Subject: "TCO Storage".

Body: Use the "Daily Activity" worksheet in this file. The CES storage balance as of 7/31/2000 is 4,053,932 dth (see balance in cell L146). The actual sale to CES for the storage injections is deal 268094 - this deal shows the daily and monthly activity. If I remember correctly, the only confusion we had on the TCO storage was the beginning balance. There was 170,981 dth in storage on March 31st. To correct for this, we adjusted the injections for April so that the balance on April 30th was 13%. Let me know if you have questions.

Subject: "This afternoon".

Body: Both Dan and Scott Brown are available to talk at 5pm. I told Scott you guys would call him. Dan can't talk for long since he has a 5:30 on 50.

Subject: "Bandwidth Exchange article".

Body: Enron rings opening bell for bandwidth exchange By Corey Grice Staff Writer, CNET News.com December 2, 1999, 5:40 p.m. PT The opening bell has rung for a new kind of exchange. The currency? Bandwidth. A subsidiary of energy industry giant Enron, Enron Communications, today opened the doors to a bandwidth commodity exchange. The company first announced its intention to sell space on high-speed networks as a commodity in May. Traditional commodity exchanges sell goods like oil, natural gas and grain. Enron has taken this concept and given it a telecommunications spin, offering space on high-speed networks to communications carriers. In the past, carriers looking to fill holes or service gaps in their networks would have had to enter long-term contracts with other carriers to fulfill their bandwidth needs. The exchange, Enron says, acts as a sort of middleman for carriers to find short-term contracts or quick fixes as they complete network construction or try to manage heavier-than-expected network traffic. For example, Global Crossing plans to sell capacity on a high-speed fiber optic link between New York and Los Angeles over the exchange. Enron also expects to start an international bandwidth trading market next May. Separately, RateXchange, a similar bandwidth exchange, demonstrated its own commodities trading system at a telecommunications conference in New York today. RateXchange predicts that the trading of bandwidth and other telecommunications products could become a $8 billion market by 2002.

Subject: "Current Pulse totals for Enron North America/Enron Global Markets/Enron Industrial Markets as of 10/22/00".

Body:
Please send this to the staff meeting distribution list. Please take a minute and fill out the Pulse, and encourage your organization to do so as well. Thanks. Mike and Jeff