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, 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 September 30, 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 13

<PAGE>
                    ENRON CAPITAL TRUST I

                      TABLE OF CONTENTS


                                                           Page No.

EXPLANATORY NOTE                                               3

PART I. FINANCIAL INFORMATION

   ITEM 1. Financial Statements
       Income Statement - Three Months Ended September 30,
        2001 and 2000 and Nine Months Ended September 30,
        2001 and 2000                                          4
       Balance Sheet - September 30, 2001 and
        December 31, 2000                                      5
       Statement of Cash Flows - Nine Months Ended
        September 30, 2001 and 2000                            6
       Notes to Financial Statements                           7

   ITEM 2. Management's Discussion and Analysis of
           Financial Condition and Results of Operations      11

PART II. OTHER INFORMATION

   ITEM 1. Legal Proceedings                                  12

   ITEM 2. Changes in Securities                              12

   ITEM 3. Defaults upon Senior Securities                    12

   ITEM 4. Submission of Matters to a Vote of
           Security Holders                                   12

   ITEM 6. Exhibits and Reports on Form 8-K                   12

SIGNATURES                                                    13

<PAGE>
                      EXPLANATORY NOTE


   As explained in a November 8, 2001 Form 8-K filed by
Enron Corp. (Enron) with the Securities and Exchange
Commission (SEC), Enron will be filing restated consolidated
financial statements for the fiscal years ended December 31,
1997 through 2000 and for the first and second quarters of
2001 but it has not yet done so.  As a result, the
previously issued financial statements of Enron for these
periods and the audit reports covering the year-end
financial statements for 1997 through 2000 should not be
relied upon.  In addition, Enron's Board of Directors has
formed a Special Committee to conduct an independent
investigation and review of transactions between Enron and
certain related parties.  The Special Committee has retained
the law firm of Wilmer, Cutler & Pickering (Wilmer, Cutler)
as its counsel.  Wilmer, Cutler has retained Deloitte &
Touche LLP to provide related accounting advice to the law
firm.  The Special Committee began its review on October 26,
2001.  Management of Enron Capital Trust I believes that,
based on information currently available to it, results of
operations set forth herein were compiled in accordance with
generally accepted accounting principles and fairly depict
the financial condition of Enron Capital Trust I.
Information gathered during the Special Committee's
investigation, however, may impact the unaudited results set
forth herein.  In addition, Enron Capital Trust I has been
advised by Arthur Andersen LLP, Enron Capital Trust I's
independent auditors, that, due to their need to complete
review procedures and the ongoing Special Committee
investigation, Arthur Andersen LLP is unable at this time to
finalize its review of Enron Capital Trust I's consolidated
financial statements set forth herein in accordance with
established professional standards and procedures for
conducting such reviews, as established by generally
accepted auditing standards, which review is required by
Rule 10-01(d) of Regulation S-X.

  In view of the above, the previously issued financial
statements of Enron Capital Trust I for any periods within
the fiscal years ended December 31, 1997 through 2000 and
for the first and second quarters of 2001 and the audit
reports covering the year-end financial statements for 1997
through 2000 should not be relied upon.

<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,
                             2001     2000        2001      2000


                        <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,
                                                  2001           2000
ASSETS


                                             <c>            <c>
  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,
                                                     2001          2000


                                                 <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)       (4,278)
Net Cash Provided by Operating Activities             8,557         8,557

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

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

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

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:
Unpaid Dividends Declared                           $ 4,278       $ 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.

   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 two Debentures of
$29,108,000 principal amounts at 7.75% 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 September 30, 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>

                         September 30,   December 31,
Balance Sheet                 2001           2000


                        <c>             <c>
Current Assets             $  7,176        $  2,500
Noncurrent Assets           240,142         240,142
Current Liabilities           4,278               -
Partners' Capital           243,040         242,642
</TABLE>

<TABLE>
<CAPTION>
                          Three Months Ended    Nine Months Ended
                             September 30,         September 30,

Income Statement             2001     2000        2001      2000


                        <c>       <c>        <c>       <c>
Revenues                   $4,678    $4,659     $14,044   $14,037
Net Income                 $4,678    $4,659     $14,044   $14,037
</TABLE>

4. SUBSEQUENT EVENTS

   Enron owns all of the issued and outstanding Trust Common
Securities of Enron Capital Trust I.  Enron recently made
several announcements which may have a financial impact on
the Trust's existing relationship with Enron.  These
announcements relating to Enron included a loss for the
quarter ended September 30, 2001, an investigation by the
Securities and Exchange Commission (SEC), a restatement of
Enron's historical financial statements and downgrades in
Enron's investment-grade credit ratings.

