Today, Enron hosted a conference call to give investors a current overview of the company. Here's an update of what we discussed during the call.

We told investors that we're doing everything we can to protect their interests and to regain their confidence. Our focus remains on our credit quality, balance sheet and liquidity, which are essential for our continued success and expansion of our wholesale businesses.

It took more than a few weeks to get where we are today. Here's a snapshot of significant events that led to our current situation:

-- In hindsight, we definitely made some very bad investments in our non-core businesses over the past several years. Those include investments in Azurix, India and Brazil. They have performed far worse that we could have ever imagined when we made these investments;

-- Because of these bad investments, we've become over-leveraged as a company. The negative impact of those investments was exacerbated through the extensive use of debt capital both on and off our balance sheet;

-- We also entered into related party transactions that led to a loss of investor confidence, which has been very damaging;

-- We've been criticized for our lack of transparency and our hard-to-understand financial and operating disclosures; and

-- On top of it all, we discovered errors in our financial statements, as discussed in our 8-K filing last week, that required a restatement of previously reported earnings.

We've taken a new look at our businesses and have separated them into three areas: core businesses, non-core businesses, and businesses under review.

Core Businesses

Our core businesses remain strong and consistent sources of significant earnings and cash flows for the company. They're our competitive advantage. These include:

-- Natural gas pipeline businesses;

-- Gas and power businesses in North America and Europe;

-- Retail businesses in North America and Europe; and

-- Coal businesses in North America and Europe.

The events of the past few weeks have had a temporary negative impact on our projected fourth quarter profitability. It's too early to tell at this time what impact this might have on our operating results. We are considering these actions now so that we can quickly return to normal business in 2002.

I also remain optimistic that the actions we've taken over the past couple of weeks have addressed our customer and counterparty credit and liquidity concerns. According to our business unit leaders, we have definitely seen improvement in our counterparty relationships.

Non-Core Businesses

Our non-core businesses include our global assets group and our broadband division. We have invested more than $8 billion in these businesses, and the return from them has been dismal.

We have an aggressive program in place to exit these businesses and expect that the sale of these businesses will generate billions of dollars in cash that we can use to repay debt and reinvest in our core businesses. We already have more than $800 million in assets contracted for sale this year. They include CEG Rio, a gas LDC in Brazil; EcoElectrica, a power plant and LNG receiving terminal in Puerto Rico; and asset sales of offshore oil and gas properties in India. The approximately $2.9 billion Portland General sale is also on target to close in late 2002 pending regulatory approvals.

Businesses Under Review

These businesses are comprised of those operations outside our power and gas wholesale businesses and include global and industrial markets. While several of these businesses have very strong future prospects, we need to determine if their capital requirements and near-term growth prospects are sufficient enough in terms of earnings and cash generation.

Reviewing our businesses this way will help determine where we need to make reductions to our work force. More information will follow as soon as it becomes available.

Credit Rating/10-Q Filing

We continue to meet regularly with credit rating agencies and believe that our liquidity enhancements and scheduled asset sales will strengthen our balance sheet and maintain our investment grade credit rating. Our current credit ratings by the three major rating agencies are as follows:

-- Moody's at Baa3       "Under Review for Further Downgrade"

-- Fitch at BBB-             "Evolving Status"

-- S&P at BBB-              "CreditWatch Negative"

We also discussed our existing financial vehicles, including Osprey, Marlin and Yosemite, in further detail. We told investors that we will file our 10-Q five days late due to our current activities. It will be filed on Nov. 19.

We will continue to have updates with investors over the coming weeks as well as our frequent updates with you. The full transcript of our conference call will be filed with the Securities and Exchange Commission in the next few days. It will also be posted on our web site at www.enron.com/corp/investors under "SEC Filings."

