IN: We need to meet on Wednesday, the 2nd, at 2:00 pm (in the big conference on the sixth floor in ECS) to go back through the East Power contracts that we will continue to serve either through the pools or under bilateral deals. Given the drill we went through today in preparing for the January schedules in PJM and NEPOOL, it became apparent we need to get all the team members on the same page and make sure we have a good system for notifying all relevant parties of terminations, changes, etc. Bill/Ed - Can you please run the most recent DPR for non-terminated East Power contracts. Casey and Stacey - will you please update the spreadsheet that you ran for Kevin last week. Let's make sure we all agree on contracts that have been terminated. As most of you probably have seen, a number of terminations have been received in the past several days (see below). United Illuminating - effective January 1, 2002 HQ Energy Services - effective January 1, 2002 First Energy Solutions - effective January 2, 2002 Old Dominion - effective January 10, 2002 - we should schedule in PJM through the 10th of January (do we have any other positions with Old Dominion). Ameren Energy GPU Energy - effective January 21, 2002 - we should schedule in PJM through the 21st of January (they may push back, but we should remind them that they will be subject to LDs). Thanks,

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OUT: East Power Meeting

IN: Dear Team, The Fundamental Analysis Team is developing a presentation database that will: Creating a centralized repository of presentations that are current for each commodity group Better document management - multiple users can simultaneously view and select various slides. This will increase speed of presentation development since users can email their selected information to the development team. Add to Cart feature - allow employees to select the slides they need from various presentations and email it to their inboxes. Provide standardized formats and up-to-date information We are in the process of developing a program that will encompass the benefits above. In the meantime, a temporary database has been created in the o:/Industrial Markets/Fundamentals/Presentation Database. The database is divided in to commodity groups and specific topics. Please forward me any presentations that you are currently using and I will add them to this database. If you have any questions, please call me. Thank you,

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OUT: Presentation Database

IN: eSource Presents Northern Light Training Introduction to Northern Light Harness the power of Northern Light at your desktop! Northern Light is a business research engine providing simultaneous access to over 300 million Web pages and a Special Collection of 7,000 full-text business research publications, including newspapers, journals, books, magazines, newswires, and reference sources. Current news from over 50 worldwide newswires is updated every few minutes. You will learn how to navigate through the Northern Light site, how to access the Special Collection, and how to set up custom folders and Search Alerts that are specific to your business. Attend one of our Introduction to Northern Light Clinics: September 11 8:30 - 9:30 AM EB564 September 11 9:45 - 10:45 AM EB564 September 11 11:00 - 12:00 PM EB564 Seats fill up fast! To reserve a seat, please call Stephanie E. Taylor at 5-7928 The Cost is $25.00 Per Person No Shows will be charged $50.00 ? Please bring your Northern Light login ID and password. If you don't have one, a guest ID will be provided. ? To obtain a FREE Northern Light password, email Stephanie E. Taylor with your name, extension, company number, and cost center to stephanie.e.taylor@enron.com. Northern Light passwords allow you to access and download Special Collection documents.

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OUT: Northern Light and World Markets Energy Training

IN: We know how interested all of you are in the Retention & Severance Plan, so we want to update you on its status. As many of you know, we have been working with members of the Creditors' Committee and their consultants since December to formulate a Retention & Severance Plan, and we formally presented the plan to the committee on Friday, February 22. We had hoped the committee would approve the plan quickly so that we could file it with the bankruptcy court and share the details of the plan with you before the end of the month. We know that many of you have career options outside of Enron and that the Retention & Severance Plan may impact your decision to stay or to leave. We sincerely regret to inform you that approval of the plan for debtor companies is delayed. We're learning that, in bankruptcy, most things don't move as quickly as we are accustomed. The committee outlined some concerns related to our proposed plan, but we are confident we will be able to reach agreement with the creditors on those concerns. The Creditors' Committee fully supports the implementation of a Retention & Severance Plan. Such plans align the company's objectives with the goals of the creditors and are fairly standard in bankruptcy. These plans are designed as a way to preserve and maximize value for the estate. The Creditors' Committee also understands that time is of the essence for getting a plan in place and has established a subcommittee to expedite their review and approval process. To that end, we are meeting regularly with the subcommittee. We intend to work hand-in-hand with them to reach agreement on an acceptable plan as quickly as possible. This is currently our top priority, bar none! When we filed for bankruptcy, we did not fully grasp how tedious the process of developing an acceptable plan would be. Unfortunately, that lack of understanding led management to set unrealistic expectations about how quickly a plan might be in place. We now know that it takes significant time, resources and effort to understand, identify and gather the massive volume of required details, to formulate that information into a reasonable program, and to prepare a rationale and compelling presentation. The process mirrors the most time-intensive business presentation or deal negotiation with which Enron has been involved. That serves only as an explanation - it is not intended as an excuse. We remain committed to working with the Creditors' Committee until we can reach agreement on a plan. We anticipate that negotiation process will take another week or so, and have targeted the week of March 11 to file a motion to adopt a plan with the bankruptcy court. We will continue to hold retention and severance as our number one priority until a plan is approved by the bankruptcy court. With respect to non-debtor companies, or those companies not in bankruptcy, new severance plans are being approved and will be rolled out to employees in those companies in the very near future. In the meantime, we have been working to finalize merit increases and promotions across the entire organization and plan to communicate those to employees next week. And of course, we will update you on retention and severance as soon as possible.

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OUT:
Update on Retention & Severance Plan