   On October 16, 2001, Enron announced its third quarter
earnings which included non-recurring charges totaling $1.01
billion after-tax, resulting in a net loss for the quarter.
A portion of the loss related to the early termination of
certain structured finance arrangements with a previously
disclosed related entity.  Following a decrease in the
trading prices for Enron's common stock, on October 22,
2001, Enron announced that the SEC had requested that Enron
voluntarily provide information regarding certain related
party transactions and that it would cooperate fully with
the SEC.  On October 31, 2001, Enron announced that its
board had elected a new director who would chair a special
committee to examine and take appropriate action with
respect to transactions between Enron and entities connected
to related parties.  In addition to reviewing the
transactions in question, the special committee was charged
with communicating with the SEC and recommending any other
actions it deems appropriate.  The special committee
retained its own counsel and such counsel retained an
independent accounting firm.  Enron also reported that the
SEC had opened a formal investigation into certain of the
matters that previously were the subject of its informal
inquiry.

   In a SEC Form 8-K filed on November 8, 2001, Enron
provided additional information regarding various related
party and off-balance sheet transactions in which it was
involved.  In addition, Enron indicated that it would
restate prior period financial statements from 1997 through
2000 and the first two quarters of 2001 to reflect a
previously announced $1.2 billion reduction to shareholders'
equity, as well as to consolidate three previously
unconsolidated entities.  Enron's restatements have not
required any restatement of the Trust's financial
statements.  However, in view of the recent events,
including the ongoing investigation by Enron's Special
Committee, the previously issued financial statements of the
Trust for any periods within the fiscal years ended December
31, 1997 through 2000 and for the first and second quarters
of 2001 and the audit reports covering the year-end
financial statements for 1997 through 2000 should not be
relied upon.

   On November 9, 2001, Enron and Dynegy Inc., a Houston-
based energy trading and power company, announced the
execution of a definitive agreement providing for the merger
of the two companies.  The proposed merger is subject to
shareholder approval of both companies, regulatory approvals
and satisfaction of other conditions.

   Since October 16, 2001, multiple class action lawsuits
have been filed against Enron and certain current and former
officers and/or directors (the Defendants) in the District
Court for the Southern District of Texas.  The lawsuits
allege that the Defendants violated sections 10(b) and 20(a)
of the Securities Exchange Act of 1934, and Rule 10b-5
promulgated thereunder, by issuing a series of material
misrepresentations to the market during different class
periods ranging from June 1, 1999 to October 30, 2001,
thereby artificially inflating the price of Enron common
and/or preferred stock, in addition to the Trust Preferred
Securities.  The lawsuits generally claim that the alleged
misrepresentations and omissions involved transactions with
certain related parties and Enron's accounting for various
transactions.  The plaintiffs generally seek to recover
compensatory damages, expert fees, attorney's fees, costs of
court and pre- and post-judgment interest.  Enron expects
that these lawsuits will be consolidated into a single
action and Enron intends to vigorously defend these
lawsuits.

   Although the outcome of these various lawsuits cannot be
determined, a loss from these matters could well have a
material impact on Enron's financial condition and/or
results of operations.  The amount of any such loss is not
currently estimable.

<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 2001 vs Third Quarter 2000

   For the quarter ended September 30, 2001, 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 on October 1, 2001.  For the
quarter ended September 30, 2000, the holders of the
8,000,000 Trust Preferred Securities were paid quarterly
cash distributions totaling $4.2 million on October 2, 2000.
On the same date, the holder of the 247,440 Trust Common
Securities was paid quarterly cash distributions totaling
$0.1 million.  On October 1, 2001 and October 2, 2000, 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, 2001 vs.
  Nine Months Ended September 30, 2000

   For the nine months ended September 30, 2001,
distributions totaling $12.5 million 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.  Of the distributions declared to
the holders of the Trust Preferred Securities and the holder
of the Trust Common Securities, $8.3 million and $0.3
million, respectively, were paid by September 30, 2001 and
$4.2 million and $0.1 million, respectively, were paid on
October 1, 2001.  For the nine months ended September 30,
2000, distributions totaling $12.5 million 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.  Of the distributions declared to
the holders of the Trust Preferred Securities and the holder
of the Trust Common Securities, $8.3 million and $0.3
million, respectively, were paid by September 30, 2000 and
$4.2 million and $0.1 million, respectively, were paid on
October 2, 2000.  As of October 1, 2001 and October 2, 2000,
the Trust received year to date 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

       See Part I. Item 1, Note 4 to the Consolidated
Financial Statements entitled "Subsequent Events," which is
incorporated herein by reference.

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 19, 2001       By: RAYMOND M. BOWEN, JR.
                               Name:  Raymond M. Bowen, Jr.
                               Title: Regular Trustee