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Please destroy
when no longer
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Confidential





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2nd Quarter 2001 Financial Review

July 24, 2001

:XH012-00294



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  ENRL
EARNINGS RELEASE - EX i ERNAL FORMAT
  (Mitbrs of Donors. except as noted)

Transmission & Distribution
Enron Transportation Services
Portland General
Total Transmission & Distribution
Wholesale Energy Operations & Services
Americas
  Europe
CATS/Margaux
Global Markets
Industrial Markets
Net Works
  EEOS
Global Assets
  Retail Risk Management
Other Wholesale
Subtotal
  Global Finance
Global E&P
Prepays
Other
Total Wholesale Energy Ops. & Services
Enron Energy Services
Enron Broadband Services
Corporate and Other
Azurix
  Enron Renewable Energy Corp
Clean Fuels
  Enron Investment Partners
Corporate & Other Expenses
Structured Transactions
Reciass /rondlo Wholesale
Total Corporate & Other
Overview
INCOME BEFORE INT., M.1. & INC. TAXES
Interest Expense; Net
  Dividends on Preferred Stock of Subsidiaries
Minority Interest
PRE-TAX INCOME
Income Tax Expense
NET INCOME - RECURRING
DILUTED EPS
  Recurring
Non-recurririg
TOTAL DILUTED EPS

Avg shares outstanding - Diluted
Effective Tax Rate - Recurring Earnings

o C., r GPDr. cbO1RICE/VOIt0IRrerD5 o. dO
r5Wrl rtfl

	2001	
1st CE	Update	Actual
$ 76.7	$ 0.3	$ 77.0
57.7	7.2	64.9
134.4	7.5	141.9

959.5	279.6	1,239.1
98.0	(1.2)	96.5
ò	(43.1)	(43.1)
54.6	(20.5)	34.1
10.7	2.6	13.3
(3.6)	(1.4)	(5.2)
(4.8)	5.3	0.5
41.7	-	41.7
(600.0)	104.2	(495.8)
(19.6)	L5.5) .	(55.1)
536.3	290.0	626.3
25.2	8.3	33.5
13.8	1.7	15.5
(35.0)	(2.0)	(37.0)
(39.2)	3.4	(35.8)
501.1	301.4	802.5
49.0	10.8	59.5
(15.0)	(67.0)	(102.0)
(25.3)	(6.1)	(31.4)
12.9	(5.4)	7.5
2.7	8 0	10.7
(0.1)	(19)	(2.0)
(95.9)	2.8	(93.1)
4.2	(4.7)	(0.5)

  (101.5) (7.3) (106.6)
160.0 160.0
  748.0 45.4 793.4

201.2	13.8		215.0
182	-		182
40.4	(10.9)		29.5
488.2	42.5		530.7
1)7.2	9.2		126.4
$ 371.0	$ 33.3	$	404.3
			
$ 0.42	$ 0.03	$	0.45
$ 0.42	$ 0.03	f	0.45
886.0			8911
24.0%			23.8%

$ 77.3
62.0
  139.3

331.2
64.5
(35)
(78)
19.3
54.3
(22.4)

  435.6
238
  7.0
(17.5)
(34.4)
414.5

45.7
(6.0)

  (10.8)
13.4
9.0
(1.2)
  (34.2)
42.4
(t.7)
16.9

606.4

1955
.20.8
38.8

  353.3
644
S 206.9

$ 0.34
$ 0.34

862.2
18.2%

of vs Do
Growth

2%

94%
31%

30%
10%

50%
40%

32%

:XH012-00295


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Page 3 of 22
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Al
EARNINGS RELEASE - EXTERNAL FORMAT
  I.~ (Millons of Dollars, except as nosed)

