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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-K

[X]      Annual Report Pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934 For the fiscal year ended December 31, 1996

[  ]     Transition Report Pursuant to Section 13 or 15(d) of the Securities 
         Exchange Act of 1934

                         Commission File Number 1-12473

                              ENRON CAPITAL TRUST I
             (Exact name of registrant as specified in its charter)


                 Delaware                            76-0518948
    (State or other jurisdiction           (IRS Employer Identification No.)
  of incorporation or organization)


                     1400 Smith Street, Houston Texas 77002
               (Address of principal executive offices) (Zip Code)

                                 (713) 853-6161
              (Registrant's telephone number, including area code)
 
  Securities registered pursuant                    Name of Exchange on 
   to Section 12(b) of the Act:                       which registered:

  8.30% Trust Preferred Securities                New York Stock Exchange
          (Title of Class)

           Securities registered pursuant to Section 12(g) of the Act:

                                      None

   Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
                                         [X] Yes               [  ] No

  Indicate by check mark if disclosure of delinquent  filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

   As of December 31, 1996, the registrant had an aggregate of 8,000,000 8.30%
Trust Preferred Securities and 247,440 8.30% Trust Common Securities
outstanding.

                       DOCUMENTS INCORPORATED BY REFERENCE

None.



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                                     PART I


ITEM 1.  BUSINESS.

         Enron Capital Trust I (the "Trust") is a statutory business trust
created under the Delaware Business Trust Act, as amended (the "Trust Act"),
pursuant to an amended and restated declaration of trust (the "Declaration") and
the filing of a certificate of trust with the Secretary of State of the State of
Delaware. The Trust's sole assets are 8,247,440 8.30% Partnership Preferred
Securities ($25 liquidation amount per security) representing an 85% limited
partnership interest in Enron Preferred Funding, L.P., a Delaware limited
partnership (the "Partnership"). Ownership of the assets of the Trust is
evidenced by an aggregate of 8,000,000 8.30% Trust Preferred Securities (the
"Trust Preferred Securities"), which are listed and traded on the New York Stock
Exchange under the symbol "ENE PrT", and 247,440 Trust Common Securities (the
"Trust Common Securities," and, together with the Trust Preferred Securities,
the "Trust Securities"), all of which are owned by Enron Corp., a Delaware
corporation ("Enron"). The Trust makes distributions on the Trust Securities to
the extent it receives distributions from the Partnership on the Partnership
Preferred Securities. Payments on the Partnership Preferred Securities represent
the sole source of revenue for the Trust. Distributions on the Trust Securities
are guaranteed by Enron, but only to the extent that the Trust has available
funds to pay such distributions. The Trust was created for the sole purpose of
issuing the Trust Securities, investing the proceeds of such issuance in the
Partnership Preferred Securities and engaging in only those other activities
necessary or incidental thereto. The Trust Securities are subject to redemption
at any time on or after March 31, 2002 and earlier in the event of certain tax
law changes or other events.

         The general partner of the Partnership is Enron, which owns a 15%
general partnership interest in the Partnership. Since completion of the
offering of the Trust Preferred Securities on November 21, 1996, the assets of
the Partnership have been invested primarily in a $181,926,000 principal amount
7.75% Subordinated Debenture due 2016 of Enron (the "Enron Debenture") and
$29,108,000 principal amount 7.75% Debentures due 2016 of each of Enron Capital
& Trade Resources Corp. and Enron Pipeline Company (the "Subsidiary Debentures"
and, together with the Enron Debenture, the "Debentures"), each of which is a
wholly owned subsidiary of Enron. The obligations under the Subsidiary
Debentures are guaranteed by Enron. The respective issuers of the Debentures
have certain rights to elect to defer any payments of principal and interest on
the Debentures for up to five years at a time. In addition to the Debentures,
the Partnership owns an aggregate of approximately $2,685,000 in short-term,
investment grade debt securities (the "Eligible Debt Securities"). Under certain
circumstances, upon repayment of one or more of the Debentures, the assets of
the Partnership may be reinvested in one or more debt securities of Enron or its
subsidiaries. Payments of interest and principal on the Enron Debenture and the
Subsidiary Debentures (or the guarantees thereof) and the Eligible Debt
Securities are the sole source of revenue for the Partnership. The Partnership
pays distributions to the Trust as holder of the Partnership Preferred
Securities when as and if Enron, as the general partner, determines to do so,
although Enron has no obligation to do so.

