Q: Robert: I am still waiting to hear back from our credit person on some of the credit comments that you made, but here is my response to the legal and certain of the credit comments: 1. I am okay with the first paragraph of Insert 1. I would like to talk to you about the second paragraph. 2. We have a strong preference and policy towards using Loss rather than Market Quotation. 3. Inserts 2, 3, 4 and 5 are okay. In addition. our tax people are now advising us to require the delivery of W-9's to part 3. 4. NY is okay with governing law. 5. On arbitration, other than changing the location, I would prefer to go
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A: Response to Comments

Q: Sara, I reported the outcome of our meeting to Raj. He requested that you circulate the proposed letter to Goldman prior to sending it. In the meantime, he is trying to have the work completed to arrive at our number for the positions. Paul
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A: Goldman

Q: As you have probably observed, power markets have been severely tested this summer. There are many underlying causes (demand growth driven by a strong economy, failure of regulators to quickly grant applications for new generation, inadequate access to the grid, rate regulation which continues to insulate end users from real time price signals, etc.). But, the soundbite on these troubles has been that deregulation has led to problems on the grid. The knee jerk policy response has been price caps and other threats of re-regulation. At the upcoming advisory council meeting, Ken and I were hoping that the two of you could discuss the issue and help put it in perspective: How great of a threat is re-regulation. How might we respond. How likely is this issue to play a significant role in election politics?
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A: Upcoming Advisory Council Meeting

Q: Please find attached the most recent Speech List for Mr. Lay. Should you have any questions, please do not hesitate to contact me. Tori L. Wells Executive Assistant Office of Ken Lay Chairman & CEO ENRON
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A:
Lay Speech List 11/20/01