Quarter Ended Quarter Ended Six Months Ended
March 31 June 30 June 30
  Plan 2001 Act- 2000 Act tat CE 2001 Act 2000 Act let CE 2001 Act 2000 Act
Transmission & Distribution
  Enron Transportation Services S 131.8 $ 133.3 $ 127.9 $ 76.7 $ 77.0 S 77.3 S 2100 S 210.3 $ 2052
Portland General 100.0 60.0 105.3 57.7 64.9 62.0 117.7 124.9 1673
Total Transmission & Distribution 231.6 193.3 233.2 134.4 141.9 139.3 327.7 335.2 372.5
Wholesale Energy Operations & Services
  Americas 270.6 947.9 137.5 959.5 1.239.1 331.2 1.607.4 2,007.0 4687
Europe 82.4 99.0 67.7 98.0 96.8 64.5 1970 .11955 1322
CATS/Margaux - (12.1) - - (43.1) - (12.1) (552) -
Global Markets 46. 46.3 50.0 546 34.1 (3.5) 1009 804 465
Industrial Markets 9.0 8.9 - 10.7 13.3 - 196 222
  -
Net Works (3.6) (3.6) (14.2) (3.8) (5.2) (7.8) (7.4) (8.8) (220)
EEOS 9.2 8.1 34 (4.8) 0.5 19.3 3 3 8 6 22 7
Global Assets 91.1 47.9 675 41.7 41.7 543 896 896 121 8
Retail Risk Management - (2304) 10.5 (600.0) (495.8) (22.4) (8304) (7262) (1191
Other Wholesale (08) (57.3) (19.6) (55.1) (76.9) (1124
  Subtotal 504.0 754.7 322.4 536.3 826.3 435.6 1,291.0 1,581.0 758 0
Global Finance 40.0 14.7 104.4 25.2 33.5 23.8 399 482 12B 2
Global E&P 5.1 15.5 4.1 13.8 15.5 7.0 293 310 11 1
Prepays (35.1) (15.1) (22.9) (35.0). (37.0) (17.5) (50 1) (52.1) (404)
Other 97.5 (15.0) 21.2 (39.2) (35.8) (34.4) _-(5411 5( 0 8) (13 2)
  Total Wholesale Energy Ops. & Services 611.5 754.8 429.2 501.1 802.5 414.5 1,255.9 1,557.3 843.7
Enron Energy Services 52.4 39.6 6.0 49.0 59.8 45.7 88.6 99.4 51.7
Enron Broadband Services (35.0) (35.0) (0.3) (15.0) (102.0) (8.0) (50.0) (137.0) (8.3)
Corporate and Other
  (166)
Azurix (17.1) (3).5) (6.0) (25.3) (31.4) (108) (568) (629)
  Enron Renewable Energy Corp (9.8) (16.6) 11.9 12.9 7.5 13.4 (3 9) (9.3) 25 3
Clean Fuels (16.1) (17.1) (3.3) 2.7 10.7 9.0 (144) (6.4) 57
Enron Investment Partners (0.1) (1.4) (0.4) (0.1) (2.0) (1.2) (1.5) (3 4) (1 6)
Corporate & Other Expenses (822) (95.7) (35.7) (95.9) (93.1) (34.2) (191 6) (1888) (69 9)
Structured Transactions 4.0 4.8 6.8 4.2 (0.5) 42.4 9.0 4.3 49 2
Other (17.4) (1.7) (19 1)
  Total Corporate & Other /121.3) (157.7) (44.1) (101.5) (108.8) 16.9 (259. __(266.5) (27.2)
Overview 22.4 180.0 180.0
INCOME BEFORE INT., MA & INC. TAXES 761.11 795.0 624.0 748.0 793.4 600.4 1,543.0 1,588.4 1,232.4
  Interest Expense, Net 193.2 201.0 161.1 201.2 215.0 1955 .44022 4160 3566
Dividends on Preferred Stock of Subsidiaries 184 18.0 18.1 18.2 18.2 208 36 2 36 2 389
Minority Interest 23.8 40.0 35.0 40.4 29.5 38.8 804 ^_ 69.5 73 8
  PRE-TAX INCOME 526.4 536.0 409.8 488.2 530.7 353.3 1,024.2 1,066.7 763.1
Income Tax Expense 126.4 1300 722 117.2 126.4 64.4 247 2 256 4 ___1366
NET INCOME. RECURRING f 400.0 f 406.0 f 337.6 $ f 404.3 f 288.9 777. S 0= $ 010.3 s2s.s`
  rn
DILUTED EPS C7
  Recurring $ 0.45 $ 0.47 $ 0.40 $ 0.42 S 0.45 $ 0,34 $ 0 89 f 0 92 S 0' 74
Non-recurring C= 0.02 0 02 0 02
  0.40 0.42 f 0,45 f 0.34 f 0.91 f 0.94 0 74
TOTAL DILUTED EPS ~-+ S 0.45 f 0.49
  Qa ------- r_ .
  Avg shares outstanding -Diluted 695.0 670.1 . ' 851.9 888.0 891.1 8622 8860 . 881 5 81,7 0
Effective Tax Rate- Recumng Earnings 240% 24.3% 17.6% 24.0% 238% 182% 24 1 % 24 0% 1 7 e,

XH012-00296


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Transportation & Distribution
2nd Quarter 2001
  $ in millions

ETS

Revenues
Cost of Sales
Gross Margin
Operating Expenses
Operating Income
Equity Earnings
  Trailblazer, Overthrust
Citrus
  Northern Border
EOTT
Gains on Sales
Other Income
IBIT

ACTUAL

NNG	TW	Other Ops	Total
$ 107.9	$ 46.6	$ (3.7)	$ 150.8
29.6	-	0.1	29.7
78.3	46.6	(3.8)	121.1
64.8	12.6	(5.4)	72.0
13.5	34.0	1.6	49.1
2.0	-	-	2.0
-	-	11.2	11.2
	-	2.2	2.2
-	-	1.2	1.2 '
0.6	-	0.8	1.4
0.4	0.1	9.6	(a) 9.9
$ 16.5	33.9	26.6	77.0

(a) Partial reversal of EOTT distribution reserve ($9.OMM)

