Team:

We had a very productive meeting with ABB today. Attending the meeting from Enron's side were Drew Tingleaf, Scott Laidlaw, Carlos Sole and Mike Curry. Dave Duran and Louise Kitchen spent time emphasizing our commitment to this project and some of the steps Enron is taking to see it through to conclusion.

Attending from ABB's side were Svante Svenson (president of ABB HVDC division), Lars Carlson (project manager) and Mike Sandridge (sales rep).

Both parties agreed to the following actions and schedule:

1. Enron will by April 30, 2001 (Monday):
a. draft a letter amending and reinstating the EPC contract of 10/27/00 (the "Letter") and send it to ABB for their comments.
b. draft a revised Exhibit Q (cancellation payments).

2. ABB will, by May 4, 2001, provide Enron with the following:

a. propose a new schedule to the EPC contract (to replace the old schedule A-2) providing for both notice to proceed ("NTP") and corresponding guaranteed completion dates ("GCD") between May 1 and December 31, 2000 on a daily basis. ABB verbally stated their strong commitment towards achieving an overall project schedule of 15.5 months between NTP and GCD.
b. Revised Exhibit A-1 and Y.

3. ABB and Enron plan to execute the Letter by May 9, 2001.

I will schedule a team meeting next week to bring everyone up to speed on exactly where we are with other aspects of the project. Please call me with any questions you might have at x36649.

DTT