.htm

Even beyond this survey, I continue to be interested in your thoughts on 
improving the ETS organization.   Please feel free to send me your ideas via 
e-mail or interoffice mail.  You can also send your ideas to Gary Smith, Vice 
President of Human Resources or to any of the ETS management team.

The Pulse enables us to focus on real issues affecting each employee, so your 
continued participation is critical to its success.  I hope you will choose 
to be a part of future surveys, the next of which is scheduled for the fall 
of 2001. Your input is essential in creating and shaping ETS to be the best 
it can be.

Thank you again for participating in the 2000 Pulse survey.

Stan Horton