1st Current	
Estimate	2000 Act
$ 125.6	$ 165.7
(1.1)	18.0
126.7	147.7

4/.U

  1.1
9.3
1.9
2.4
15.0
76.7-

D U.4

  1.0
9.0
1.7
(1.8)
  1.0
_ 11.0
77.3

=XH012-00297


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Transportation a Distribution
YTD Through June 30, 2001
  $ in millions

ETS

Revenues
Cost of Sales
Gross Margin
Operating Expenses
Operating Income
Equity Earnings
  Trailblazer, Overthrust
Citrus
  Northern Border
EOTT
Gains on Sales
Other Income
WIT

ACTUAL

NNG	TW	Other Ops	Total
$ 262.9	$ 105.2	$ 8.2	$ 396.3
32.3	-	0.1	32.4
250.6	105.2	8.1	363.9
141.6	42.9	10.9	195.4
109.0	62.3	(2.8)	168.5
3.2	-	-	3.2
-	-	19.3	19.3
		4.0	4.0
		3.6	3.6 '
0.6	(0.1)	0.8	1.3
1.1	-	9.3	(a) 10.4
~' 113.9	62.2	-34.2	210.3

1st Current	
Estimate	2000 Act
$ 362.5	$ 371.6
20.5	22.8
342.0	348.8
175.7	173.8
166.3	'175.0
2.1	1.9
17.5	15.5
3.7	3.4
4.8	(3.9)
-	1.0
15.6	12.3
210.0	$ 205.2

I


=XH012-00298

(a) Partial reversal of EOTT distribution reserve ($9.OMM)

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Transportation & Distribution
2nd Quarter 2001
  $ in millions

Portland General

Wholesale
Retail
  Total Revenues
Cost of Sales
Gross Margin

Operating Expenses
Other Income
IBIT

2nd Quarter

2001 Act 1st CE 2000 Act

$ 460.0		$ 181.9
370.7		249.4
830.7	684.0	431.3
624.1	502.0	251.4
206.6 (a)	182.0	179.9
(148.6) (b)	(137.7)	(122.8)
6.9	13.4	4.9
64.9	57.7	62.0

YTD through June 30

2001 Act 1st CE 2000 Act

$ 657.7		$ 532.5
939.9		295.9
1,597.6	1,451.2	828.4
1,205.8	1,084.4	453.9
391.8	366.8	374.5
(266.9)	(255.6)	(246.4)
-	6.5	39.2
124.9	117.7	167.3

  (a) Increase due to wholesale sales at higher prices offset by higher cost of sales and lower hydro generation
  (b) Increase due primarily to higher maintenance costs of $3.Omm, $3.4mm termination fee paid to GATX Capital Corp.,
increased amortization, and an adjustment for miscellaneous other taxes

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=XH012-00299


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Wholesale services
2nd Quarter 2001
  $ In millions

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Americas

2nd Quarter

2001 Act 1st CE 2000 Act

  YTD through June 30
  2001 Act 1st CE 2000 Act

IBIT $ 1,239.1 $ 959.5 $ 331.2 $ 2,087.0 $ 1,807.4 $ 468.7

Detail of 2001 IBIT

Trading		
Gas	$ 149.2	$ 676.8
Power	703.1	1,208.8
Other	54.2	79.9
Total Trading	906.5	1,965.5
Originations	501.8 (a)	775.8
Assets & Investments	63.2	72.3
Expenses	(232.4)	(473.3)
TVA Settlement	-	(253.3)
IBIT	$ 1,239.1	$ 2,087.0

(a) Significant originations:
  Peaker sales 412.2
Pastoria 40.4
Kern River 23.9

=XH012-00300


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Wholesale ,drvices
2nd Quarter 2001
  $ in millions
Europe
  2nd Quarter YTD through June 30
  2001 Act 1st CE 2000 Act 2001 Act 1st CE 2000 Act
IBIT $ 96.8 $ 98.0 $ 64.5 $ 195.8 $ 197.0 $ 132.2

Detail of 2001 IBIT

Trading		
Gas	$ 14.6	$ (8.9)
Power	51.8	187.9
Metals	16.6	25.2
Other	(10.2)	22.7
Total Trading	72.8	226.9
Originations	107.5 (a)	131.6 (b)
Assets & Investments	32.6	75.0
Expenses	(116.1)	(237.7)
IBIT	$ 96.8	$ 195.8

(a) Significant originations: (b) Significant originations

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ETOL 3 36.0	ETOL 2 & 3	58.0
Ra Portfolio 20.0	Ra Portfolio	20.0
Sainsbury 18.0	Sainsbury	18.0
	Manx	10.5

=XH012-00301


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Page 9 of 22
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Wholesale,ervices
2nd Quarter 2001
  $ in millions
Global Markets
  2nd Quarter YTD through June 30
  2001 Act 1st CE 2000 Act 2001 Act 1st CE 2000 Act
IBIT $ 34.1 $ 54.6 $ (3.5) $ 80.4 $ 100.9 $ 46.5
Detail of 2001 IBIT