         For more information concerning the Trust, the Partnership and the
rights of the holders of the Trust Securities, see the Amended and Restated
Declaration of Trust relating to the Trust, the Amended and Restated Agreement
of Limited Partnership relating to the Partnership, the Indentures relating to
each of the Debentures and the Guarantee Agreements of Enron with respect to the
Trust Preferred Securities, the Partnership Preferred Securities and the
Subsidiary Debentures, each of which is included as an exhibit to this Form
10-K.


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          Enron, a Delaware corporation organized in 1930, is an integrated
natural gas and electricity company headquartered in Houston, Texas. The common
stock of Enron is traded on the New York Stock Exchange under the symbol "ENE."
Essentially all of Enron's operations are conducted through its subsidiaries and
affiliates, which are principally engaged in the gathering, transportation and
wholesale marketing of natural gas to markets throughout the United States and
internationally through approximately 36,000 miles of natural gas pipelines; the
exploration for and production of natural gas and crude oil in the United States
and internationally; the production, purchase, transportation and worldwide
marketing of natural gas liquids and refined petroleum products; the independent
(i.e., non-utility) development, promotion, construction and operation of power
plants, natural gas liquids facilities and pipelines in the United States and
internationally; and the non-price regulated purchasing and marketing of
electricity and other energy related commitments.

      The location of the principal executive offices of the Trust and the
Partnership is c/o Enron Corp., 1400 Smith Street, Houston, Texas 77002, and its
phone number at such address is (713) 853-6161.

      NOTE: Because the Trust and the Partnership are special purpose financing
entities with no separate business operations, the only assets of the Trust are
the Partnership Preferred Securities, and substantially all of the assets of the
Partnership consist of a debt security of Enron and debt securities of
subsidiaries of Enron that are guaranteed by Enron, the Trust does not believe
that financial statements for the Trust or the Partnership are meaningful.
Accordingly, financial statements and related financial information have not
been included in this Form 10-K. For further information concerning Enron and
its subsidiaries, including financial statements and other financial
information, see the Annual Report on Form 10-K of Enron for the year ended
December 31, 1996 as filed with the Securities and Exchange Commission, a copy
of which may be obtained from the corporate secretary of Enron at the address
listed on the cover of this Form 10-K.

ITEM 2.  PROPERTIES.

      Not applicable.

ITEM 3.  LEGAL PROCEEDINGS.

      None.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

      Not applicable.

                                     PART II

ITEM 5.  MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER 
         MATTERS.

      Since approximately November 21, 1996, the Trust Preferred Securities have
been listed on the New York Stock Exchange ("NYSE") under the symbol "ENE PrT".
From such date through December 31, 1996, the high and low sales prices of the
Trust Preferred Securities on the NYSE were $25.75 and 

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$24.75, respectively. As of March 14, 1997, the approximate number of holders of
record of the Trust Preferred Securities was 102. All of the Trust Common
Securities are held by Enron.

On December 31, 1996, the Trust made the first scheduled regular quarterly
distribution on the Trust Securities of $.23056 per Trust Security, such initial
distribution accruing from November 21, 1996, the date of original issuance of
the Trust Securities. The Trust expects to pay distributions on the Trust
Securities of $.51875 per quarter to the extent the Trust has funds available
for the payment of such distributions.

      The Trust issued an aggregate of 247,440 Trust Common Securities to Enron
on November 21, 1996 in a transaction exempt from the Securities Act of 1933
pursuant to Section 4(2) thereof.

ITEM 6.  SELECTED FINANCIAL AND OPERATING DATA.

      See Note to Item 1.

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS.

      See Note to Item 1.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

      See Note to Item 1.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND 
         FINANCIAL DISCLOSURE.

          Not Applicable.

                                    PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

           The Trust is administered by five trustees (the "Trustees"). Three of
the Trustees, Keith A. Crane, Lea W. Fastow and Phillip M. Sisneros (the
"Regular Trustees") are employees of Enron or its subsidiaries. The fourth
trustee is The Chase Manhattan Bank, which is unaffiliated with Enron and acts
as indenture trustee for purposes of compliance with the provisions of the Trust
Indenture Act (the "Property Trustee"). The fifth trustee, Chase Manhattan Bank
Delaware, is also unaffiliated with Enron and serves as Delaware Trustee to
fulfill a requirement of the Trust Act.

ITEM 11.  EXECUTIVE COMPENSATION.

