QUESTION: Mr. Lay - As a follow-up to your meeting this morning with Steve Kean and to the memo he prepared for Jeff McMahon, attached below are two Excel files outlining the remaining Public Affairs organization. We'll deliver a hard copy of these files and the memo to your office as well. - The first file is a month by month summary of the budget and headcount totals, and illustrate the wind-down of several of the departments. This file does not include Bill Donovan's groups. - The second is an overview of all functions that reported to Steve, including Donovan's group. The first worksheet shows a comparison of the current budgets as submitted, and compares it to last year's (2001) and to earlier versions of next year's (2002). The backup worksheets contain organizational charts for each of the groups illustrating the headcount reductions that have taken place and those that are scheduled in the future. Please note that there are two versions of the Communication org chart, one illustrating the current budget and one illustrating the potential organization under Beth Tilney. I would be happy to answer any questions on the attached. Regards,
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ANS: Public Affairs Information

QUESTION: Bill: I will fax to you the stair-step threshold in the DB Credit Support Annex. DB made a change and we cannot locate info in Carol St. Clair's file. Also, I am checking the guaranty and other changes marked by DB. Please note that I frequently see credit derivative deals between ECT Investments, Inc. and DB (unclear where EnronCredit.com Limited fits into thiis Houston picture!) where DB is requiring an ENE guaranty as well. Do we need an ISDA here? Thanks. Sara
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ANS: Deutsche Bank

QUESTION: Glenn Schleede, a friend from the early nineties NPC study, provided the attached commentary on the "Generosity of Californians". I don't whether he sent this to the industry press or just friends. If anyone is interested, I have the detailed backup.
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ANS:
"The Generosity of Californians", authored by Glenn Schleede, retired VP of NEES and industry gadfly