In connection with the proposed transactions, Dynegy and Enron will file a joint proxy statement/prospectus with the Securities and Exchange Commission. Investors and security holders are urged to carefully read the joint proxy statement/prospectus regarding the proposed transactions when it becomes available, because it will contain important information. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus (when it is available) and other documents containing information about Dynegy and Enron, without charge, at the SEC's web site at www.sec.gov. Copies of the joint proxy statement/prospectus and the SEC filings that will be incorporated by reference in the joint proxy statement/prospectus may also be obtained for free by directing a request to either: Investor Relations, Dynegy Inc., 1000 Louisiana, Suite 5800, Houston, TX 77002, Phone: (713) 507-6466, Fax: (713) 767-6652; or Investor Relations, Enron Corp., Enron Building, 1400 Smith Street, Houston, TX 77002, Phone: (713) 853-3956, Fax: (713) 646-3302.

In addition, the identity of the persons who, under SEC rules, may be considered "participants in the solicitation" of Dynegy and Enron shareholders in connection with the proposed transactions, and any description of their direct or indirect interests, by security holdings or otherwise, are available in an SEC filing under Schedule 14A made by each of Dynegy and Enron.


Attached are the revised EOL Bandwidth GTC's adding annexes for OC-12c and
OC-48c.  Please do not hesitate to contact me should you require anything
further in this regard.  All the best!

Cynthia Harkness

	Robert B Cass@ECT
	07/10/00 09:38 AM

		 To: Matthew Adams/Corp/Enron@ENRON
		 cc: Mark Friedman/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Jeff Blumenthal/HOU/ECT@ECT, Bjorn Hagelmann/HOU/ECT@ECT,
Stephen H Douglas/HOU/ECT@ECT, Rudi Zipter/HOU/ECT@ECT, Frank L
Davis/HOU/ECT@ECT, Richard Schneider/Enron Communications@Enron
Communications, Cynthia Harkness/Enron Communications@Enron Communications,
Torrey Moorer/HOU/ECT@ECT, Tara Sweitzer/HOU/ECT@ECT, Stephanie
Sever/HOU/ECT@ECT
		 Subject: SIGMA FACTOR NEEDED FOR NEW PRODUCT - BANDWIDTH 0C-12c

Hi Matt-

SIGMA FACTOR REQUEST:
Commercial has requested that the following new product for Bandwidth be
set-up for trade in EOL.   Please note that it has the same set-up format as
the existing active EOL Bandwidth products.

Commodity:  OC-12c
Currency:  USD
Default UOM:  DSO Miles
Country:  USA

Description:

A US Bandwidth Transaction with Enron Broadband Services, L.P. ("EBS")
pursuant to which the Seller shall sell and the Buyer shall buy the quantity
of Bandwidth Units submitted by Counterparty via the Website. The number of
DSO's per OC-12c is 8,064.  The price shall be as submitted by the
Counterparty via the Website. Any party entering into a Transaction to buy or
sell Bandwidth Units from or to EBS shall be responsible for connecting to
the Demarcation Point located at each Market Pooling Point in order to take
physical delivery of such Bandwidth.  In order to achieve such connectivity,
a party may incur costs and expenses and may additionally be required to
execute certain documentation.

ATTENTION:  CYNTHIA HARKNESS
Please note that a "revised GTC" (add "annex A" for OC-12C) is requested from
Legal so that this product may be set up in EOL.  THANKS!

ATTENTION:  ALL OTHER PARTIES TO THIS DISTRIBUTION
Please note that this e-mail is your advance notice of a "new product" being
set-up in EOL.  Thanks!

Rob Cass - x 35491


Those would be products managed out of London.

 -----Original Message-----
From: 	Shankman, Jeffrey A.
Sent:	Tuesday, October 23, 2001 11:46 AM
To:	Puthigai, Savita
Subject:	RE: EnronOnline- Change to Autohedge

I don't understand the times on the report.  many of them are 3 or 4 in the morning.

 -----Original Message-----
From: 	Puthigai, Savita
Sent:	Tuesday, October 23, 2001 9:07 AM
To:	Shankman, Jeffrey A.
Subject:	RE: EnronOnline- Change to Autohedge

Sorry about last week. I will make sure you get one today and find out what happened last week.

