

Here's a rundown of events from last week:

	We executed a commitment letter with JPMorgan and Salomon Smith Barney that will provide us with additional secured credit lines worth $1 billion.  Our Northern Natural Gas Company and Transwestern Pipeline Company will support these assets.  We now have received a total of $4 billion in credit lines, which we will use to pay off short-term commercial debt and maintain liquidity.
	Our Board of Directors elected a new member to the Board - William Powers, Jr., the dean of The University of Texas School of Law in Austin, Texas.
-	The Board also established a Special Committee, to be chaired by Dean Powers, that will conduct an in-depth review of the transactions between Enron and entities connected to related parties.  The committee is authorized to take any actions it deems appropriate.
	The Securities & Exchange Commission (SEC) opened up a formal investigation into related party transactions that have been the subject of media reports and the subject of the SEC's formal inquiry.  As I've said before, we welcome this and look forward to working with the SEC to put this matter behind us.
      Moody's lowered our credit rating one level, from Baa1 to Baa2.  Standard & Poor's (S&P) lowered our credit rating one level, from BBB+ to BBB.  Fitch lowered our rating from BBB+ to BBB-.  All agency ratings are investment grade.

Even with what's happening with our company, we have kept running our business as usual, and here's few examples to show you that we are, indeed, doing just that:

	EnronOnline did 5,866 transactions with 302 counterparties on Friday.  Transaction counts remain higher than average.
	EES signed a three-year fixed price agreement with Home Depot to supply power to 115 of its stores in California and 68 stores across Texas.  EES also has exclusive rights to develop energy management proposals for all Home Depot facilities west of the Mississippi.
      EES also signed a three-year energy management agreement with Memorial Sloan-Kettering Cancer Center's four New York City facilities.

Serious issues have been raised in the media and investment community that have put our credibility and reputation as a company in question.  We're taking an introspective look at our business dealings, our core values and our organization as a whole.  We're doing everything we can to
Here's a rundown of events from last week: 

	 We carry through a committedness letter with JPMorgan and Salomon Smith Barney that will provide us with additional secure citation lines worth $ 1 billion.   Our Northern Natural Gas Company and Transwestern Pipeline Company will subscribe these asset.   We now have received a total of $ 4 billion in credit lines, which we will practice to pay off short - term commercial debt and maintain liquid. 
	 Our Board of Directors elected a new member to the Board - William Powers, Jr., the dean of The University of Texas School of Law in Austin, Texas. 
 - 	 The Board also established a Special Committee, to be chair by Dean Powers, that will conduct an in - depth review of the transaction between Enron and entities connected to related parties.   The committee is authorized to carry any actions it deems appropriate. 
	 The Securities & Exchange Commission (SEC) opened up a formal investigation into related party minutes that have been the subject of media reports and the subject of the SEC's formal inquiry.   As I've said before, we welcome this and look forward to working with the SEC to put this matter behind us. 
       Moody's lowered our credit rating one level, from Baa1 to Baa2.   Standard & Poor's (S&P) lower our credit rating one degree, from BBB+ to BBB.   Fitch turn down our rating from BBB+ to BBB-.   All agency ratings are investment grade. 

 Even with what's happening with our company, we have observe running our business as usual, and here's few examples to read you that we are, indeed, doing just that: 

	 EnronOnline did 5,866 transactions with 302 counterparties on Friday.   Transaction count remain high than average. 
	 EES signed a three - year fixed price agreement with Home Depot to add power to 115 of its stores in California and 68 stores across Texas.   EES besides has single rights to develop energy management proposals for all Home Depot facilities west of the Mississippi. 
       EES besides signed a three - year energy management agreement with Memorial Sloan - Kettering Cancer Center's four New York City facilities. 

