Ontario Electricity Market Opening Status

Guys,

Attached are:

1) The final version of my Ontario Electricity Market Opening Strategy, the funding for which ($215,000 Cdn from Nov 1/01 to Feb 28/02) was approved this week by the Enron Corp. Government Affairs RCR Committee led by Rick Shapiro.

2) My thoughts on the prospect of the Ontario Electricity Market opening in spring 2002.

I can also advise that Enron Direct Canada Corp. received its Electricity Retailer Licence from the OEB yesterday. This leaves only the Natural Gas Marketer Licence Application outstanding.

Regards,

Rob