 -----Original Message-----
From: 	Shankman, Jeffrey A.
Sent:	Tuesday, October 23, 2001 8:19 AM
To:	Puthigai, Savita
Subject:	RE: EnronOnline- Change to Autohedge

I did not get a suspend report last week.  I need one today by 1:00 pm.  thanks.  Jeff

 -----Original Message-----
From: 	Puthigai, Savita
Sent:	Friday, October 19, 2001 1:10 PM
To:	EOL Non North America Traders; EOL North America Traders
Cc:	Product Control - Houston; EOL Call Center; Enron London - EOL Product Control Group; Mandola, Teresa; Connelly, Angela; Richter, Brad; Pickering, Mark; Piper, Greg; Renaud, Lindsay; Pacheco, Leonardo; Carter, Carl; Meredith, Kevin
Subject:	EnronOnline- Change to Autohedge

Effective Monday, October 22, 2001 the following changes will be made to the Autohedge functionality on EnronOnline.

The volume on the hedge will now respect the minimum volume and volume increment settings on the parent product. See rules below:

?	If the transaction volume on the child is less than half of the parent's minimum volume no hedge will occur.
?	If the transaction volume on the child is more than half the parent's minimum volume but less than half the volume increment on the parent, the hedge will volume will be the parent's minimum volume.
?	For all other volumes, the same rounding rules will apply based on the volume increment on the parent product.

Please see example below:

Parent's Settings:
Minimum: 	5000
Increment:  1000

Volume on Autohedge transaction			Volume Hedged
1      - 2499							0
2500 - 5499							5000
5500 - 6499							6000


Sandi deserves time off and she shouldn't have an obligation to do e-mail
while she is out.  Further,  I was only copying her on messages that many
others received (so I don't need to hear back from her).  But, if this is a
standard message going out to everyone while the fires continue to rage in
California, I think it leaves a bad impression.  Can we find a way to direct
urgent requests to someone else in the office or to someone on our external
lobby team?
----- Forwarded by Steven J Kean/NA/Enron on 11/10/2000 09:10 AM -----

	Sandra McCubbin
	11/10/2000 01:00 AM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: Sandra McCubbin/SFO/EES is out of the office.

I will be out of the office starting  11/09/2000 and will not return until
11/27/2000.

I will respond to your message when I return.


Enron is proud to be a major sponsor of the galleryfurniture.com Bowl!

Don't miss your chance to witness college football history, as bowl fever
hits the City of Houston with the inaugural galleryfurniture.com Bowl game
Wednesday, December 27, 2000 at the Houston Astrodome. This is your
opportunity to see the Big XII Conference face off against Conference USA!

This Friday, December 1st at the Big E' Caf,, Community Relations will be
selling discounted tickets for $8 to all Enron employees from 11:30 am- 1:00
pm (no limit).
The purchase of a game ticket will also make a difference in the lives of
thousands. All proceeds from ticket sales will go to AIDS Foundation Houston
(AFH) Investment of a Lifetime program, which benefits Houstonians with life
threatening illnesses.
Everyone who purchases a ticket Friday will also receive a coupon for a
complimentary Chick-Fil-A sandwich, and will have the opportunity to pick-up
FREE bowl game merchandise the from the galleryfurniture.com Bowl promotion
truck.  In addition, Gallery Furniture will have a special offer to Enron
employees to register to win a brand new 36-inch Color TV!
Don't miss out on all the exciting action and being a part of Houston Bowl
Fever!


So didya hear the Blazers creamed the Nuggets last night? I always knew the
Pacific Northwest would dominate in sports - they're not battling with that
ol' Rocky Mountain High if ya know what I mean.

Well I'm sorry I didn't get back to you yesterday - work was hectic and I
knew that if I started an e-mail to you it would either be half-assed or I'd
never finish it. Well, I'm going for the former now, because I realized there
would never be a good time to divulge the full and sordid details of what's
happening around here, and all the while I wait, more and more important
nuggets (get it!) of gossip are accumulating.

