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 September 30, 2000



               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 September 30, 2000, 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 September 30,
        2000 and 1999 and Nine Months Ended September 30,
        2000 and 1999                                        3
       Balance Sheet - September 30, 2000 and
        December 31, 1999                                    4
       Statement of Cash Flows - Nine Months Ended
        September 30, 2000 and 1999                          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  Nine Months Ended
                             September 30,       September 30,
                             2000     1999       2000      1999

<S>                        <C>       <C>      <C>       <C>
Revenues from Partnership
 Preferred Securities      $4,278    $4,278   $12,835   $12,835

Net Income                 $4,278    $4,278   $12,835   $12,835


<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>
                                             September 30,   December 31,

                                                 2000           1999

<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>
                                                      Nine Months Ended
                                                        September 30,
                                                      2000          1999

<S>                                                 <C>            <C>
CASH FLOW FROM OPERATING ACTIVITIES:
Reconciliation of Net Income to Net
 Cash Provided by Operating Activities
  Net Income                                        $12,835        $12,835
  Increase in Partnership Distributions
   Receivable                                        (4,278)             -

Net Cash Provided by Operating Activities             8,557         12,835

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

CASH FLOW FROM FINANCING ACTIVITIES:
Dividends Paid                                       (8,557)       (12,835)

Net Cash Used in Financing Activities                (8,557)       (12,835)

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,
1999.

   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 Pipeline 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 September 30, 2000 and December 31, 1999.

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>
                         September 30,   December 31,
Balance Sheet                 2000           1999

<S>                        <C>            <C>
Current Assets             $  7,159       $  2,503
Noncurrent Assets           240,142        240,142
Current Liabilities           4,278              -
Partners' Capital           243,023        242,645
</TABLE>

<TABLE>
<CAPTION>
                          Three Months Ended   Nine Months Ended
                             September 30,        September 30,
Income Statement             2000     1999       2000      1999

<S>                        <C>       <C>       <C>       <C>
Revenues                   $4,659    $4,686    $14,037   $14,058
Net Income                 $4,659    $4,686    $14,037   $14,058
</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

Third Quarter 2000 vs Third Quarter 1999

   For the quarter ended September 30, 2000, distributions
totaling $4.2 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 in the subsequent month.  On
the quarter ended September 30, 1999, 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
October 2, 2000 and September 30, 1999, the Trust received
quarterly distributions from the Partnership of $4.3 million
related to the Trust's limited partnership interest.


Nine Months Ended September 30, 2000 vs.
  Nine Months Ended September 30, 1999

   For the nine months ended September 30, 2000,
distributions totaling $12.4 and $0.4 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.  $8.3 and $0.3 million of these
distributions were paid by September 30, 2000.  The
remaining $4.2 and $0.1 million distributions declared were
paid in October 2000.  For the nine months ended September
30, 1999, the holders of the 8,000,000 Trust Preferred
Securities were paid cash distributions totaling $12.4
million.  For the nine months ended September 30, 1999, the
holder of the 247,440 Trust Common Securities was paid cash
distributions totaling $0.4 million.  On October 2, 2000 and
September 30, 1999, the Trust received distributions from
the Partnership totaling $12.8 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:  November 13, 2000   By: BEN GLISAN, JR.
                               Name:  Ben Glisan, Jr.
                               Title: Regular Trustee