California Exposure Table

Attached is the updated exposure report for California. There are four
spreadsheets: 1) PG&E Corp and affilate exposure, 2) Edison International and
affiliate exopsure, 3) CAISO and Cal PX exposure, and 4) Enron business unit
combined CA exposure. We are continuing to make progress on the mitigation
of PG&E non-regulated exposures. Please give me a call if you have any
specific questions on the numbers.

Bill
3-3831

Please note:
The numbers for the PX Credit have increased based on a more complete
valuation.
The P/X Credit MTM exposures are not netted against EES payables of T&D (with
netting there would be an estimated $200mm reduction in PX Credit exposure)
All MTM numbers are valued at the Mid Curves.
Enron Wind numbers are being reviewed.
Portland General, ISO and PX exposures are estimates from last week and need
to be updated.

---------------------- Forwarded by William S Bradford/HOU/ECT on 01/18/2001
06:26 PM ---------------------------

From: Wendy Conwell @ ENRON
01/18/2001 07:23 PM

To: William S Bradford/HOU/ECT@ECT
cc:
Subject: California Exposure Table

Per your request attached is the latest California Exposure Report.

Wendy