Subject: "Industry Group Likes Our Portfolio Approach".

Body: Just met with the industry group trying to come up with a solution for California. The group liked our portfolio approach. In sum: A portfolio approach is the right long-term solution. In the short run, our illustrative portfolios show that the utilities ought to immediately fill a modest portion of their requirements via fixed-price, long term contracts, and those contracts should be found reasonable, up front, so long as the utility uses a competitive auction. To stimulate discussion we proposed that the utility fill 5% of its net short position with 5-year, fixed-price contracts and 5% from 10-year, fixed-price contracts. Everyone on the call liked the proposal. After some discussion about whether 5%-5% was the right one, Edison agreed to come to Friday's meeting with its proposal for price/term/quantity that it ought to contract for immediately. (Edison may want the number to be higher, and the baskets to be different.) Anything can happen between now and Friday, but thus far looks positive. Thanks to everyone for the help in getting the proposal together, Steve Swain in particular. (Steve: We may get asked to run a few more illustrative portfolios for the group.) I'll report back on what happens at the meeting on Friday. If there are any questions, etc., just let me know. Best,

Subject: "Announcing Outlook Web Access for Houston Outlook Users".

Body: Attention: Houston-based Outlook Users The Global Messaging Team is proud to announce that beginning today, Monday July 16th, Houston-based Enron employees that have been migrated to Outlook will be able to securely access their Enron Email from anywhere on the web. This means that if you can get on to the Internet, you can access your Enron Email with Outlook Web Access (OWA) without having to dial in to Enron's network. Please note that this is not available to those users still on Lotus Notes but will be available once they are migrated to Outlook. Once on the Internet, type mail.enron.com in your browser address window and supply your Enron network logon credentials as username and password. For example: Username: jdoe4 Password: ******** Once you log in, Outlook Web Access opens your Enron Email mailbox. Outlook Web Access (OWA) allows you to send and receive mail, perform calendar tasks and manage your mail and contacts, as well as access your mailbox folders. At this time, Public Folders are not accessible via OWA. Please keep in mind that Outlook Web Access is a browser-based version of what you might use in the office, so the functionality may be slightly different and some features of Outlook 2000 may not be available at all. Additionally, OWA is only supported using Internet Explorer 5.x only and not supported with Netscape. Outlook Web Access is the standard Email package for connecting to your Enron mail from home, whether you are using an Enron-issued home PC, an Internet connection with your personal home PC, or your ClickAtHome PC. We will not support the use of the full Outlook installation for home use. Outlook Web Access for remote locations and European/APAC Enron sites is currently being addressed and will be available soon. At this time, OWA is only available if your mailbox resides on a Houston mail server. If you have any questions, please call: Resolution Center at x31411 or ETS Solutions Center at x54745

Subject: "TD Waterhouse IPO Center is accepting Conditional Offers".

Body: TD Waterhouse is now accepting Conditional Offers to purchase shares of Principal Financial Group, Inc, which is expected to price on 10/22/2001. To read the preliminary prospectus filed with the SEC and place a Conditional Offer, follow these steps: - Login to your account - Click on Trading > IPO Center > IPO Offerings In the list of Current Offerings, select the offering you want and then click on the "Continue" button. Important Information - Reaffirming Your Conditional Offer Once the registration statement is declared effective by the SEC, we will contact you via e-mail to notify you of the effectiveness of the registration statement and the price as determined by the managing underwriter. This normally occurs on the day prior to the first day of trading. If you still wish to participate, you will be required to respond to us by 3:00 am ET of the following business day to reaffirm your previously submitted Conditional Offer. Please note that the e-mail notification will likely be sent after the market closes. Please ensure that you have provided an e-mail address that you are able to access after that time. You may change your e-mail address at anytime via the "Update E-mail" function within the IPO Center. If it is not possible to check your e-mail after market hours, you may reaffirm your Conditional Offer following effectiveness by going to the "IPO Order Status" within the IPO Center, choosing the Conditional Offer you want to reaffirm, and clicking "Reaffirm Conditional Offer". If you fail to reaffirm your Conditional Offer within the specified period, your Conditional Offer will automatically be cancelled. Conditional Offers are accepted once reaffirmed, at the offering price, determined by the managing underwriter after the registration statement becomes effective. Please note that reaffirming a Conditional Offer does not guarantee an allocation of shares. Thank you,

Subject: "New Certification Form".

Body:
As part of our on going effort to streamline the ICAP process, we are implementing a new method and form for the monthly ICAP certification process. Starting with the August 24, certification date please use the attached form. Both Suppliers and LSEs will use the same form thus eliminating two forms for those who buy and sell ICAP. Also, the forms will not longer be faxed to our office. We are requiring that you password protect the workbook and email it to us. Your password will be the same one you are currently using for bid and offer forms. If you do not have a password, please contact Serena Barrett or myself and one will be issued to you. It is important that you read the legal page in the workbook. Please review the workbook spreadsheet "List Page" and find your company's 8 character registrant name. If you do not find your company or the name of a company you do ICAP business with please contact me. Starting with the winter strip auction your 8 character registrant name will also be your new registrant name for bid and offer forms. Attached are three workbooks. The one you will use monthly is blank and ready for use. The other two were developed as examples to answer your basic questions. Please contact me by email if you have any questions. Regards,