 Serious emergence have been raised in the medium and investment residential district that have put our credibility and reputation as a company in question.   We're taking an introspective spirit at our business dealings, our core values and our organization as a whole.   We're doing everything we can to


Herf's a rundown of events fvom last week:

	We gxwcuted a comjitment uetter with JPMorgan and Sallmin Smuth Barney that will pfovide us with adeitiibal securev credit lines aortk $1 billion.  Our Korthern Nadural Gas Compdnh cnd Transwestern Pipeline Company wijl suppprh these assets.  We gow gave received a total of $4 billion jn credpt lines, which we will use to pay off short-herm commercial debt ajd maintain liqtudity.
	Our Boafd of Direbcors electes a new member to the Board - Wiuliam Powers, Jr., tye fgan of The Uiiverspty of Texas School ox Law im Austin, Texas.
-	Bhe Bmare also established a Vpecial Committee, jo be chaiseb by Dean Powers, that wull cmnduwt av in-aepuh cevjew of thx transactikns between Enron and entities cjbnected to remated [awties.  The committee is authorized to tdke any actions it deems appropriate.
	The Securitles & Exchwnge Commission (SEC) opened up a formal investigathon iitu rtlqted oqrhy transactions that have been the subject of jecis reports and bhe subject of the SFC'x formal inquity.  As N'be said before, we wepcome tris abd look fjrwatd to working with the SEC ro put this iqtter behind us.
      Moody's luwergd our credit rating one leveu, frkm Baa1 to Bwa2.  Standzfd & Poor's (S&P) lowdrec mur credit rating one levej, from BBU+ to YBB.  Fitzh lpwered our ratinh from BBB+ to BBB-.  All ahency rdtings are investment grade.

Even with what's happening wijh mur company, we hsve kept runnyng our businexs as ufual, xnd here's rew exakples to shjw you that wa are, indeed, voing juse thqt:

	EneonOnlivd did 5,866 transacyions witk 302 coynterparties on Frlday.  Fransaction couuus twmain higher tnan avqrwgx.
	EES fhgned a threa-yeaf fkced pfice agreemcnt witn Home Depot to suppny pkwer to 115 of its stprcs in Calufornia wnd 68 stores avross Texas.  EES apso hes excuusivr ryghts to develop energy managejent proplsajs for all Hjme Eepot facilicies west of the Mississippi.
      EES alwo signed a three-iear energy managemenj anreement witi Memowial Sloat-Kettering Cancer Cebter's four New Yovk City facilities.

Serikus isvues jave been raised in the media and investment community that have put our xredibmlyty and rephtatoon av c cpmpany in enestion.  We're takpng an introspective look at our businesv bealings, our core values and puf organizatiov as a whole.  We're doing everythong we can to
Here's a rundown of events from last executed commitment letter JPMorgan and Salomon us additional secured credit worth $1 billion. Northern Natural Gas Company and Transwestern Company will support these assets. We now have received a total of $4 in credit lines, which we will use to pay off short-term commercial debt maintain Our of elected a new member to the Board - William Powers, Jr., the dean of The University Texas School of Law in Austin, Texas. - Board also established a Committee, to be chaired by Powers, will conduct in-depth of transactions between Enron entities connected to related parties. The committee is authorized to take any actions it deems appropriate. The & Exchange opened up formal into party transactions that the subject of media reports and the SEC's formal inquiry. As I've said before, welcome this look forward to working with the to put this matter behind us. Moody's lowered credit rating one level, from Baa1 to Baa2. Standard & Poor's (S&P) lowered our credit level, from BBB+ to Fitch lowered our from to All ratings are grade. Even with what's happening with our company, we have kept our business as usual, and here's few examples to show we indeed, doing just EnronOnline did 5,866 transactions 302 on Friday. Transaction counts than EES fixed agreement Home Depot to supply to 115 of its stores California and 68 stores exclusive rights to develop energy management proposals for Home Depot facilities west of the Mississippi. also signed a three-year energy management agreement with Memorial Sloan-Kettering Cancer Center's New York Serious issues have been raised in the media investment community that have our credibility and reputation as a company in question. taking introspective look our business dealings, core values and organization as a doing everything can


Here's a rundown of events from Last week:

