IN: Dear PIRA Client, PIRA has created a new presentation on the world economy. You can access this presentation via PIRA Online (www.pira.com) by logging in and, from the Client Home page, choosing "World Economy" from the "Macro Data"* drop-down menu at the top of the screen. We have also updated the existing slideshow accessible from the "US Economy" link. The presentation consists of a table and charts that encapsulate GDP and IP performance, by country/region, for 2000-2002. It is a useful comparative recap for the existing slideshows on the U.S., European, and Japanese economies. Given the overall importance of economic trends and their impact on regional and global energy markets, PIRA maintains databases of key economic indicators to support our analyses of energy fundamentals and the associated market forecasts. These presentations ? which are updated as new data become available ? are being made available complimentarily to all PIRA Online users. If you need a user name and password for PIRA Online, or if you need help logging in, please contact Dyana Rothman at (212) 686-6808, email: support@pira.com. (*If you are having trouble finding the "Macro Data" link, go to the FAQ page on PIRA Online and click on question number 4.) Gary N. Ross Chief Executive Officer PIRA Energy Group

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OUT: PIRA Presentations on the US and World Economy

IN: Chris: I checked with Samantha. The counterparty is holding two orignal ISDA documents (complete with boilerplate and Schedule/CSA) and ENA resolutions (in the form of unanimous consents) and incumbency. Sam will check on the ENE guaranty. There is nothing more that we can do unless you want us to call the counterparty/lawyer. Please advise. Sara

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OUT: So Cal Water

IN: Please note the following addition to the domestic credit reserve for Aug 2001: CP: PG&E Energy Trading - Power L.P. Deal No: 731164.1 (leg 2 of Calendar Spread Deal - Buying Cal 04) Deal Date: 8/14/2001 Deal Specifics: EPMI to purchase Financial Swap on 50MW of Power for Calendar Year 2004. Term: 1/1/2004 thru 12/31/2004 Volume: 50 MWs on-peak Price: $40.00 Delivery Point: NY West (Zone G)) Trader/Mid-Marketer: Gautam Gupta/Kevin Presto Credit Reserve Amount: $10,280 (ten thousand two hundred and eighty USD) RAC: transaction confirmed under 6/19/01 ISDA. Please call w/any questions. Regards,

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OUT: Credit Reserve for PG&E Energy Trading- Power L.P.

IN: I am attaching a redline of a revised version of the document formerly known as the PPA. This is compared against the August 7 draft. I am sending it without anyone else reading it (a gutsy and foolhardy move), so it is subject to further Enron review. Thanks,

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OUT:
Aug 15 draft of CEC