Subject: "ERMT Corp. and Clinton Update".

Body: Mark All work on the application for a power marketing certificate has stopped and we have not asked that changes be made to reflect the merger agreement with Dynegy. This would involve a considerable amount of work and a further analysis as to market power being prepared. If and when it is required we can instruct that the work be performed. I have advised our gas pipelines regulatory compliance group (Frazier King) as to the filing which may need to be made in the event that the application is made by ERMT Corp. There is no further action required on this, provided that ERMT Corp. remains the name of the entity. If you are considering a name change please advise as soon as is practicable in order that this can be addressed. The share transfer forms transferring the shares in Clinton to Enron Corp. have been executed, effective 30 October 2001. These need to be initialed and transfer accepted by the President of Enron Corp. I am sending these to you to initial. Marcus

Subject: "EPE Hourly Deals 2002".

Body: Group, There is a new binder for EPE hourly deals for 2002. The deal sheets MUST be kept in this binder. We are currently missing the deal sheet for 12/30/01 to 01/01/02. Please be on the lookout for this sheet or sheets. Those who were on shift for that period will need to coordinate what deals were done and will need to reconstruct a sheet. These sheets are currently a main source of information on EPE for settlements. The deal sheets should be clear, concise, and should have information such as energy type, delivery point, who you spoke with and at what time. I will be sending another email regarding EPE procedure and model updates for 2002. Thanks,

Subject: "e-Trans Contract Administration".

Body: Contract 00121 was suspended at 11/30/2001 13:29:20 PG&E National Energy Group and any other company referenced herein that uses the PG&E name or logo are not the same company as Pacific Gas and Electric Company, the regulated California utility. Neither PG&E National Energy Group nor these other referenced companies are regulated by the California Public Utilities Commission. Customers of Pacific Gas and Electric Company do not have to buy products from these companies in order to continue to receive quality regulated services from the utility.

Subject: "Royster Clark, Inc.".

Body:
Mr. Bahl, Please see the attached revised draft of a Master Agreement between Enron North America and Royster Clark, Inc. Please note this draft is for discussion purposes only. In addition, please disregard previous the draft. Should you have any questions, and or comments, please do not hesitate to give me a call to discuss these issues. Regards,