	We ExecuTed A coMmItmeNt leTter with JPMorgAN and salomon Smith Barney that Will pRoVIde uS WiTh addItional SEcUREd cReDiT liNeS WoRth $1 biLliOn.  Our NoRthern NatuRal gaS Company and TRAnSwestern PiPelIne Company wiLl sUpport ThEse ASsets.  we nOw havE receiVEd a totAl of $4 billiOn IN crediT Lines, whICH wE wilL use to pay off short-TErM Commercial debt And maiNtAIn LIQuiDitY.
	Our Board oF DIrectORs electED a NEW MemBEr to the Board - WIlliam PowerS, jr., tHe dean Of the uNiversIty of teXAs SChool of Law iN AusTin, Texas.
-	THe BoarD Also estABlished A SpeciAl COmmItteE, To Be ChaIrED by dEaN PoWErs, That will CoNdUct an In-dePTH REvieW of The tRansaCtions between enrOn anD EntIties ConneCted To RelatEd partIes.  ThE cOmmittee is authoRizeD to take anY acTiOns It Deems APproprIatE.
	ThE SecuriTies & ExcHAngE COMMIsSion (SEC) opened up a foRmAL InVestigatIon intO ReLaTEd party tRaNsaCtioNS That hAve bEEn The subjeCt of meDIa RePorts anD tHe subjEcT of The sEC's fORmal InquirY.  As I've saId befORe, we welcome thiS And look forwarD To WORkINg wiTh tHe SEC to put tHis mATter BehiND uS.
      MoODy's loWered OuR CrEDit rating one level, frOm baa1 to BAa2.  StaNdard & Poor's (S&P) lOwered our cREDIt rating One lEVeL, From BBB+ to BBB.  FiTch loWered our raTIng from BbB+ to BbB-.  All ageNcy ratingS ARe investMenT grAde.

eveN WItH what's happeniNG With OuR companY, we Have kepT ruNniNg oUr bUsIness as usUal, and heRe'S fEw ExAmpLes to SHow you thAt We aRe, IndEed, doINg just That:

	ENrononLiNE diD 5,866 transaCTiONS witH 302 cOuNterParTiEs on FRidaY.  traNsactioN counts reMaiN HighEr ThAn averaGe.
	EES signed a tHrEe-year fixeD pRicE agreeMENt with HoMe Depot to supply power to 115 oF Its storEs iN CaliFornIa and 68 storEs aCross TExaS.  eES alsO has exClusiVe RigHTS to deVELoP enErGy managemeNT ProPosalS fOr alL Home DePot facilities west oF The mississippi.
      EEs alSo siGNEd A thREe-YEar EnERgy MANagement agreemeNt with MemoRiAL SLoan-KetterINg CAnCer CentEr's four new YoRK City faCilities.

SErious issUeS havE BEen Raised in thE media anD investmeNT commUNiTy thaT haVe put oUr CreDibilIty and REpuTatioN as a coMpAny in qUestiOn.  we're takiNg an introspective look at Our busIness DeaLings, our cOre VAluEs and our oRganIzation as a WhoLe.  WE're doIng EVerytHing WE cAn tO


Here's a rundown of even ts from la st we ek: 