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Trading		
Crude & Products	$ (91.2)	$ (41.7)
Coal	(12.7)	(11.5)
Weather	8.9	17.6
Financial	17.2	30.5
Other	1.5	(3.6)
Total Trading	(76.3)	(8.7)
Originations	173.3 (a)	207.2
Assets & Investments	(2.8)	(3.6)
Expenses	(60.1)	(114.5)
IBIT	$ 34.1	$ 80.4

(a) Significant originations:
  MTBE transaction 124.0
Cline put restructure 20.0
Mitsui 6.8

=XH012-00302


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Page 10 of 22
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Wholesale _.;rvices
2nd Quarter 2001
  $ in millions
Industrial Markets
  2nd Quarter YTD through June 30
  2001 Act 1st CE 2000 Act 2001 Act 1st CE 2000 Act
IBIT $ 13.3 $ 10.7 $ - $ 22.2 $ 19.6 $ -

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Detail of 2001 IBIT

Trading		
Pulp & Paper	$ (2.0)	$ 12.1
Lumber	(5.1)	(5.2)
Steel	2.2	2.2
Europe	(0.2)	2.1
Total Trading	(5.1)	11.2
Originations	38.7' (a)	44.9
Assets & Investments		
Garden State Paper	14.8	14.8
Stadacona	9.5	9.5
Other	(0.1)	15.5
Total Assets & Investments	24.2	39.8
Expenses	(44.5)	(73.7)
IBIT	$ 13.3	$ 22.2

(a) Significant originations:

  Sundance share sale 20.0
Huntco call option 10.9
Huntco investment mgmt. 7.5

:XH012-00303


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Page 11 of 22
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Wholesale Services
2nd Quarter 2001
  $ in millions

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  En

Global Assets

  2nd Quarter
  2001 Act 1st CE 2000 Act

  YTD through June 30
  2001 Act 1st CE 2000 Act

IBIT $ 41.7 $ 41.7 $ 54.3

Detail of 2001 IBIT

Assets & Investments		
Elektro (elec. dist.-Brazil)	$ 12.1.	$ 43.9
TGS (gas p/1-Argentina)	9.5	20.1
Promigas (gas p/1-Columbia)	6.1	9.2
DPC (power plant-India)	11.1	25.0
Chengdu (power plant-China)	6.9	13.4
BLM (power plant-Panama)	5.8	9.2
BPC (power plant-Philippines)	5.3	10.4
Other	10.3	1.7
Total Assets & Investments	67.1	132.9
Expenses	(25.4)	(43.3)
IBIT	$ 41.7	$ 89.6

$ 89.6 $ 89.6 $ 121.8

=XH012-00304


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Page 12 of 22
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Retail Set vices
2nd Quarter 2001
$ in millions

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Gross Revenues
Gas and Power Sales
Power MTM/Originations
Facilities Services
Outsource & Other
International
  Total Revenues
Cost of Sales
Gas and Power Sales
Facilities Services
Outsource & Other
International
  Total Cost of Sales
Gross Margin
Gas and Power Sales
Power MTM/Originations
Facilities Services
Outsource & Other
International
  Total Gross Margin
Operating Expenses
New Power Co.
  Monetizations
Equity Losses
Other Income
IBIT

	2nd Quarter		YTD through June 30
2001 Act	1st CE	2000 Act	1st CE	2001 Act	2000 Act
					
$ 70.0		$ 113.8	$ 319.2		$ 175.7
156.6		100.6	295.9		135.7
187.2		137.1	363.4		270.3
27.5		4.0	39.3		8.5
116.1		65.3	232.2		144.2
557.4	770.0	420.8	1,250.0	1,462.5	734.4
69.3		113.0	319.8		174.3
162.6		121.3	316.1		235.3
25.3		9.9	38.5		11.7
71.0		51.0	148.6		108.2
328.2	569.8	295.2	823.0	1,064.5	529.5
0.7		0.8	(0.6)		1.4
156.6		100.6	295.9		135:7
24.6		15.8	47.3		35.0
2.2		(5.9)	0.8		(3.2)
45.1		14.3	83.6		36.0
229.2	200.2	125.6	427.0	398.0	204.9
(178.7)	(a) (157.2)	(90.6)	(351.3)	(329.8)	(185.9)
20.0	20.0	25.0	50.0	50.0	45.0
(13.3)	(14.0)	(18.9)	(28.2)	(28.9)	(17.0)
2.6	-	4.6	1.9	(0.7	4.7
59.8	49.0	45.7	99.4	88.6	51.7

(a) Operating expenses increased versus 2000 20 primarily due to the following: Europe $9MM, IBMIIT services $13MM, bonus $1 OMM, commissions
$10MM, salary and severance costs $35MM

=XH012-00305


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Page 13 of 22
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Broadband cervices
2nd Quarter 2001
  $ in millions

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EBS

Gross Revenues
Dark Fiber and Software Sales
Content Services
Contract Originations
Merchant Investments
Trading
Other
Total Revenues
Cost of Sales
Dark Fiber and Software Sales
Content Services
Trading
Other
Total Cost of Sales
Gross Margin
Dark Fiber and Software Sales
Content Services
Contract Originations
Merchant Investments
Trading
Other
Total Gross Margin
Operating Expenses
Other Income
IBIT

