UNITED STATES SECURITIES AND EXCHANGE
                         COMMISSION
                   WASHINGTON, D.C. 20549
                          FORM 10-Q



QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2001



               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 of      (I.R.S. Employer Identification
incorporation or organization)                 Number)


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


                            (713) 853-6161
         (Registrant's telephone number, including area code)



     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.
Yes [X]    No [ ]


     As of March 31, 2001, the Registrant had an aggregate
of 8,000,000 8.30% Trust Preferred Securities and 247,440
8.30% Trust Common Securities outstanding.


                         1 of 10


<PAGE>
                    ENRON CAPITAL TRUST I

                      TABLE OF CONTENTS


                                                           Page No.

PART I. FINANCIAL INFORMATION

   ITEM 1. Financial Statements

      Income Statement - Three Months Ended March 31,
       2001 and 2000                                           3
      Balance Sheet - March 31, 2001 and December 31, 2000     4
      Statement of Cash Flows - Three Months Ended
       March 31, 2001 and 2000                                 5
      Notes to Financial Statements                            6

   ITEM 2. Management's Discussion and Analysis of
           Financial Condition and Results of Operations       8

PART II. OTHER INFORMATION

   ITEM 1. Legal Proceedings                                   9

   ITEM 2. Changes in Securities                               9

   ITEM 3. Defaults upon Senior Securities                     9

   ITEM 4. Submission of Matters to a Vote of
           Security Holders                                    9

   ITEM 6. Exhibits and Reports on Form 8-K                    9

SIGNATURES                                                    10


<PAGE>
<TABLE>
                  PART I. FINANCIAL INFORMATION

                  ITEM 1.  FINANCIAL STATEMENTS

                      ENRON CAPITAL TRUST I
                        INCOME STATEMENT
                         (In Thousands)
                           (Unaudited)

<CAPTION>
                                 Three Months Ended
                                     March 31,
                                   2001      2000

<S>                               <C>       <C>
Revenues from Partnership
 Preferred Securities             $4,278    $4,278

Net Income                        $4,278    $4,278


<FN>
The accompanying notes are an integral part of these financial
statements.
</TABLE>


<PAGE>
<TABLE>

           PART I. FINANCIAL INFORMATION - (Continued)

           ITEM 1.  FINANCIAL STATEMENTS - (Continued)

                      ENRON CAPITAL TRUST I
                          BALANCE SHEET
                         (In Thousands)
                           (Unaudited)

<CAPTION>
                                                March 31,   December 31,
                                                  2001         2000
<S>                                             <C>          <C>
ASSETS

     Investment in Limited Partnership
      Interest                                  $206,186     $206,186
     Partnership Distributions Receivable          4,278            -
Total Assets                                    $210,464     $206,186


LIABILITIES AND SHAREOWNERS' EQUITY

  Current Liabilities
     Trust Distributions Payable                $  4,278     $      -

  Shareowners' Equity
     Trust Preferred Securities -
      authorized, issued and outstanding
      8,000,000 shares, $25 liquidation value    200,000      200,000
     Trust Common Securities -
      authorized, issued and outstanding
      247,440 shares, $25 liquidation value        6,186        6,186

       Total Shareowners' Equity                $206,186     $206,186

Total Liabilities and Shareowners' Equity       $210,464     $206,186

<FN>
The accompanying notes are an integral part of these financial
statements.
</TABLE>


<PAGE>
<TABLE>

              PART I. FINANCIAL INFORMATION - (Continued)

              ITEM 1.  FINANCIAL STATEMENTS - (Continued)

                         ENRON CAPITAL TRUST I
                        STATEMENT OF CASH FLOWS
                            (In Thousands)
                              (Unaudited)

<CAPTION>
                                                      Three Months Ended
                                                          March 31,
                                                      2001          2000

<S>                                                  <C>           <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Reconciliation of Net Income to Net
 Cash Provided by Operating Activities
  Net Income                                         $ 4,278       $ 4,278
  Increase in Partnership Distributions Receivable    (4,278)            -
Net Cash Provided by Operating Activities                  -         4,278

CASH FLOW FROM INVESTING ACTIVITIES:
Net Cash Provided by (Used in) Investing
 Activities                                                -             -

CASH FLOW FROM FINANCING ACTIVITIES:
Dividends Paid                                             -        (4,278)

Net Cash Used in Financing Activities                      -        (4,278)

Increase (Decrease) in Cash and
 Cash Equivalents                                          -             -

Cash and Cash Equivalents, Beginning
 of Period                                                 -             -