So it's quite appropriate that you wrote yesterday with roommate issues -
mine could not be worse. Amber took off for the "library" on Thursday night
and came home.....four days later. After Molly and I had a mild freak-out
session on Friday - which included calling everybody she's every known,
including Chris and the police - we heard through the grapevine that Marky
McCulloch, of Neidermeyer cousin fame, was in town from none other than
Denver and the two were having a secret and James-Bond-like rendezvous at the
beach. Well that was all well and fine, other than the fact that she DIDN'T
TELL US SHE WAS LEAVING and we had been planning a housewarming party this
weekend for the past month and she DIDN'T TELL US SHE WAS LEAVING and she
moved kitty into the house but still hasn't told our landlords or paid the
$500 deposit, oh, and also, SHE DIDN'T TELL US SHE WAS LEAVING. So many
things were wrong and bizarre about that, but none more than her attitude
when she walked in the door Monday afternoon. Let's just say I spared no lung
muscles in telling her exactly what I thought about her selfish, childish,
idiotic, and most importantly, psychotically self-important behavior. She had
the gall to defensively scream back that she didn't tell us BECAUSE SHE
DIDN'T WANT TO LIE. Hmmmm. Not only did she not want to lie - how sweet - but
she couldn't have told us because Molly and I have suddenly developed an
insatiable urge to spread fervent and widespread rumors about Amber's love
trysts. Now, I KNOW there's nothing I'd rather be doing.

Anyway, enough of that. She and I have reached an understanding that just
because we're roommates does not mean we have to be friends. We've never been
good at that anyhow. In other news, we had an amazing housewarming party. I
really wish you could have been there. Molly and I didn't know 90 percent of
the people there, which is a good thing because it meant they were all
interesting, successful, gracious and cute. I think there were about four
girls there - you could tell who planned the party. Sadly, no love
connections were made that evening, but I've decided that's my new M.O. -
keep 'em guessing. My friend Michael from Maui who now lives in Seattle came
down with his friend Jordan who happens to be hot and writing an article for
Food & Wine magazine. Very interesting guy, but potentially in the closet, so
I'm keeping my distance. But they invited me up to Seattle next weekend for a
five-course meal and $100 bottles of wine at some Microsoft dude's mansion.
Definitely sounds like my crowd. Should I wear my dirty jeans or my clean
jeans?

I've got my eye on flights to Denver, but right now it's looking like the end
of March before I can scrape up that kind of cash. Amber on the other hand
will be there five times before that because some psycho over there keeps
buying her tickets. That's fair for ya.

Okay, that's all I can do for now, but call me tonight and we'll do the rumor
mill justice. Take care and hang in there - we'll be booting a roommate soon
if you feel like coming back to Portland.

Kate
503-288-6546


Agreed.
--------------------------
Rick S.

-----Original Message-----
From: Kitchen, Louise <Louise.Kitchen@ENRON.com>
To: Shapiro, Richard <Richard.Shapiro@ENRON.com>; Steffes, James D. <James.D.Steffes@ENRON.com>
CC: Lavorato, John <John.J.Lavorato@ENRON.com>
Sent: Mon Nov 26 09:12:20 2001
Subject: RE: Mexico

No support for Mexico.

Louise

	 -----Original Message-----
	From: 	Shapiro, Richard
	Sent:	Monday, November 26, 2001 8:22 AM
	To:	Steffes, James D.
	Cc:	Kitchen, Louise; Lavorato, John
	Subject:	FW: Mexico

	Can you talk with Jaime and figure out a plan of support for Mexico (if we still need one)? You might also want to check with John and/or Louise.

	 -----Original Message-----
	From: 	Williams, Jaime
	Sent:	Wednesday, November 21, 2001 10:40 AM
	To:	Shapiro, Richard
	Cc:	Irvin, Steve
	Subject:	RE: Mexico

	Thanks Rick,  and let's talk after the holidays about a new game plan...Best regards and happy thanksgiving.

	Jaime Williams.