  2nd Quarter
  1st CE 2001 Act 2000 Act

YTD through June 30

  1st CE 2001 Act 2000 Act

	$ 2.2	$ 152.4		$ 2.7	$ 199.9
	0.1	0.2		58.7	0.4
	-	2.1		3.8	2.1
	(0.6)	(4.2)		(6.2)	7.2
	9.2	-		29.3	-
	4.9	-		10.6	-
165.6	15.8	150.5	248.7	98.9	209.6
	4.6	70.4		4.7	78.2
	1.6	3.8		1.6	3.8
	13.4	-		40.0	
	2.4	0.4		4.6	0.4
91.9	22.0	74.6	120.8	50.9	82.4
	(2.4)	82.0		(2.0)	121.7
	(1.5)	(3.6)		57.1	(3.4)
	-	2.1		3.8	2.1
	(0.6)	(4.2)		(6.2)	7.2
	(4.2)	-		(10.7)	-
	2.5	(0.4)		6.0	(0.4)
73.7	(6.2)	75.9	127.9	48.0	127.2
(88.7)	(93.7)	(85.2)	(180.4)	(185.4)	(137.1)
	(2.1)	1.3	2.5	0.4	1.6
(15.0)	(102.0)	(8.0)	(50.0	-$ (137.0)	(8.3)

=XH012-00306


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Page 14 of 22
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Corporate SL nctions
Corporate Staff Costs Retained
  June YTD 2001
  (In thousands of dollars)

		Total Year			June YTD 2001	
	Plan	Change	1st CE	Plan	Actuals	Variance
Executive	17,132	1,100	18,232	8,752	14,630	(5,878) (1
Legal	9,781	-	9,781	4,892	6,500	(1,608)
Risk Assessment & Control	1,392	-	1,392	697	(1,488)	2,185
Accounting & Tax	30,307	-	30,307	15,156	15,985	(829)
SAP ISC	9,264	-	9,264	4,632	5,491	(859)
Strategic Sourcing	6,844	-	6,844	3,424	3,913	(489)
Investor Relations	3,036	-	3,036	1,518	1,810	(292)
Corporate Development	3,485	-	3,485	1,743	2,134	(392)
Human Resources	3,862	-	3,862	2,864	6,666	(3,802) (2
Community Relations	7,232	-	7,232	3,617	3,743	(126)
Benefits	119,226	9,000	128,226	59,613	44,270	15,343 (3
Analyst & Associates	-	-	-	-	2,602	(2,602) (4
Public Affairs	38.515	-	38,515	19,258	16,769	2,489 (5
Administrative Services	2,236	-	2,236	1,118	(127)	1,245
Risk Management	2,433	-	2,433	1,217	701	515
Xcelerator	-	1,500	1,500	-	2,626	(2,626)
Amortization & depreciation	78,218	-	78,218	39,109	34,829	4,280 (6
EBS transfers	-	13,000	13,000	-	12,205	(12,205)
Other	32,966	13,000 "	45,966	15,170	15,593	`423)
Costs Retained at Corporate	365,929	37,600	403,529	182,779	188,853	(6,074

Primarliy relates to special payments to former employees and Azurix costs.

1) Variance is due to corporate aviation usage and special payments.

2) Primarily timing of Click@Home program, expenses were planned evenly over the year.

rn
C7 Most of the costs were incurred in Feb - June.
0
C= 3) Variance is primarily due to decrease in value of investments for calculating liability related
p to deferred compensation plan.
  4) Due to fewer participants in the program, all of the program overhead costs have not been billed out.
C

  5) Variance is primarily timing of payments for advertising.

6) Plan amortization was assume to be equal over the year. Variance is caused by timing of new projects.

XH012-00307


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Page 15 of 22
=============

Enron Corp
2001 Cash Flow Estimate

T
C1:1
O
C=
~.O
-
CW
.ice
J

	June YTD	July thru Dec.	
	Estimate'	Estimate	Full Year
			
Funds Flow from Operations	1,520.5	1,479.5	3,000.0
Changes In Working Capital	(2,452.1)	1,052.1	(1.400.0)
Cash Flow from Operations	(931.6)	2,531.6	1,600.0
Proceeds from Sale of Assets	1,473.5	398.9	1,872.4
Capital Exp & Equity Investments	(2,860.8)	(917.3)	(3,778.2)
	(1,387.4)	(518.4)	(1,905.8)
Cash Flow	(2,319.0)	2,013.2	(305.8)
Cash Flow from Financing			
Increase/(Dec) in Debt	2,329.4	(1,731.0) .	598.4
Dividends Paid	(285.6)	(285.1)	(570.7)
Other Financing	(56.6)	2.9	(53.7)
	1,987.2	(2,013.2)	(26.0)
Increase/(Decrease) In Cash Balances	(331.8)	-	(331.8)
			
Balance Sheet Debt			
Opening Balance	10,229.5	12,702.1	10,229.5
Increase from Cash Flow	2,329.4	(1,731.0)	598.4
Other Changes	143.3	-	143.3
Ending Balance	12,702.1	10,971.1	10,971.1

' Jan-May actual June estimate.