Cash and Cash Equivalents, End of Period             $     -       $     -



SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Dividends Declared                                   $ 4,278       $     -

<FN>
The accompanying notes are an integral part of these financial
statements.
</TABLE>


<PAGE>
         PART I. FINANCIAL INFORMATION - (Continued)

         ITEM 1.  FINANCIAL STATEMENTS - (Continued)

                    ENRON CAPITAL TRUST I
                NOTES TO FINANCIAL STATEMENTS
                         (Unaudited)


1. BASIS OF PRESENTATION

   The condensed financial statements included herein have
been prepared by management without audit pursuant to the
rules and regulations of the Securities and Exchange
Commission.  Accordingly, these statements reflect all
adjustments (consisting only of normal recurring entries)
which are, in the opinion of management, necessary for a
fair statement of the financial results for the interim
periods. Certain information and notes normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or
omitted pursuant to such rules and regulations, although
management believes the disclosures are adequate to make the
information presented not misleading.  These condensed
financial statements should be read in conjunction with the
financial statements and the notes thereto included in Enron
Capital Trust I Form 10-K for the year ended December 31,
2000.

   The preparation of financial statements in conformity
with generally accepted accounting principles requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues
and expenses during the reporting period.  Actual results
could differ from those estimates.

   Enron Capital Trust I (the "Trust") is a statutory
business trust created under the Delaware Business Trust
Act.  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 8.30% 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. ("Enron").  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. (the
"Partnership").  The Trust and the Partnership are
consolidated subsidiaries of Enron for financial accounting
purposes.

2. DESCRIPTION OF THE PARTNERSHIP

   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 (the "Subsidiary Debentures" and,
together with the Enron Debenture, the "Debentures"), of
each of Enron North America Corp. and Enron Transportation
Services Company, each of which is a wholly-owned subsidiary
of Enron.  The obligations under the Subsidiary Debentures
are guaranteed by Enron.  In addition to the Debentures, the
Partnership owns an aggregate of approximately $2,500,000 in
short-term, investment grade debt securities (the "Eligible
Debt Securities") as of March 31, 2001 and December 31, 2000.

3. SUMMARIZED FINANCIAL INFORMATION OF THE PARTNERSHIP

   Summarized financial information for the Partnership,
accounted for by the equity method, is as follows (in
thousands):

<TABLE>
<CAPTION>
                           March 31,   December 31,
Balance Sheet                 2001         2000

<S>                        <C>         <C>
Current Assets             $  7,187    $  2,500
Noncurrent Assets           240,142     240,142
Current Liabilities           4,278           -
Partners' Capital           243,051     242,642
</TABLE>

<TABLE>
<CAPTION>
                             Three Months Ended
                                 March 31,
Income Statement              2001         2000

<S>                        <C>         <C>
Revenues                   $  4,686    $  4,687
Net Income                    4,686       4,687
</TABLE>

<PAGE>
         PART I. FINANCIAL INFORMATION - (Concluded)

 ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
            CONDITION AND RESULTS OF OPERATIONS.
                    ENRON CAPITAL TRUST I

Results of Operations and Changes in Cash Flows

First Quarter 2001 vs. First Quarter 2000

   For the quarter ended March 31, 2001, distributions
totaling $4.2 million and $0.1 million, respectively, were
declared to the holders of the 8,000,000 Trust Preferred
Securities and to the holder of the 247,440 Trust Common
Securities.  These distributions were paid on April 2, 2001.
On March 31, 2000, the holders of the 8,000,000 Trust
Preferred Securities were paid quarterly cash distributions
totaling $4.2 million.  On the same date, the holder of the
247,440 Trust Common Securities was paid quarterly cash
distributions totaling $0.1 million. On April 2, 2001 and
March 30, 2000, the Trust received quarterly distributions
from the Partnership of $4.3 million related to the Trust's
limited partnership interest.

<PAGE>
                 PART II. OTHER INFORMATION
                    ENRON CAPITAL TRUST I


ITEM 1.  Legal Proceedings

       None.

ITEM 2.  Changes in Securities

       None.

ITEM 3.  Defaults upon Senior Securities

       None.

ITEM 4.  Submission of Matters to a Vote of Security Holders

       None.

ITEM 6.  Exhibits and Reports on Form 8-K

(a)    Exhibits

       None.

(b)    Reports on Form 8-K

       None.

<PAGE>
                         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:  May 11, 2001        By: BEN GLISAN, JR.
                               Name:  Ben Glisan, Jr.
                               Title: Regular Trustee