		 -----Original Message-----
		From: 	Shapiro, Richard
		Sent:	Tuesday, November 20, 2001 3:40 PM
		To:	Williams, Jaime
		Subject:	FW: Mexico

		FYI

		 -----Original Message-----
		From: 	Hennemeyer, Paul
		Sent:	Tuesday, November 20, 2001 12:10 PM
		To:	Shapiro, Richard
		Subject:	Mexico

		Rick

		Thanks for your encouraging words during the last few days. I have to say that despite all the difficulties we have had to endure over the past few months, Enron remains the best place I have ever worked.This is due, in no small part, to the great people I share this place with.

		I also owe you an overdue e-mail on the Mexico matter. As I had indicated, I have decided not to take the offer. I have spoken to a number of friends and associates who live in Monterrey and their views are pretty unanimous: Monterrey is a great place to live if one is already settled with a family, but it is altogther different and more difficult for a  single man. Therefore, despite the professional opportunity to work with a great team, I have decided not accept the offer.

		Many thanks for keeping me  in mind, being patient, and moving things along. I will be in touch in the next couple of days. Enjoy your holiday.

		Best regards,
		Paul


There are no physical desk to desk deals today.


DELETE IF NOT IN E207B-2 (GERLACH)

I'm very sorry, but there was a miscommunication between our office and
Professor Gerlach about whether class meets during the regularly scheduled
spring break.

Professor Gerlach's class WILL meet this week on Thursday, March 29!  He
recognizes that you may not be able to complete all the assigned reading by
that time.

We're sorry for the confusion.

Cheers,

Diane


The report named: DPR - Concentration <http://erv.corp.enron.com/linkFromExcel.asp?report_cd=48&report_name=DPR+-+Concentration&category_cd=2&category_name=ENRON%20CONSOLIDATED&toc_hide=1&sTV1=2&TV1Exp=Y&current_efct_date=11/19/2001>, published as of 11/19/2001 is now available for viewing on the website.

Publisher's Notes:

FINAL


Sara and Ted,
ECT Investments, Inc has begun an Executing Broker relationship with ECT
Investments, Inc. for research access and order flow.
This relationship is only for execution and all settlements will be via our
prime brokers, GS, MS and BS.

I will forward the paperwork to Samantha.
Sheila


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/06/2001
05:28 PM ---------------------------

Osman Sezgen@EES
04/04/2001 04:33 PM
To: Pinnamaneni Krishnarao/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Vasant Shanbhogue/HOU/ECT@ECT
Subject: IAM Projects-Discounting

Krishna,

Here is my working paper on the issue. We actually applied the alternative
method
(put value) to the calculation of premium for managing the "liquidation
value" curves.

I am working with the desk to get a list of all the projects we have with
information about
the technology class, region, volume etc. Shortly we will be able to apply
these methodologies
and test them.

Osman


FYI.
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 11/17/2000
05:15 PM ---------------------------
From: Jeffrey A Shankman on 11/17/2000 05:13 PM
To: Jody.Underwood@enron.com @ ENRON
cc:
Subject: Re: JENNIFER BURNS

Thank you for your note.  It is always appreciated.  I'm sure you will find
your career here very exciting, and Dan is a leader in our company and I know
he is excited to have you as part of his team.

If you are running into some employee issues, I'd ask you to get Shanna
Funkhouser involved as well.  A good work environment is crucial to
everyone's success.

Welcome.

Jeff

Jody.Underwood@enron.com on 11/17/2000 08:40:23 AM
To: jshankm@ENRON.COM
cc:
Subject: JENNIFER BURNS

Mr. Shankman:

     I am Dan Reck's new administrative assistant.  I initially interviewed
with Jennifer and Shanna Funkhouser and knew that they were both special.
However, since I have been here (an entire 5 days now!), Jennifer has been
invaluable to me.  On my first day at my desk, she called and asked me to
come to her office and she introduced me to Cathy Phillips and Yolanda
Martinez.  The reason for this e-mail is that I have encountered some
employee problems at my location and have confided in Jennifer.  Her
professionalism, eloquence and intelligence belies her youth.  As I am sure
you are aware, Jennifer is a diamond and she will only shine brighter as
her experience grows.  Life is short and I was raised to say nice things
when warranted.  I am so impressed with Jennifer  and I am proud and feel
privileged to be a member of her team.  Thank you for your time.


