From: enron.announcements@enron.com
To: all.employees@enron.com
Date: 2000-07-13 19:07:00+00:00
Subject: Organizational Announcement: Industrial Origination, CTG, and ENA
 Treasury

Effective immediately, Ray Bowen will take over leadership of the Industrial 
Origination Group responsible for Enron North America,s origination 
activities in the industrial market including pulp & paper, metals, refining, 
and petrochemicals.  As part of the Industrial Origination Group, Jim Ajello, 
will continue to lead the origination effort in the metals, refining, and 
petrochemical sector.  Edward Ondarza maintains oversight of origination in 
the pulp and paper sectors.  Rodney Malcolm retains primary responsibility 
for leading the execution of transactions and delivery of the outsource 
solutions to industrial customers.

When the Commercial Transactions Group was created approximately a year ago, 
the objective was to create an internal emphasis on the development of 
transaction execution skills that are necessary to execute complex, 
structured transactions and to foster better deal quality.  We believe that 
the primary objectives of the CTG have been achieved, and in order to better 
position the organization for the remainder of 2000 and in response to Ray 
Bowen,s new position, the following changes will be made in the Commercial 
Transactions Group organization.

Transaction Development:  Transaction Development, which was created to 
provide focused deal execution capability to the Origination groups, will be 
merged into each respective origination group and report solely to the group 
leaders. 

Portfolio Management:  All activities surrounding portfolio investments will 
report to Jeff Donahue.  Jeff will be responsible for ENA,s &capital book8 
and will have a high level of involvement in existing portfolio investments 
and will work closely with ENA Treasury and the various origination groups to 
assure that new transactions (a) incorporate appropriate risk/return 
characteristics, (b) are evaluated in the context of market based pricing 
signals, and (c) incorporate a specific investment plan which includes 
syndication of the investment, if applicable, and a specific exit strategy.  
Portfolio Management includes Restructuring/Special Assets (Randy 
Maffett/Dick Lydecker) and Capital Structuring (Andrea Reed).  Steve Pruett 
(Energy Capital Resources), Chuck Ward (Generation Investments), Don Miller 
(Merchant Generation), and Chris Helfrich (Coal and Industrial) will continue 
to be responsible for day to day asset management for performing investments 
and will report to their respective origination units with a dual report to 
Jeff.  Jeff will retain his Corporate Development and Principal Investments 
activities.

Commodity Structuring:  Commodity Structuring including Berney Aucoin (Power) 
and Ed McMichael (Gas) will report to Janet Dietrich.  Janet will retain 
responsibility for East Midstream Origination.  Commodity Structuring will 
continue to work to facilitate and structure the highest priority and highest 
value transactions across the entire ENA organization.

Technical/OEC:  The Technical Group (Wayne Mays/Bob Virgo), which provides 
technical support to industrial and power generation asset development 
activities, and OEC (lead by Mark Dobler) will report directly to the ENA 
Office of the Chairman.


In addition to these changes, Joe Deffner has been named ENA,s Chief 
Financial Officer and will head ENA Treasury.  In this role he will be 
responsible for managing ENA,s balance sheet and the sourcing of capital in 
the bank and capital markets.  Joe will report jointly to the ENA Office of 
the Chairman and to Enron Corp. Global Finance.