          The Regular Trustees are not compensated by the Trust or Enron for
their services as trustees. The Property Trustee and Delaware Trustee are not
compensated by the Trust but are paid customary compensation for their services
by Enron.

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ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.


          Not applicable.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

          Except as described above under Item 1, the Trust is not party to any
transactions with affiliates.

                                     PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.

          (a)(1) Financial Statements

          None.

          (a)(2) Financial Statement Schedules

          None.

          (a)(3) List of Exhibits

          4.1     Certificate of Trust (incorporated by reference to Exhibit 
                  4(a) of the Registration Statement on Form S-1 of the 
                  Trust (No. 333-184967)).
          4.2     Amended and Restated Declaration of Trust dated as of 
                  November 18, 1996
          4.3     Amended and Restated Agreement of Limited Partnership of
                  the Enron Preferred Funding L.P. dated as of 
                  November 21, 1996
          4.4     Trust Preferred Guarantee Agreement dated as of 
                  November 21, 1996
          4.5     Partnership Preferred Guarantee Agreement dated as of 
                  November 21, 1996 
          4.6     Indenture dated as of November 21, 1996 relating to the 
                  Enron's 7.75% Subordinated Debentures due 2016
          4.7     Indenture dated as of November 21, 1996 relating to
                  Enron Pipeline Company's 7.75% Debentures due 2016
          4.8     Indenture dated as of November 21, 1996 relating to the 
                  Enron Capital & Trade Resources Corp. 7.75% Debentures 
                  due 2016
          4.9     Guarantee Agreement of Enron dated as of November 21, 1996 
                  relating to Enron Pipeline Company's 7.75% Debentures 
                  due 2016
          4.10    Guarantee Agreement of Enron dated as of November 21, 1996
                  relating to Enron Capital & Trade Resources Corp. 7.75% 
                  Debentures due 2016
          4.11    Form of certificate representing Trust Preferred Securities 
                  (included in Exhibit 4.2)
          27.1    Financial Data Schedule

         (b)  Reports on Form 8-K.

         No reports on Form 8-K have been filed during the last quarter of the
period covered by this report.

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                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                    ENRON CAPITAL TRUST I
                                         (Registrant)



Date: March 26, 1997                By: /s/ Keith A. Crane
                                        ------------------------------
                                         Name:  Keith A. Crane
                                         Title: Regular Trustee



         Pursuant to the requirements of the Securities Exchange Act of 1934,
this Report has been signed below by the following persons on behalf of the
Registrant and in the capacities indicated as of March 26, 1997.

Name                                       Title


  /s/ Keith A. Crane                       Regular Trustee
----------------------------
Keith  A. Crane


   /s/  Lea W. Fastow                      Regular Trustee
----------------------------
Lea W. Fastow


  /s/ Phillip M. Sisneros                  Regular Trustee
----------------------------
Phillip M. Sisneros



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                                EXHIBIT INDEX


          4.1     Certificate of Trust (incorporated by reference to Exhibit 
                  4(a) of the Registration Statement on Form S-1 of the 
                  Trust (No. 333-184967)).
          4.2     Amended and Restated Declaration of Trust dated as of 
                  November 18, 1996
          4.3     Amended and Restated Agreement of Limited Partnership of
                  the Enron Preferred Funding L.P. dated as of 
                  November 21, 1996
          4.4     Trust Preferred Guarantee Agreement dated as of 
                  November 21, 1996
          4.5     Partnership Preferred Guarantee Agreement dated as of 
                  November 21, 1996 
          4.6     Indenture dated as of November 21, 1996 relating to the 
                  Enron's 7.75% Subordinated Debentures due 2016
          4.7     Indenture dated as of November 21, 1996 relating to
                  Enron Pipeline Company's 7.75% Debentures due 2016
          4.8     Indenture dated as of November 21, 1996 relating to the 
                  Enron Capital & Trade Resources Corp. 7.75% Debentures 
                  due 2016
          4.9     Guarantee Agreement of Enron dated as of November 21, 1996 
                  relating to Enron Pipeline Company's 7.75% Debentures 
                  due 2016
          4.10    Guarantee Agreement of Enron dated as of November 21, 1996
                  relating to Enron Capital & Trade Resources Corp. 7.75% 
                  Debentures due 2016
          4.11    Form of certificate representing Trust Preferred Securities 
                  (included in Exhibit 4.2)
          27.1    Financial Data Schedule