!XH012-00308


=============
Page 16 of 22
=============

P71
  C1
  O
O
.A.
W
O'1
fV
I

	Enron Corp		
	Funds Flow from Operat	ions	
	2001 Year-to-Date		
	1st Quarter	2nd Quarter June
	Actual	Estimate Year-to-Dale
Transportation & Distribution			
Enron Transportation Services	83.8	63.7	147.5
Portland General Group	6.6	127.2	133.7
	90.4	190.9	281.2
Wholesale			
Enron North America	615.2	920.4	1,535.6 (1)
Enron Europe	192.4	(73.2)	119.2
Enron Global Markets	(153.7)	(81.4)	(235.1) (2)
Enron Global Assets	93.3	(139.8)	(46.5) (3)
Global Explor 8 Prod	28.6	(34.8)	(6.2)
EEOS	1.9	(20.6)	(18.7)
Enron Net Works	(105.5)	102.6	(2.9)
Enron Global Finance	12.7	(129.1)	(116.4)
Enron Industrial Markets	(142.5)	(24.4)	(166.9)
Wholesale - Other	(457.9)	729.6	271.7 (4)
Wholesale - EES	(89.6)	(42.8)	(132.4)
Wholesale - Elims	(18.4)	46.0	27.6
El Headquarters	7.0	1.5	8.6
	(16.3)	1,253.9	1,237.6
Enron Broadband	(19.0)	29.1	10.1
Enron Energy Services	11.0	(22.9)	(11.9)
Enron Renewable Energy	0.8	0.3	1.0
Corporate & Other	69.0	(66.6)	2.5
Total	135.9	1,384.6	1,520.5
(1) Includes gain on Peakers -5800 million, Prepays of $220 million 1Q and $250 million 20. and Si(he Transaction $600 million.
(2) Includes purchase of Crude & Products Options (S 150) million and Weather Derivatives of ($40) million	
(3) 20 includes ($116) million reclass of Halnan		
(4) 1Q activity relates to growth In PRM Asset, 20 reflects cash In-flow from Credit Link Note of $850 million	

EXH012-00309


=============
Page 17 of 22
=============

		Enron (.urp	
		Change in Working Capital	
		2001 Year-to-Date	
		1st Quarter 2nd Quarter	June
		Actual Estimate	Year-to-Date
		Transportation IL Distribution	
		Enron Transportation Services (54.6) 75.6	21.0
		Portland General Group (42.4) (30.2)	(72.8)
		(97.0) 45.4	(51.6)
		Wholesale	
		Enron North America (421.9) (1.801.2)	(2,223.1) (1)
		Enron Europe 263.9 (212.6)	51.3 (2)
		Enron Global Markets 44.3 (10.4)	34.0 (3)
		Enron Global Assets (17.8) (28.9)	(46.8)
		Global Expler & Prod 5.6 4.7	10.3
		EEOS (17.0) 177.6	160.6 (4)
		Enron Net Works (57.2) 18.1	(39.1)
		Enron Global Finance 257 1.8	27.5
		Enron Industrial Markets 4 9 50.9	558
		Wholesale - Other (8.8) 4.1	(26)
		Wholesale - EES 21.7 105.5	127.2
		Wholesale - Elims 18.8 (26.0)	(7.2)
		El Headquarters (1.5) (2.1)	(3.6)
		(137.2) (1,716.5)	(1,855.7)
		Enron Broadband (56.3) (30.7)	(87.0)
		Enron Energy Services (65.7) 22.7	(43.0)
		Enron Renewable Energy (81.7) (31.1)	
(5)
(1128)
		Corporate & Other (161.4) (140.6)	(302 1)
			
~7		Total (599.3) (1,652.8)	(2,452.1)
O			
O			
"j
tL~	(1)	Reflects net cash out-Bow related to OTC/NYMEX margins & deposits ($2,300) million	
imp	(2)	10 reflects sale of Metals Inventory $300 million, 20 reflects build-up of Inventory ($144) million	
C
.P	
(3)	
Includes Increases In inventoried ($174) million	
W	(4)	Reduction in AR at NEPCO	
	(5)	Increase In Inventories and other receivables related to projects of ($116) million	


