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Date: Thu, 25 Jan 2001 12:20:00 -0800 (PST)
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To: all_ena_egm_eim@enron.com
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HIGHLIGHTS

FULL YEAR PERFORMANCE SUMMARY

Wholesale Services: Income before interest, minority interests and taxes=20
(IBIT) of the wholesale group increased 72 percent in 2000 to $2.3 billion.=
=20

Commodity Sales and Services: The 160 percent increase to $1.6 billion in=
=20
Commodity Sales and Services IBIT for 2000 reflects Enron=01,s broad-based=
=20
success in building energy franchises across North America and Europe. For=
=20
the full year, Enron=01,s North American natural gas business led the group=
=01,s=20
increase both in volume levels and profitability.

In 2000, Enron completed its first full year of deploying EnronOnline, whic=
h=20
quickly became the world=01,s largest web-based e-commerce site. During the=
=20
year, Enron executed 548,000 transactions online with 3,000 customers,=20
totaling $336 billion of gross value. In addition to expanding the market=
=20
reach of 1,200 wholesale commodity products, EnronOnline=01,s internal feat=
ures=20
have enabled very significant expansion in scale, efficiency, information a=
nd=20
liquidity. These sustainable competitive advantages contributed to both the=
=20
expansion of Enron=01,s existing wholesale businesses as well as the growth=
 of=20
new businesses.

Physical volumes in 2000 increased for gas and power in every major region=
=20
where Enron operates, including:
Total Wholesale:
 * a 59 percent total increase in wholesale volumes to 51.7 TBtue/d;
 * an 82 percent increase in natural gas volumes to 28.3 TBtue/d; and
 * a 62 percent increase in power volumes to 633 million megawatt hours.=20
North America:
 * a 77 percent increase in natural gas volumes to 24.7 TBtue/d; and
 * a 52 percent increase in power volumes to 579 million megawatt hours.
Europe and Other:
 * a 131 percent increase in natural gas volumes to 3.6 TBtue/d; and
 * a 372 percent increase in power volumes to 55 million megawatt hours.

Assets and Investments: The Wholesale Assets and Investments business=20
reported $889 million IBIT compared to $850 million last year. The earnings=
=20
reflect contributions from Enron=01,s asset operations comparable to 1999=
=20
levels. Relative to last year, Enron experienced an increase in the total=
=20
value of its merchant investments and lower gains from sales of energy asse=
ts.

Enron also announced increased earnings target for 2001 to $1.70 - $1.75 pe=
r=20
share.

=20
IN THE NEWS

"At the same time, Enron Corp. nearly doubled its market value to more than=
=20
$60 billion, roughly equal to Walt Disney Co. and double the market=20
capitalization of Compaq Computer Corp.  Enron is the largest Houston=20
company, ranked  by annual revenue.  Compaq is second." -- Houston Business=
=20
Journal (January 12-18)

NUGGETS & NOTES

Quotes from the Office of the Chairman

"It's WA-T-ER not "wadder"!" - Nicki Daw, Executive Assistant to Mark=20
Frevert-EWS

"Help me, help YOU!"  -Liz Taylor, Executive Assistant to Greg Whalley-EWS

"You're the Boss, Applesauce!" - Kay Chapman, Executive Assistant to Dave=
=20
Delainey-EA

"John's always in a good mood!" - Kim Hillis, Sr. Admin. Assistant to John=
=20
Lavorato-EA

"Yes, I have moved and my new location is..." - Cathy Phillips, Executive=
=20
Assistant to Mike McConnell-EGM=20

"You Got It!!!!" - Jennifer Burns, Sr. Admin. Assistant to Jeff Shankman-EG=
M

"When's the sunny weather back? I left England for this!!!" - Sue Ford,=20
Executive Assistant to Jeff McMahon-EIM

"........well you know we are tight on space!" - Marsha Schiller, Executive=
=20
Assistant to Ray Bowen-EIM

Congratulations! to Jody Pierce, manager in Business Analysis & Reporting a=
nd=20
wife Tara.  They are the proud parents of Joseph Michael Pierce II.  He was=
=20
born December 31and weighed 7lbs. 4oz.=20

Congratulations!  to Scott Earnest, director for EGM Global Products, and=
=20
wife Lanette Earnest, ENA Tax.  They are the proud parents of Nicole=20
Mackenzie Earnest.  She was born January 17 and weighed 6 lbs. 8 oz.

WELCOME

EGM New Hires
Bob Beyer - Manager - Weather Risk Management Marketing (Chicago)
Partho Ghosh - Manager - Weather Risk Management Marketing
Gray Calvert - Associate - Weather Risk Management Structuring
Sandeep Ramachandran - Manager - Weather Risk Management Trading
Huy Dinh - Staff - Weather Risk Management Data Acquisition/Trader Support


LEGAL STUFF

The information contained in this newsletter is confidential and proprietar=
y=20
to Enron Corp. and its subsidiaries.  It is intended for internal use only=
=20
and should not be disclosed.