Re:

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 12/14/2000
11:15 AM ---------------------------

Enron North America Corp.

From: Rebecca W Cantrell 12/13/2000 02:01 PM

To: Phillip K Allen/HOU/ECT@ECT
cc:
Subject: Re:

Phillip -- Is the value axis on Sheet 2 of the "socalprices" spread sheet
supposed to be in $? If so, are they the right values (millions?) and where
did they come from? I can't relate them to the Sheet 1 spread sheet.

As I told Mike, we will file this out-of-time tomorrow as a supplement to our
comments today along with a cover letter. We have to fully understand the
charts and how they are constructed, and we ran out of time today. It's much
better to file an out-of-time supplement to timely comments than to file the
whole thing late, particuarly since this is apparently on such a fast track.

Thanks.

From: Phillip K Allen 12/13/2000 03:04 PM

To: Christi L Nicolay/HOU/ECT@ECT, James D Steffes/NA/Enron@ENRON, Jeff
Dasovich/NA/Enron@ENRON, Joe Hartsoe/Corp/Enron@ENRON, Mary Hain/HOU/ECT@ECT,
pallen@enron.com, pkaufma@enron.com, Richard B Sanders/HOU/ECT@ECT, Richard
Shapiro/NA/Enron@ENRON, Stephanie Miller/Corp/Enron@ENRON, Steven J
Kean/NA/Enron@ENRON, Susan J Mara/NA/Enron@ENRON, Rebecca W
Cantrell/HOU/ECT@ECT
cc:
Subject:

Attached are two files that illustrate the following:

As prices rose, supply increased and demand decreased. Now prices are
beginning to fall in response these market responses.