what are you talking about?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Monday, November 19, 2001 3:23 PM
To:	Nelson, Michelle
Subject:	RE:

im not, that was very cute,youre killing me

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Monday, November 19, 2001 3:20 PM
To:	Maggi, Mike
Subject:

quit ignoring me!


Please do

 -----Original Message-----
From: 	Luce, Laura
Sent:	Monday, October 08, 2001 5:36 PM
To:	Kitchen, Louise
Subject:	MGU

MGU and Utilicorp are meeting via conference call Tuesday morning on the recommended structure.  We have appropriately scripted MGU on the merits and need for immediate closure to hit the November 1 start.

I will keep you posted.

Laura


oh, oh and the makeup and wig too!

 -----Original Message-----
From: 	Arnold, John
Sent:	Monday, October 08, 2001 5:36 PM
To:	Allen, Margaret
Subject:	RE:

maybe after the game.

 -----Original Message-----
From: 	Allen, Margaret
Sent:	Monday, October 08, 2001 5:20 PM
To:	Arnold, John
Subject:	RE:

no, you are wearing a skirt, like me!

 -----Original Message-----
From: 	Arnold, John
Sent:	Monday, October 08, 2001 3:30 PM
To:	Allen, Margaret
Subject:	RE:

I'm wearing a shirt too

 -----Original Message-----
From: 	Allen, Margaret
Sent:	Monday, October 08, 2001 2:45 PM
To:	Arnold, John
Subject:	RE:

skirt

 -----Original Message-----
From: 	Arnold, John
Sent:	Monday, October 08, 2001 2:13 PM
To:	Allen, Margaret
Subject:	RE:

jeans

 -----Original Message-----
From: 	Allen, Margaret
Sent:	Monday, October 08, 2001 2:13 PM
To:	Arnold, John
Subject:	RE:

okay - plan on 11:45. what are you wearing - shorts or jeans?

 -----Original Message-----
From: 	Arnold, John
Sent:	Monday, October 08, 2001 2:12 PM
To:	Allen, Margaret
Subject:	RE:

sure.  just call me when you get out

 -----Original Message-----
From: 	Allen, Margaret
Sent:	Monday, October 08, 2001 2:11 PM
To:	Arnold, John
Subject:	RE:

I have an 11 meeting, so can we meet in the lobby at 11:45?

 -----Original Message-----
From: 	Arnold, John
Sent:	Monday, October 08, 2001 1:44 PM
To:	Allen, Margaret
Subject:	RE:

she starts at 12:12

 -----Original Message-----
From: 	Allen, Margaret
Sent:	Monday, October 08, 2001 1:10 PM
To:	Arnold, John
Subject:	RE:

What time does the game start?

 -----Original Message-----
From: 	Arnold, John
Sent:	Monday, October 08, 2001 1:02 PM
To:	Allen, Margaret
Subject:	RE:

my little junior league girl.   so sweet.
let's leave around 1130ish

 -----Original Message-----
From: 	Allen, Margaret
Sent:	Monday, October 08, 2001 12:54 PM
To:	Arnold, John
Subject:	RE:

Yippee! I'm in! What time do you want to go?

I have volunteer work tomorrow night starting at 6pm...so I'll have to run off around 5:30.

I'm sooo excited! Who all is coming? Yippee! MSA

 -----Original Message-----
From: 	Arnold, John
Sent:	Monday, October 08, 2001 10:35 AM
To:	Allen, Margaret
Subject:

want to play hookie and go to the bb game tomorrow at noon?


Andy,

How are you doing?  Will you be in John Lavorato's group or in the Power group, when we move to UBS.  Also, what commodities will you be trading?

Thanks,

Errol