EXH012-00310


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Page 18 of 22
=============

				Enron %,.urp			
			Cas	h Flow from Investing Activities		
				2001 Year-to-Date		
			Capital	Equity	Other	June	2001 Plan
			Expenditures	Investments	Investing	Year-lo-Date	June Y-T-D
		Transportation & Distribution					
		Enron Transportation Services	(90.1)	-	6.2	(839)	(763)
		Portland General Group	(103.0)	-	7.6	(95.4)	- (1)
			1193.1)	-	13.8	(179.31	(76.3)
		Wholesale					
		Enron North America	(248.6)	(7.5)	(1,186.7)	(1,442.8)	(267.7) (2)
		Enron Europe	(168.3)	-	0.9	(165.4)	(810) (3)
		Enron Global Markets	(7.6)	-	(66.6)	(74.4)	(390)
		Enron Global Assets	(37.4)	(57.6)	(12.0)	(107.0)	(130.3)
		Global Explor & Prod	(2.8)	-	(3.8)	(6.6)	(1.6)
		EEOS	(1,5)	-	-	(1.5)	(2.7)
		Enron Net Works	(63.5)	-	-	(63.5)	(658)
		Enron Global Finance	-	-	1.8	1.8	
		Enron Industrial Markets	(1.0)	(380.0)	127.5	(233.4)	(446.0) (4)
		Wholesale - Other	-	-	-	-	-
		Wholesale - EES		-	-	-	-
		Wholesale - Elims		-	-	-	-
		El Headquarters		(3.1)	-	(3.1)	
			(526.8)	(428.1)	(1,138.9)	(2,095.8)	(1,034.0)
		Enron Broadband	(111.1)	(15.0)	-	(126.1)	(3980) (5)
		Enron Energy Services	(28.5)	-	(6.1)	(34.5)	(53.2)
		Enron Renewable Energy	(10,1)	(0.0)	(01)	(10.2)	(239)
		Corporate & Other	(554)	(325.6)	(339)	(414.9)	(1,136 7) (6)
rn		Total	(926.9)	(769.8) (1,185.2)	)2,860.8)	(2,722.1)
C")							
C	(1)	Plan anticipated sale in Of 2001					
0	(2)	Includes Investing activities related to Sithe of ($955) mm, Merlin ($71) mm			
C4	(3)	Includes CATS settlement In April of ($142) million				
A
W	(4)	$200 mm payment to Sundance for	unwnind of Fishtail				
~.	(5)	Planned reduction in Cap Ex					
t~
A	(6)	Includes additional purchase of Azurtx shares, Plan assumed repurchase of Rawhide.			


EXH012-00311


=============
Page 19 of 22
=============



  Enron Corp
Total Capital Deployed
2001 May Year-to-Date

  As of May 31, 2001 As of Dec 31, 2000
May 2001 Off Balance Total Cap Deployed Total Cap Deployed
Capital Deployed Sheet Assets" Incl. Off BIS Incl. Off BIS

	Transportation & Distribution				
	Enron Transportation Sevices	2,723.3	-	2,723.3	2,697.0
	Portland General Group	3,307.1	-	3,307.1	3,180.6
		6,030.4	-	6,030.4	5,877.6
	Wholesale				
	Americas	4,168.2	19.0	4,187.2	2,812.0 (1)
	Enron Global Markets	648.4	-	648.4	714.0
	Enron Europe	1,447.1	361.0	1,808.1	1,655.5
	Middle East (Europe)	57.1		57.1	49.6
	Global Exploration & Production	419.3		419.3	449.0
	Enron Global Finance	2,301.0		2,301.0	1,428.5 (2)
	Enron Industrial Markets	545.5		545.5	(54.0)
	EEOS	98.2		98.2	158.0
	Enron Global Assets	6,890.4	91.0	6,981.4	6,933.1
	Enron Net Works	196.0		196.0	(7.0)
	Wholesale - Other	-		-	-
	Wholesale - EES	675.1		675.1	- (3)
	Eliminations & Other	6.3		6.3	6.3
		17,452.6	471.0	17,923.6	14,145.1
	Enron Energy Services	713.5	102.0	815.5	1,732 0
	Enron Broadband Services	1,002.1	92.0	1,094.1	9380
	Enron Renewable Energy Corp	657.8		657.8	544.0
	Corporate & Other"	2,574.6	1,450.0	4,024.6	4,919.4
	Total	28,431.0	2,115.0	30,546.0	28,156.0
f'77
n	' Corporate & Other includes Azurix, HPL Fair Value and Clean Fuels.			
Q	" Off balance sheet capital includes contingent	equity, FAS 1251140, corporate guarantees, and residual va	lue guarantees as of 12131100.	
C=					
~G	(1) Impact of margin activity.				
C-40	(2) Includes N!R from sale of JEDI shares previously owned by Enron.			
A	
(3) Included in EES-Relail.				
Cil					

EXH012-00312


=============
Page 20 of 22
=============

ENRON
2001 OPERATING & STRATEGIC PLAN
ENRON AMERICAS
SUPPLEMENTAL INFORMATION
  (Millions of Dollars)

	1st Qtr	Year
Schedule C Reserves - 3/1/01	$ 1,300.0	$ 1,300.0
EES Related:		
California Credit	(455.0) (A)	(455.0)
Tariff Adjustment	(320.0)	(320.0)
Potential Adjustments	-	(400.0)
Volatility	(288.0)	- (B)
Specific Transactions	(150.0)	(150.0)
Raptor Credit	(37.0)	(37.0)
California Investigation	(50.0)	(50.0)
Gain on Sale of Peakers	-	400.0
HPL	-	(100.0)
Reserves Remaining	$ -	$ 188.0
ENA 01 overperformance		577.0
Total ENA overperformance needed to hit $1.75 EPS		(946.0) (C)
Amount currently.short		$ (181.0)

