FERC Staff Report on Northeast Markets

Attached is a summary of FERC Staff=01,s November 1, 2000 report on its=20
investigation of the Northeast region. The report is very encouraging=20
because it is comprehensive and recommends many of the changes and solution=
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that Enron has been advocating for years. The report is also encouraging=
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because it indicates a significant level of understanding of the northeast=
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markets (and the problems in these markets) by the FERC people who worked o=
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this report. Because this is only a brief summary, the entire report=20
(particularly sections 4 and 5) should be read in detail. A copy of the=20
report is attached.

Please let us know if you have any questions or comments.

Sarah