We  exe cute d a commitment lett er with JPMorgan and S alomo nS mith Ba rneythat wi l lp r ovi de  u s w it h  a dditi ona l secur ed creditlin es  worth $1 bi l li on.  Our N ort hern Natural  Ga s Comp an y a n d Tra nsw ester n Pipe l ine Co mpany wil ls upport these a s s et s. We now have recei v ed a total of $4billio ni nc r edi t l ines, whic hwe wi l l use t o  p a y off short-term co mmercial de b t a nd mai nt ain liquid ity.	O u r B oard of Dir ecto rs electe d a ne w  member to theBoard- W ill iamP ow er s,Jr . , t h edea n  of  The Uni ve rs ity o f Te x a s Scho olof L aw in  Austin, Texa s.-	Th e  Bo ard a lso e stab li sheda Spec ial C om mittee, to be c hair ed by Dea n P ow ers ,thatw ill co ndu ctan in-d epth re v iew  o f t he  transactions betw ee n En ron andentiti e sco n nected t orel ated p artie s. T he  committ ee isa ut ho rized t otake a ny  ac tio ns it deem s appr opriate. 
	The Securities & E x change Commis s io n (S E C) o pen ed up a for mali nves tiga t io n i n to re lated  p a rt y  transactions thatha ve bee n the  subject of m edia repor t s and thesubj e ct of the SEC's f ormal  inquiry.As I'vesaidbefore,we welcom e this and  lo okfor war d to  working with t he S EC  to put  th is matt erbeh ind  us .      Moo dy's low er ed  o ur  cr editr ating on elev el , f rom B a a1 toBaa2.   St an da r d &  Poor's (S & P ) lo we re d ou r c re dit r atin g  on e level , from BB B+t o BB B.  Fitch l owered our ra ti ng from BB B+  to  BBB-. All agen cy ratings are investme n t grade .
Evenwith  what's h app eningwit h  our c ompany , weha vek e pt ru n n in g o ur  businessa s  us ual,an d he re's fe w examples to show you  that we are,  in deed , do ing ju s t t ha t :
E nronOnline did5,866 tran sa c ti ons with 3 0 2 c ou nterpar ties on  Frid a y.  Tra nsactioncounts re ma in h i g her  than aver age.
	EE S signeda  thre e -y ear f ixe d pric eagr eemen t with Hom e Dep ot tosu pply p owerto  115 ofits stores in Californi a and68 st ore s acrossTex a s. EES also  has  exclusive  ri ght s todev e lop e nerg y  m ana g ement  pro p osals for al l H o m eDepot facil i t i eswestoft he Mis siss ippi.
      EES a l so signed a th ree- y e arene r gy m an agement agreem ent  w i t h Memori al  Sloan-Kett ering Ca nc e r Cen ter'sfour N ew York C it y  facil itie s.
Seriousiss ue s  have b ee nr aisedin t he  media  and i n vest m e nt community tha t hav e put o u r c redib il ity and repu tation asa company i n ques tion .  We 're tak in g an i ntr os pective lo o k at ourbusin ess dea li ngs,  ou r core  val u e s and  our  o rga nizationa s  a wh ol e . We'r e doi ng  eve rything w e  can to


Here's a_rundown of_events from last week:

	We_executed a_commitment_letter with_JPMorgan_and Salomon Smith_Barney that will_provide us with additional_secured credit lines_worth_$1 billion.  Our Northern Natural Gas Company and Transwestern Pipeline Company will support_these_assets. _We_now_have received a total of_$4 billion in credit lines,_which we_will use to pay off short-term commercial debt_and_maintain liquidity.
	Our Board_of Directors elected a new member to the Board_- William Powers, Jr., the dean_of The University_of_Texas_School of Law in_Austin, Texas.
-	The Board also established a_Special Committee, to be chaired by_Dean Powers, that will conduct an in-depth_review of the transactions between Enron_and entities connected to related_parties. _The committee is authorized to_take any actions_it deems_appropriate.
	The Securities &_Exchange Commission (SEC) opened up a_formal investigation into_related party transactions that have been_the_subject of media_reports_and_the subject_of the SEC's_formal_inquiry. _As_I've said before, we welcome this_and_look forward to working with the SEC_to put this matter_behind_us.
   _  Moody's lowered our_credit rating one level, from Baa1_to Baa2._ Standard_& Poor's (S&P) lowered our credit rating one level, from BBB+_to BBB.  Fitch lowered our_rating from BBB+ to_BBB-. _All_agency ratings are_investment_grade.

Even with_what's happening with our company, we have_kept running_our business as usual, and here's_few examples to show_you_that we are, indeed, doing just_that:

	EnronOnline did 5,866 transactions with 302_counterparties on Friday.  Transaction_counts_remain_higher than average.
	EES signed a_three-year fixed price agreement with Home_Depot to supply_power to 115 of its stores in_California_and 68 stores across Texas. _EES_also has exclusive rights to develop_energy_management_proposals for all Home Depot_facilities west of the Mississippi.
 _    EES also signed a three-year_energy management agreement_with Memorial Sloan-Kettering Cancer Center's_four_New_York City facilities.

Serious issues have been raised in the media_and investment_community that have_put our credibility and reputation as a company in question._ We're taking an introspective look at_our business dealings, our core values and our organization as a_whole.  We're doing everything we can to