Current Status: Assumes ENA will hit original 02, 03 & Q4 plan (IBIT $692.4 million)

(A) Assumes 20% recovery on -$570 million of negative CTC and other receivables
(B) Assumes any amount funded with "new money"
(C) New Current Estimate for the year to be completed by end of April

O:ICoromle%GPGRn%CfpIOTRFCST1sro14Moon=slQxls)Mw cas (3)
4113/012:27 PM

EC 001942421

EXH012-00313


=============
Page 21 of 22
=============

		ENRON			
	tARNINGS RELEASE - EXTERNAL FORMA.	

y	(Millions of Dollar,, except as noted)		
~0			First Quarter	
			2001		2000
			Stock Option		
	Plan	Update	Adjustment	Forecast	Actual
Transmission & Distribution					
Enron Transportation Services	s 13b.0	$ -	1.8	S 131.8	S 127.9
Portland General	100.0	(40.0)		60.0	105.3
Total Transmission & Distribution	230.0	(40.0)	1.8	191.8	233.2
Wholesale Energy Operations & Services					
Americas	265.5	566.7	5.1	837.3	137.5
Europe	80.5	4.5	1.9	86.9	67.7
Global Markets	45.0	0.1	1.1	46.2	50.0
Industrial Markets	8.5	(0.2)	0.5	8.8	-
Net Works	(4.4)	-	0.8	(3.6)	(14.2)
Global Assets	88.1	(43.2)	3.0	47.9	67.5
Retail Risk Management	-	(231.0)	-	(231.0)	
Other Wholesale	(0.8)	(30.5)		(31.3)	-
Subtotal	482.3	266.4	12.4	761.2	308.5
Global Finance	49.5	(37.5)	0.5	12.5	104.4
Global E&P	4.7	10.8	0.4	15.9	4.1
Prepays	(35.1)	20.1	-	(15.0)	(22.9)
Other	105.5	114.7	1.2	(8.0)	29.8
Total Wholesale Energy Ops. & Services	606.9	145.1	14.5	766.5	423.9
Enron Energy Services	48.5	(8.9)	3.9	43.5	11.3
'ron Broadband Services	(35.0)		-	(35.0)	(0.3)
Corporate and Other					
Azurix	(17.1)	(14.4)	-	(31.5)	(6.0)
Enron Renewable Energy Corp	(10.0)	(7.0)	0.2	(16.8)	11.9
Clean Fuels	(16.3)	(1.0)	0.2	(17.1)	(3.3)
Enron Investment Partners	(0.1)	(1.3)	-	(1.4)	(0.4)
Corporate & Other Expenses	(61.6)	(17.5)	(20.6)	(99.7)	(35.7)
Structured Transactions	4.0	0.4	-	4.4	6.8
Reciass from/to Wholesale					(17.4)
Total Corporate & Other	(101.1)	(40.8)	(20.2)	(162.1)	(44.1)
Overview	22.4	(22.4)			
INCOME BEFORE INT., M.I. & INC. TAXES	771.7	33.0		804.7	612.7
Interest Expense, Net	203.2	5.2	-	208.4	161.1
Dividends on Preferred Stock of Subsidiaries	18.4	-	-	18.4	18.1
Minority Interest	23.8	13.4		37.2	34.9
PRE-TAX INCOME	526.3	14.4	-	540.7	398.6
Income Tax Expense	-
126.3	3.5		129.8	72.2
NET INCOME - RECURRING	S 400.0	S . 10.9	$	$ 410.9	S 326.4
DILUTED EPS					
Recurring -	$ 0.45	$ 0.02	$	S 0.47	S 0.38
Non-recurring					
TOTAL DILUTED EPS	S 0.45	S 0.02	S	S 0.47	S 0.38
Avg stoves outstanding -Diluted	685.0			871.1	851.9
Effective Tax Rate - Recurring Earnings	24.0%			24.0%	18.1%
O1f:er,YWAPGFWZ IpTalt:STilmtvpee 4 11arllen.4 533 Mst. n
.12011141- w					

EC 001942427

e 1 vs 00

Growth

-18.'

81%

285ò/.

31%
29%
36%
26%
24%

EXH012-00314


=============
Page 22 of 22
=============

ENRON
1st Quarter 2001 Reconciliation of ENA Coverage
  (Millions of Dollars, except as noted)

Retail Risk Management	$ 231.0
Delay in LDC Sales	115.0
PGE Below Plan	40.0
Global Assets Below Plan	43.2
Global Finance Below Plan	37.5
EES Below Plan.	9.8
EBS Costs	17.3
Azurix, EREC, Clean Fuels below plan	22.4
EPS increase of $.02	22.0
Financing Costs and Other	28.5
Total	$ 566.7

EC 001942429

EXH012-00315